The technology has now reached a stage where digital models can be replicated to produce physical components or prototypes. The declining cost of printers has led a wide range of industries ranging from aerospace and automotive to footwear and jewelry to adopt 3D printing technology for manufacturing desired objects at relatively lower costs.
In the coming years, 3D printing technology would evolve to enable printing of metals including precious metals such as silver and gold. Further, low cost techniques are expected to be developed for enabling 3D printing of widely available materials such as paper and plastic.
Another area of growth is the medical sector wherein 3D printing technology could be used for developing replacement parts. Potential also exists for companies to penetrate into educational and medical device sectors.
As stated by the new market research report on 3D Printing, the United States represents the single largest market for 3D Printing. Several companies in developed nations have moved manufacturing activity to low-cost destinations, primarily in developing economies. However, the potential for local manufacturing on demand end-products with the aid of 3D printing is significantly enhanced, as it eliminates the need for physical shipping from far-off regions.
As 3D technology matures, mass production within developed nations could be cheaper than manufacturing and shipping products from overseas markets. In certain specialized areas where speed and time to market are critical, technologies such as 3D printing will cause manufacturing activity to move back to developed nations from the developing world.
The market for 3D Printing Products is projected to grow manifold in the near future with 3D printer systems becoming more affordable and easy to use. In the short run, the demand for simple and low cost desktop 3D printers with the ability to rapidly produce concept models for prototypes is expected to witness strong growth.
Technological advancements would facilitate development of 3D Printers that are less bulky, easy to fabricate and capable of serving almost unlimited number of purposes. An increasing number of freelance professional designers and hobbyists are using 3D printers for creating new designs and producing physical models, which is partly attributed to the high cost of alternate technologies.
3D Printing is a nascent industry well poised for robust growth driven by rising user adoption. The industry is highly competitive, with competition primarily stemming from new product development, process know-how, pricing, and the ability to provide comprehensive solutions to meet customers' needs.
Posted in 3D Printing Technology
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