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Rising Popularity of Rapid Prototyping Boosting Global Demand for 3D Printing Technology

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.

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Rising Popularity of Rapid Prototyping Boosting Global Demand for 3D Printing Technology

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  1. 3D Printing Market 1 ©P&SIntelligence.Allrightsreserved

  2. For any business to turn a profit, it is important to spend as less as possible on labor, transportation, and raw material. A new technology which is helping manufacturers do so is 3D printing, by reducing the material wastage during conventional processes, by up to 10%. Additionally, it is an automated process, which reduces the requirement for labor, and, in turn, operational costs. Though some skilled labor is needed, the technology still results in substantial cost savings, especially for complicated processes. With the use of 3D printing, not only have 20 parts combined into one, but the final product has also become lighter and more efficient. Thus, with the technology becoming popular among manufacturers, the 3D printing market is expected to progress to $31.8 million by 2023, from $8.5 billion in 2017, at a 24.6% CAGR during the forecast period (2018–2023). On the transportation front, the new technology does away with the need for manufacturing individual parts at distant places and then shipping them to the assembly line. The process involves manufacturing a product by adding material in successive layers. For instance, General Electric Company is using the process to manufacture jet nozzles, which earlier required individually producing over 20 parts and then welding them together. The technology is used for product development, prototyping, efficiency increment, innovation, supply chain improvement, cost reduction, and several other purposes. Request Sample Copy of Report :: https://www.psmarketresearch.com/market- analysis/3d-printing-market/report-sample During 2013–2017, its widest adoption was for prototyping, owing to the rapid adoption of this process, primarily in the automotive, electronics, consumer products, aerospace & defense, and medical industries. Prototyping helps companies test the products before commercialization and implement changes, to improve their efficiency.

  3. With 3D printing, prototypes can be produced quickly as well as cost-effectively, which is important in times of the rife competition among businesses. 3 ©P&SIntelligence.Allrightsreserved

  4. Disclaimer: P&S Intelligence always keeps its customers’ interests at the core while carrying out research activities. P&S Intelligence ensures the reliability and accuracy of information and data provided in its market research publications. However, the information in publications is subject to fluctuations, as it is based on primary interviews of officials from various companies or organizations. P&S Intelligence is not responsible for any incorrect data provided by the key industry players of the concerned domain. The information or analysis in P&S Intelligence publications represents opinions based on research and should not be interpreted as statements of fact. Information in this report was believed to be correct at the time of publication, but cannot be guaranteed. P&S Intelligence does not endorse any product, service, or vendor depicted in its research publications. All intellectual properties, including trademarks and copyrights, belong to their respective owners and may be protected by copyright. Under no circumstance can these be reproduced in any form without prior written agreement of their owners. An order for market research report is intended for internal use of the company only and not for disclosure to third parties or any other publication in general. No service, report, or part thereof provided by P&S Intelligence can be reproduced, republished, resold, revealed, distributed, circulated, or sublicensed in any medium or form now realized or hereafter become realized, including but not limited to, all forms of optical-based media, magnetic, electronic, or digital, without a written permission from Prescient & Strategic Intelligence Pvt. Ltd. Kindly write to: enquiry@psmarketresearch.com B-13, Sector – 2, Noida, U.P. – 201301, INDIA Contact No: +91 120 4541 337 US/Canada Toll-Free: 1-888-778-7886 4 ©P&SIntelligence.Allrightsreserved

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