India 3D Printer Market to Grow with a CAGR of 20.33% through 2028
Growing government
initiatives to boost the domestic manufacturing sector is driving the growth of
India 3D printer market in the forecast period, 2023-
2028.
According to TechSci Research
report, “India 3D Printer Market-
By Region, Competition, Forecast &
Opportunities, 2018-2028”, the India 3D Printer
Market stood at USD92.34 million in 2022 and is projected to grow at a CAGR of
20.33% in the forecast period. The India 3D printer market is projected to grow
in the coming years because of increased technological advancements in the 3D
printing industry, as well as the initiation of visuals and sound quality,
which is anticipated to become another major driver of the 3D printer market in
the forecast years. Also, the increase in the prototyping and accuracy provided
by the technology is expected to support the India 3D printer market is
witnessing traction in the coming years. Additionally, a spur in the use of 3D
printing for printing and designing across industries such as defense,
aerospace, and automotive is anticipated to trigger the growth of the metal 3D
printing segment in the overall market in the coming years. It is, further,
expected to positively impact the overall market growth of the India 3D printer
market in the upcoming years.
The growing trend of transitioning from traditional manufacturing to
functional part manufacturing in various industries, including medical,
aerospace, consumer goods, and medical, is driving the growth of the 3D printer
market in India. 3D printing is a process that requires no special
tools and less material to manufacture objects, thus making it a
cost-efficient, less time-consuming, and easy-to-use operation. These features
have attracted several verticals to incline towards 3D printing. Therefore,
along with this, the demand for 3D printers is exponentially increasing.
Moreover, the COVID-19 pandemic has led to many innovations to provide faster
medical cures, which is anticipated to increase the demand for 3D printers.
Browse over 31 market
data Figures spread through 70 Pages and an in-depth TOC on "India 3D Printer Market"
The India
3D printer market is
segmented into type, end use industry, process, region, and competitive
landscape. Based on end use industry, the market is divided into automobile,
consumer electronics/electronics, medical, aerospace, defense, education,
others (robotics, manufacturing, entertainment, fashion industry). Among the
industries, the automotive segment is expected to hold a considerable market
share, as 3D printing solutions are increasingly being used to meet the growing
demand for customized solutions and products. It is anticipated to expand at a
CAGR of 21.28% over the forecast period. Among other industry verticals,
consumer electronics, aerospace, and medical, have been the early adopters of
3D printing services and solutions. In medical, dentists are already making use
of 3D printing technologies. Moreover, with the development of 3D bio-printing,
3D printing is bringing the new industrial revolution in the medical field in
the forecast period, hence contributing to the segmental growth.
Based on
regional analysis, the South region dominated the market and held a market
share of 33.88% in 2022 and is expected to maintain its dominance through the
next five years as this region is the IT hub which consists of numerous top
companies of 3D printers along with, the rising expenditure on advanced
manufacturing technologies. The demand for 3D printers is high among the small
and medium-sized industries and that requires reliable, high speed, and
inexpensive prototypes for manufacturing purposes. Therefore, the demand for 3D
printers is likely to grow during the forecast period.
Major
market players operating in the India 3D printer market are:
·
Altem technologies Pvt ltd.
·
J Group Robotics
·
Imaginarium India Pvt ltd
·
KC Bots
·
Think3d
·
Stratasys India
·
Divide By Zero Technologies
·
Novabeans Prototyping Labs LLP
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“India 3D printer market is
expected to grow at a robust pace on account of technological developments, not
only in terms of printing technology but also in printing material variety and
quality. Moreover, growing demand for 3D printed products from various
verticals such as manufacturing, defense, education, healthcare, aerospace, consumer
electronics, automotive, etc. is further propelling the growth of India 3D
printer industry. Easy availability of low-cost 3D printers along with
anticipated decline in Average Selling Prices (ASPs) are attracting consumers.
On the other hand, low cost of manufacturing products along with high
customization and reduced raw material wastage are motivating the consumers to
opt for 3D printers is expected to propel the India 3D Printer Market growth
till 2028”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India 3D Printer Market
By Type (Personal Printer, Industrial Printer), By End Use Industry (Automobile,
Consumer Electronics/Electronics, Medical, Aerospace, Defence, Education, Others{Robotics,
Manufacturing, Entertainment, fashion Industry}), By Process(Powder Bed Fusion,
Vat Polymerization/ Liquid Based, Material Extrusion, Binder Jetting, Material
Jetting, Others{Direct Energy Decomposition, Sheet Lamination}), By Region (South, North, West, East), Competition,
Forecast & Opportunities, 2018-2028”, has evaluated the future
growth potential of India 3D printer market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in India 3D printer market.
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