3D printers have become key growing printing technology in the global landscape. In India, the market offers huge growth opportunities in the coming years. It helps the industry think faster, innovate better and broaden up the horizons of manufacturing. It is an example of technology and manufacturing working together to become more flexible and scalable, ensuring enhanced efficiency and quality.
The software enables users to create digital models from which physical objects are made. Primary benefit of this technology is its ability to manufacture customized parts as needed without costly machinery or dies for casting.
3D printing is a rapidly growing industry. It has enhanced its value in diverse sectors such as automotive, healthcare, aerospace and defence (A&D), consumer products, industrial products, education and research.
3D printing is emerging as the fastest growing technology worldwide. According to a market research report published by MarketsandMarkets, 3D printing market is expected to reach US$ 32.78 billion by 2023.
As per the recent market study released by Technavio predicts that the global 3D printer market is projected to reach US$ 11.92 billion by 2021, at a CAGR of more than 35 per cent from 2017 to 2021 (Fig. 1).
This big leap is attributed to factors like ease of development of customized products, ability to reduce overall manufacturing costs and government investments in 3D printing projects for the development and deployment of the technology.
In India, the market for 3D printers is still at a nascent stage. However, it offers huge growth opportunities in the coming years. According to 6Wresearch, a market intelligence and advisory company, the 3D printer market in India is projected to touch US$ 79 million by 2021. The thrust on domestic production, demand for lean manufacturing and increasing penetration across various applications, coupled with Make in India campaign will spur the 3D printer market in India.
With initiatives like Make in India, the domestic manufacturing sector is being encouraged. This will automatically play a pivotal role in the growth of the local 3D printing industry.
Considering benefits associated with 3D printing, various industries in India have already started using or are ready to use 3D printing technology. Therefore the 3D printing service industry is growing at a good pace, but the 3D printer manufacturing sector will need a strong boost.
Currently, India primarily imports 3D printers from countries such as China, the US and Germany. But with government initiatives to boost domestic manufacturing, many local players are expected to emerge. Compared to global 3D printer manufacturers, Indian players are yet to establish their brands and lack volumes. However, in the last few years, a significant number of companies in India have come forward to explore this segment.
3D printers offer huge cost and time reductions in certain industrial applications, while providing better accuracy compared to conventional manufacturing processes. This, in turn, helps SMEs and startups to reduce their costs of production, and enables large companies to make products cheaper, faster and better.
The Indian 3D printing industry can witness healthy growth in the near future, considering expected price decline and increasing market awareness coupled with major transformations like easier design capabilities, compatibility for mass production and manufacturing of large-format objects.