Apr 3, 2017 | By Tess
The South Korean government has announced a plan to put 41.2 billion won (the equivalent of $37 million) towards the development and expansion of 3D printing technology this year. The funding, which will come from South Korea’s Ministry of Science, ICT and Future Planning (MSIP), will help to advance and support the country’s growing additive manufacturing industry.
3D printing technology has been identified by the South Korean Ministry of Science as having strong potential for the growth and evolution of the nation’s manufacturing industry. That is why its 2017 budget will be put towards supporting “various 3D printing businesses,” which in turn will help to increase demand for the technology and advance South Korea’s manufacturing competitiveness.
"The 3D printing industry is the core technology that will bring about innovation in the manufacturing realm and create a new market by changing the paradigm of the industry," commented Kang Seong-joo, an official from the ICT ministry. "It is important for ministries to cooperate to actively deal with the fast-changing global trend.”
The funding announcement follows an earlier release by the South Korean government, which identified 3D printing as a significant emerging technology sector. Also included on the list were artificial intelligence, flexible displays, hyper-plastics, robotics, and a few more. According to the government, these technologies are primed for boosting the national economy and ushering in the “fourth industrial revolution.”
On a global scale, the 3D printing market is expected to reach $30.2 billion won ($27 million) by the year 2022, with an annual growth rate of 28.5% between the years 2016 and 2022. To help bolster its own 3D printing industry, South Korea announced last year it would be offering significant tax exemptions to companies undertaking 3D printing R&D.
South Korea’s MSIP is reportedly aiming to promote 3D printing technologies across a variety of sectors. For instance, it will be helping the military and manufacturing industries to 3D print components, as well as assisting the medical industry in the additive manufacturing of artificial bones and prosthetic devices.
In the medical sector especially, South Korea has made important headway for the integration of 3D printing technologies. In May of last year, the Korean government announced it would be exploring fast-track approvals for 3D printed medical devices in order to have the innovative devices available to patients as quickly as possible.
With the new $37 million in government funding, it seems likely that we’ll see more innovations and breakthroughs coming out of South Korea’s 3D printing industry.
Posted in 3D Printing Technology
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