3D printing technology has been adopted by medical professionals to create tissues, prosthetics, and medical implants. End-user verticals depending on the advanced technology for their fast, cost- effective, smooth manufacturing processes will be leading the 3D printer market. An increase in the adoption of 3D printing parts is one of the key driving factors of this market. Difficult tasks, such as manufacturing and shipping of complex spare parts, have been a great challenge for manufacturing and also increase the production cost. Product designers and engineers use 3D industrial printing technology to produce cheaper faster and effective complex designs. Companies in aerospace and defense, healthcare, and consumer electronics are looking for innovative ways to automate their manufacturing process and have started adopting this technology.
Due to high demand from customers, automotive companies Original Equipment Manufacturers (OEM) are required to respond to emerging developments in automobiles and electric cars. As a result, to remain competitive in the age of Industry 4.0, automotive manufacturers are implementing 3D printing technology and are more focused on the 3D printer market. As the industry is shifting from internal combustion engines to electric cars, 3D printing technology can increase its production process. Electric vehicle manufacturers use this technology to produce lightweight automotive parts such as batteries, engines, and other components. Furthermore, to build a sustainable and successful additive manufacturing ecosystem, governments and private firms are investing in this technology. For instance, in October 2019, one of the key players of 3D printers Structo Pte Ltd. received an undisclosed amount of funding from a Singapore- based investor. Another instance is that the Government of India joined hands with the U.S. for the R&D of 3D bioprinting regenerative medicines in 2019. Recently, Stratasys Ltd. launched its J5 MediJet 3D Printer which is 30% faster along with a simple workflow. Stratasys is one of the leading brands producing products that use this technology and also the world’s leading manufacturing companies turn to Stratasys for solutions regarding their manufacturing problems.
However, the initial investment for 3D printed solutions is very high, and this is also one of the greatest disadvantages for the growth of 3D printer market. Although technology provides many solutions and benefits over the conventional manufacturing processes, there are still some limitations even for the technology to overcome.
Furthermore, there are only limited options to use the material for printing, such as metals and plastic, as not all metals can be easily temperature controlled. Manufacturing of these complex designs requires hardware, software, and materials, which increase the manufacturing cost of the product.
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Major market players such as – Stratasys Ltd. 3D System Inc., Arcam EBM (GE Additive), EOS GmbH, EnvisionTEC Inc., HP Development Company L.P, Autodesk Inc., Canon Inc., Made In Space Inc., and voxeljet AG
Regions Covered in this report -North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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