3D Printing adding another dimension to industries in India
Oct 2017 – Jan 2018
3D printing technology has caught global market attention in the last couple of years and it is no different in India. According to research by MarketsandMarkets, the global 3D printing market is expected to grow at a CAGR of 25.76% between 2017 and 2023 to reach be worth $32.78 billion by 2023. Additionally, according to a research by Global Market Insights, the 3D printing material & equipment market in Asia Pacific is predicted to witness high growth in the coming years, owing to substantial growth of manufacturing in sectors like automotive and the rapid technological advancements. Specifically in India, 3D printing in the medical sector is gaining high interest due to rising patient population and increase in need for advanced health care services. Other sectors using 3D printing technology in India include architecture, construction, aerospace, manufacturing, jewelry, among others. The business models in the Indian 3D Printing Industry in India include reselling imported foreign brands, foreign collaborations with Indian companies for tech-transfer and manufacturing in India, or hi-tech companies designing and manufacturing indigenous 3D Printers. There is huge market opportunity for 3D Printing Technology in India in product prototyping solutions that is yet to be tapped.