Technological innovation and competition intensification have been leading to a steady decline in the prices of rapid prototyping services over the last few years. Shorter lead times and quicker processes allow for rapid responses from clients, which offer flexibility in alteration and enable products to be brought to the market quicker than ever before.
The rapid prototyping service market has been segmented on the basis of technology, application, and region.
Based on the type of technology, the rapid prototyping service market has been segmented into stereolithography, fused deposition modeling, selective laser sintering, laminated object manufacturing, and others. On the basis of application, the rapid prototyping service market can be segmented into automobile, consumer product, aerospace, medical and others. The consumer product segment occupies a prominent share in the rapid prototyping market, followed by the automotive sector, wherein 3D printing is used to print automobile parts such as gear boxes, engines, brakes, and spare parts.
The global rapid prototyping service market, on the basis of geography, has been segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA).
Technologies such as 3D printing, digital engineering, smart sensors, and the Internet of Things are advancing rapidly in North America, owing to the significant investments being made towards enhancing efficiency, productivity, and utilization.
The Europe rapid prototyping service market is slated to register significant growth as 3D printing, and additive manufacturing have had an enormous impact on design and development in the manufacturing industry. The APAC region is expected to register rapid growth, owing to the increasing demand for rapid prototyping services across various end-use industries such as healthcare, consumer goods, 3D printing materials and startups offering prototyping services.
Players in the rapid prototyping service market are replying on partnerships and collaborations and focusing on innovative technologies to meet with the increasing demand.