SINGAPORE, March 30, 2017 /PRNewswire/ -- The evolution of 3D printing from a prototype to a highly advanced manufacturing technology has boosted its uptake in Asia-Pacific. The mounting pressure of mass customization, alongside the need to reduce the time-to-market of products, has prompted 3D printer manufacturers to innovate to new technologies and faster printing speeds.
"Recognizing the ability of 3D printing to boost productivity and strengthen their manufacturing sectors, governments around the world have launched several initiatives to promote additive manufacturing," said Industrial Process Control Consultant Shreyas Krishnamurthy.
"This technology is also being actively utilized in the medical industry to build customizable implants and devices," he added.
By adding technologically advanced features in 3D printers, the market is heading towards open source 3D printing. This technology could well transform consumer lifestyle by simplifying parts designing, developing product architecture, and even printing artificial organs through modified stem cells.
3D Printing and Its Growing Importance in the Asia-Pacific Manufacturing Industry is part of Frost & Sullivan's Industrial Automation & Process Control Growth Partnership Service program. The research presents in-depth analysis of the competitive positioning of the leading contenders such as, Stratasys Ltd., 3D Systems and EOS GmbH. It makes a detailed comparative study of desktop and industrial 3D printers to help potential buyers make informed purchase decisions. Additionally, it will benefit investors by presenting them with the best ways to achieve rapid return on investment.
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The improvements to 3D printing technology notwithstanding, the high cost of ownership and volume production, absence of well-structured 3D printing standards and limited material support in the existing printing equipment have restricted their adoption to just 2% of the Asia-Pacific manufacturing market. To overcome these challenges, 3D printer manufacturing companies must aim beyond developing technically advanced equipment and ensure that customers receive overall business value.
"Asia-Pacific, with an extensive industrial base, supportive government policies, and increased R&D spending, presents companies with significant opportunities for growth in 3D printing," noted Krishnamurthy.
Home to nearly 60% of the world's population, having both developed as well as developing nations, including two of the world's fastest growing economies in China and India, the region is well poised to lead the global 3D printing market in the future.
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3D Printing and its Growing Importance in the Asia-Pacific Manufacturing Industry
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SOURCE Frost & Sullivan