The growing requirement for quick prototyping is one of the biggest factors responsible for the surging popularity of 3D printing across the world. This is because 3D printing
allows the development of models more accurately and in a shorter period of time than the other conventionally used methods. Moreover, the models developed via 3D printing allows manufacturers to enhance the cost-effectiveness and efficiency of the production processes. Because of these reasons, the demand for rapid prototyping is soaring globally.
This method is increasingly being used by industries such as consumer electronics, automotive, and aerospace & defense for meeting the rising customer demands. Furthermore, the growing requirement for personalized products and the rising number of start-ups are pushing up the demand for 3D printing technology as this technology is needed for quick prototyping and checking product viability. Besides this, the rising requirement for mass customization is also boosting the demand for 3D printing.
Mass customization is basically the production of goods, on the basis of specific customer demands. These days, customers are preferring products that resonate with their personalities and individuality. For example, before the official launch of Fabia, a brand-new car model, SKODA AUTO a.s. offered its users heavily personalized 3D car models. A prototype of the vehicle would be provided to the user. The prototype would have the name of the user on its underbelly.
Hence, with the rising adoption of rapid prototyping and the growing demand for customized products, the requirement for 3D printing solutions would surge all over the world in the coming years. This would, in turn, cause rapid expansion of the global 3D printing market. Depending on component, the market is divided into printer, software, service, and material. Out of these, the printer category recorded the highest revenue growth in the market in the past.
This was because of the large-scale usage of 3D printers across the world. Out of all the different types of 3D printers, the sales of the industrial 3D printers were found to be the highest in the years gone by. As a result, the industrial 3D printer registered the highest growth, under the printer category, in the 3D printing market. This was because of the ability of these printers to produce complex designs and geometric forms easily.
Geographically, the 3D printing market recorded the highest growth in North America in the past and this trend will continue in the upcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. This would be a result of the large-scale usage of the 3D printing technology, rapid technological advancements and innovations, and soaring research and development (R&D) investments being made in this technology in this region.
Hence, it can be safely concluded from the above paragraphs that the demand for 3D printing technology would skyrocket all around the world in the forthcoming years, mainly because of the rising requirement for quick prototyping and the ballooning need for mass customization in several industries across the globe.