Make in India campaign and the emergence of domestic players is expected to boost the 3D printer market in India to $79 million by 2021, forecasts a report by market researcher 6Wresearch.
The 3D printer is the next-generation printing technology in additive manufacturing. 3D printing technology is in its nascent stage in the majority of the countries across the globe. However, with the expiry of the key patents, low cost of production, increasing awareness & penetration, and advancements in material research, the 3D printer market is expected to witness tremendous growth in the coming years, the report said.
In India 3D printer market is one of the emerging markets, where demand is primarily exhibited from Tier-I cities. India accounts for major potential growth for domestic manufacturers, local assemblers, and distributors due to the increasing use of rapid prototyping and 3D modeling across various industry sectors. Further, the "Make in India Campaign" which started in 2014 is anticipated to drive the future growth of the market, the report said.
According to 6Wresearch, automotive applications will account for the majority of the revenue share. On the other hand, educational and medical applications will also witness higher growth. Other niche applications include arts and crafts, interior decoration, fashion accessories, footwear designs, jewelry designs, animation and gaming, customized footwear designs, furniture, and modeling.
India primarily imports 3D printers in the country from countries such as China, U.S., and Germany. However, with government initiatives to boost domestic manufacturing, many local players are expected to emerge in the forecast period, the report said
Amongst all 3D printing technologies, Fused Deposition Modelling (FDM) technology-based 3D printers dominate the overall market. Low cost and ease of availability of these printers have led to the bulk of market revenues. In the industrial application, 3D printers face a major challenge from CNC machines (used for modeling), which cost much less than 3D printers in India, thus increasing reluctance among the buyers to opt for 3D printers. However, with the expected price decline, increasing market awareness, coupled with major transformation such as easier design capabilities, compatibility for mass production, and manufacturing of large format objects, India's 3D printer market is likely to witness healthy growth in the near future, the report said.
Globally established players, such as Stratasys, 3D Systems, and Optomec, are gradually making their footprints in India, through partnerships and alliances with India based technology firms. Other major global players in the 3D printing market include Sintermask (Fabbster), 3D Systems, Leapfrog, and Flashforge.
Major players active in the Indian 3D printing market (including manufacturers and distributors) include Altem Technologies, Imaginarium, Brahma 3, KCbots, 3Ding (REDD Robotics), and JGroup Robotics.
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Media Courtesy : CIO