The 3D printing industry is gaining pace with the passage of time as the world is moving towards efficient future. With the presence of a number of untapped markets, companies in the 3D printing industry are trying to take advantage by launching their products in such markets. For instance, key technology player, HP, announced on 8th December 2017, that it will launch its next-generation Multi Jet Fusion 3D printers in India in the first quarter of 2018. The demand for HP’s MJF technology continues to grow around the world, and according to HP India MD Sumeer Chandra, the 3D printing market is estimated to be about $5 billion globally. According to BIS Research analysis the major 3D printing applications in India include automotive, electronics, aerospace and defense, healthcare, fashion, art, aesthetics, and others.
According to our principal analyst, Tausifur Reza, “India accounts for the fourth largest market in the Asia-Pacific region. The 3DPrinting software & services market of India is expected to reach $29.4 million by 2021 at a CAGR of 28.3%. The major revenue generating industry verticals -electronics, automotive and healthcare are accounting for more than 55% of the total 3D Printing market. Factors such as the increase in governmental support through programs such as Make in India campaign, companies taking measures to create public awareness, readily-available materials in the market, and advancement in 3D printing technologies, among others, are driving the overall market growth in the country.”
|Global 3D Printing Software & Services Market – Analysis and Forecast (2017 to 2021)|
|The global 3D printing software and services market is expected to reach $4.52 billion by 2021, growing at a CAGR of 25.2% between 2017 and 2021. The factors driving the 3DP software and services market include high investment cost of 3D printers, strong growth in the medical industry, growing demand from manufacturing sectors, ease of developing customized products, government initiatives and rising investments for research and development (R&D).