Aug. 22, 2014 | By Alec
The 3D printing industry in China seems to be booming, as very favourable CAGR growth ratings are projected over the period 2013 to 2018. Lux Research noted that the CAGR rate for 3D printer shipments, which measures the year-over-year growth rate of investments, should grow with 34% during this time frame. This seems to largely be a result of the rapidly growing consumer market for 3D printers throughout the world.
China is a major player in this market, and 3D printing has been a hot topic in that country. The Chinese 3D printing industry is benefiting from the strong support given by the government, while Chinese 3D printer developers are also enjoying R&D funding and other incentive policies. And the numbers don't lie. According to a forthcoming research report by Lux Research on China's 3D printing industry, that nation accounted for 20% of all global shipments of 3D printers in 2013. And the majority of these are consumer-grade 3D printers.
Furthermore, Chinese consumers seem to already be familiar with 3D printing, as many consumers have stated their desire to own a 3D printer. This trend coincides with the gradually lowering of prices for consumer-grade 3D printers, meaning that more and more Chinese consumers will be able to afford 3D printing technology. The Chinese domestic market for 3D printers is therefore also set to expand.
However, the future of China's international market for this popular technology also looks promising. Their ability to produce high quality consumer-grade 3D printers comparable to international brands will also likely result in growing export numbers. These machines are especially attractive due to their competitive prices in comparison to foreign brands. A combination of these projected successes in both the domestic and international markets will definitely strengthen the rapid growth of 3D printer shipments over the next five years.
The industry itself is also set to expand as more and more technical barriers are disappearing. More and more new companies are expected to enter the consumer-oriented 3D printer market. These new companies will likely currently rely on open source technology. As Li Jun, director of Lux Research China, commented: 'A lot of new companies will lead to fierce market competition and price wars. In the coming years, only those capable of continuing technological innovation with approaches to rapidly reduce the cost of 3D printer, can develop their businesses further and survive the fierce competition in business world.'
Posted in 3D Printing Companies
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