India 3D Printer Market Projected to Reach $62 Million by 2022
Over the last few years, India is registering growth in demand for 3D printers for preparing prototypes in the areas of electronics, consumer goods, automotive, architecture, medical, industrial, and others. Although, the India 3D printer market is presently at a nascent stage, it holds tremendous potential for manufacturers, assemblers and distributors.
According to 6Wresearch, the 3D printer prototyping and materials market is projected to reach over $62 Million by 2022. 3D printer prototyping is an emerging concept in India, where in last three years several start-ups have emerged across the country. 3D printer prototyping services is expected to gain ground in applications pertaining to education, medical, arts and the architectural field. However, the trend is now rapidly shifting towards industrial and manufacturing applications owing to growing awareness and declining prices for industrial 3D printers.
3D printing is gaining increasing traction around the world in manufacturing and logistics, particularly in an effort to streamline inventories. According to a recent 3D printing initiative by UPS, the process will benefit manufacturers wanting to reduce inventory for slow-moving parts, manufacturers with short production runs, manufacturers and retailers of custom and semi-custom goods, and industrial designers and engineers who want rapid prototypes delivered fast.
Consumer electronics presently accounts for the major share in the use of 3D printing, according to Rajat Kharbanda, a senior consultant at 6Wresearch. “In addition to, automotive and industrial end users are increasingly opting for high-end 3D printers,” he added.
“India 3D printing prototyping market is led by market players such as Altem Technologies, Imaginarium and Novabeans Prototyping,” said Prijo Samuel, a senior research analyst at 6Wresearch.
Othe major companies in the India 3D printing prototyping market include Think3D, MyObjectify, Stanley 3D Tech, 3D Spectra Technologies, and LBD Makers Technology.