The future of 3D printing technology in a new study by Frost & Sullivan: Market share to increase to 40 percent by the end of the year
- Market moves towards personal manufacturing and small scale production
- Consumer products and healthcare applications gaining traction
- 3D printing brings high quality and personalisation as a brand new business approach
Amazing opportunities comes along with prototyping technologies, three-dimensional (3D) printing gaining momentum across various industries from printing a mobile phone cover to reconstructing human organs. Emerging as a technology of choice for a wide range of applications 3D printing is expected to increase its market share rapidly to about 40 percent by 2015.
New analysis from Frost & Sullivan, 3D Printing Technology – 9 Dimensional Assessment, finds that the trend toward personal manufacturing and small scale production is paving the way for 3D printing adoption. Along with well-established application sectors such as the automobile and aerospace segments, consumer goods manufacturing and healthcare applications offer immense scope for the technology.
"3D printing brings several performance and efficiency advantages to the table that translate into high quality; far greater than what can be achieved through conventional manufacturing," said Technical Insights Research Analyst Jithendranath Rabindranath. "Therefore, organisations are embracing various approaches to expand the applicability of 3D printing, accelerating uptake especially in Asia and North America."
However, the validity of the technology for large-scale systems and physical object manufacturing has not been clearly demonstrated. Further, the initial cost of establishing a rapid prototyping service is expected to be high, taking into account the steep initial investments and relatively modest production volumes.
Nevertheless, companies across the 3D printing value chain will benefit from the reduction in the amount of tooling and process steps, which will, in turn, cut down costs. This will also significantly minimise inventory and lead times, a defining factor for manufacturing companies.
"With burgeoning market potential and growing funding, the 3D printing ecosystem is taking shape," remarked Rabindranath. "The contribution of multiple industry participants such as confederations, research labs, universities, start-ups, and established firms will further quicken the development and commercialisation of 3D printing technology, products, and services on a global scale."