Originally debuting as a technology used only by a few manufacturers and designers to build prototypes, 3-D printing is transforming into a technology that the New York Times says is “spurring a manufacturing revolution.” Big claims aside, 3-D printers and their impressive abilities are making waves in the tech scene.
3-D Printing is affecting industries such as manufacturing, automotives, aerospace, architecture, medical devices and software.
In fact, over the past five years, 3D Printer Manufacturing industry revenue grew at an average annual rate of 7.1%, which actually masks 13.0% and 20.8% growth in 2010 and 2011, respectively, due to a recessionary decline in 2009. The industry leaped ahead in recent years, driven by rapid technology developments and new applications for 3-D printing. More specifically, 3-D printers are being used in the Medical Device Manufacturing industry, a market where demand is high and stable. Aerospace manufacturers make up another market with strong potential for 3-D printing technology because of its ability to convert designs to 3-D models almost instantly. Although the Aircraft, Engine and Parts Manufacturing Industry is only forecast to grow slowly over the next five years, the industry’s continued desire to reduce the cost of developing models and prototypes will drive future demand for 3-D printed products.
Similarly, companies that provide 3-D printing and rapid prototyping services (OD4581) have expanded significantly. After a recessionary lull, industry revenue jumped 11.6% in 2010 and 18.3% in 2011. Although this particular industry’s consumer market is still in its infancy, it has a tremendous amount of growth potential as 3-D printing and rapid prototyping gain popularity and customers from a wider array of industries learn of their uses and potential. Through 2017, IBISWorld projects that industry revenue will grow at an average annualized rate of 14.0% to $1.3 billion.
Truman Mox has the opportunity to appraise several pieces of 3-D Printing Equipment.August 14, 2012 12:00 am