Market Growth & Industry Trends
3D printing is the fastest-growing technology. According to MarketsandMarkets, by 2023, the global market for 3D printing is estimated to reach US$ 32.78 billion. According to the McKinsey Global Institute, 3D printing could have an annual economic impact of US$ 200 to US$ 500 billion by 2025. This massive market opportunity is because of the simplicity of developing customized items, the possibility of cutting total production costs, and government funding in 3D printing programs to create and deploy the technology.
The 3D printing market is dominated by North America, followed by Europe and the Asia Pacific. Strong demand from the Aerospace & Defence, Healthcare, Education, and Consumer Products industries propels global market expansion.
3D Printing in India
3D printing in India is still a relatively new sector. However, several creative 3D printers have been released in the Indian market to improve their popularity and utilization. Over the last few years, 3D printing has acquired a lot of traction in the country, with various government initiatives encouraging innovators to adopt additive manufacturing technology.
According to statistics, the 3D printing market in India is developing at a rate of 20% each year. The 3D printing market is predicted to grow from $12.6 billion in 2020 to $37.2 billion in 2026. Automotive, Electronics, Healthcare, and Aerospace are some of the essential industries that will benefit the most from this technology.
The significance of local manufacturing, desire for lean manufacturing, and rising penetration across various applications, combined with the Make in India initiative, will propel the Indian 3D printer market forward. Initiatives like Make in India, are boosting the local manufacturing sector. This will undoubtedly be critical to the development of the local 3D printing sector.
Various sectors in India have already begun to employ or are planning to adopt 3D printing technology due to its benefits. As a result, the 3D printing service industry is expanding rapidly, but the 3D printer manufacturing industry will require a significant boost.
With the support of the Indian government, some of the products will be eligible for subsidies and tax relief. As a result, Made-in-India 3d printers will be available in the future years. 3D printers Made in India would be cost-effective while providing top-notch features. As a result, more people would choose these Indian 3D printers, resulting in tremendous growth in Metal 3D Printing services in India.
Because the printers will be manufactured locally, small businesses will be able to purchase them without worrying about delivery times or extra costs. This will help companies save a lot of money on production while also lowering their overhead costs.
The Aerospace & Defence sector accounts for most of the worldwide 3D printing market. 3D printing is mainly used in the aerospace sector to create vital sections of airplanes or for low-scale production of components that require high performance and quality.
This market has a lot of promise in this area. However, soon, needs for developing verticals such as food and cuisine, printed electronics, education, and energy are likely to rise at a considerable CAGR.
Automotive applications account for the largest revenue share in the Indian 3D printer market. Along with automotive applications, industrial and educational applications have emerged as essential development drivers. Architectural, Healthcare, Aerospace & Defense-related applications will also rise in popularity. Arts and crafts, interior decoration, fashion accessories, footwear designs, jewelry designs, animation and gaming, furniture, and modeling are other specialty uses. Another potential growth area for 3D printers is medicine.
Tier-I cities in India are the primary drivers of 3D printer demand. Domestic producers, local assemblers, and distributors should expect significant growth in these areas. The 3D printing industry's primary focus is on industrial customers. Individual clients, on the other hand, exhibit interest.
Development of Metal 3D Printing in India
Metal 3D printers are used in industries to mass-produce items made of steel, titanium, and aluminum. However, these machines are relatively expensive. That is why it is critical to concentrate on developing 3D printed metal in India. In recent years, many Indian enterprises have expressed interest in exploring this market.
There were almost no companies in this industry two to three years ago. People now have ready access to 3D printing, and the market has high expectations. Several significant corporations are already investing in this industry to reach mass production as soon as possible. The goal is to minimize not only overall manufacturing time but also total operational costs by a significant amount.
Metal 3d printing in India will open up new possibilities for Rapid Prototyping in India, Conformal Cooling Tooling, functional part manufacturing, and other applications. Some large-scale steel and aluminum production companies are working with 3D printing companies to stay competitive in global markets. 3D printers may save a lot of money and time in some industrial applications while also providing higher precision than traditional production procedures. As a result, SMEs and startups can lower their production costs, while large organizations can produce cheaper, faster, and superior products.
In 2022 and beyond, we might expect comparable 3D printing technologies to make learning easier. Furthermore, when Made-in-India printers grow more affordable, more schools will be able to purchase them to deliver high-quality education.
3D printing has a bright future in India, as technology can change various industries. Aerospace, Defence, Automobile, Healthcare, and Electronics industries are not the only ones that use 3D printing technology. Additive manufacturing will be used more widely in Sports, Footwear, Jewelry, Toys, Communication Equipment, Buildings, and Architecture. As a result, Metal 3D Printing services in India will become more widely available.
Innovae3D is an Indian 3D printing company that provides cutting-edge 3D printing and digital manufacturing services. To meet your industrial 3D printing requirement with more precision, we employ high-end current 3D printers and materials. We provide the fastest delivery in India and around the world.
We provide Metal 3D Printing Services in India, CNC machining, DfAM, and Conformal Cooling Tooling in addition to Rapid Prototyping Services in India to provide complete customer satisfaction.
To learn more about our services, contact Innovae3D.