Global Statistics Representing Rapid Prototyping Service Market Scenario
Rapid prototyping is a manufacturing technique used to make physical models using 3D design data. Prototypes are designed for engineering testing purpose or to initiate full production or to remodel products with design improvement. Rapid prototyping services save investments in the hard tooling process, making them efficient and economical. In order to validate design quickly and grab growth opportunities, many companies are investing in rapid prototyping services.
Rapid prototyping services offer various advantages for industries to keep pace with competitors; not only are they productive, but also environment-friendly in nature. Unlike in traditional manufacturing, there is no scrap leftover post-production in rapid prototyping services. 3D printers know the mould and design and use materials as per the requirement; this makes the technology economical and environment-friendly. These features and characteristics of rapid prototyping services are expected to boost market growth in the coming years.
An array of industries are joining the 3D printing revolution. Developing a prototype by the conventional manufacturing process increases the time and cost associated with the end product. Presently, the consumer market is at a nascent stage, but industries such as manufacturing and healthcare are increasingly using 3D technology to offer unique and customized products.
Rapid prototyping services eliminate shipping and other logistics activities and save energy by 40-50%. Additionally, lesser material use saves up to 70% of the production cost. Higher resolution, reduction in manufacturing cost, ease in the development of customized products, the flexibility of using a variety of materials for printing, and government investments in 3D printing projects are some of the primary factors expected to drive the growth of the rapid prototyping service market. Even though lack of proper process control and restricted size of the product are impeding the growth of rapid prototyping service market, stakeholders stand to gain from untapped end-use industries such as printed electronics, automotive, healthcare, and aircraft.
The rapid prototyping service market is expected to register a CAGR of 16.7% during the forecast period and reach a value of 1511.2 Million by 2026.
Improvement in the quality of 3D printing materials has prompted manufacturers to incorporate rapid prototyping services in their current manufacturing practices.
Based on the type of technology, the rapid prototyping service market can be segmented into stereolithography (SLA), fused deposition modeling (FDM), selective laser sintering (SLS), laminated object manufacturing (LOM), and others. On the basis of application, the rapid prototyping service market can be segmented into automobile, consumer product, aerospace, medical and others.
The global automotive industry has grown over the past five years, thrusted by revenue growth in emerging economies. The aerospace and defense sector accounts for a significant share of the market as crafting complex structures at reduced cost and time have made rapid prototyping services attractive among players in the aerospace industry.
Medical devices is one of the largest segments in the healthcare sector. The last few years have witnessed rapid growth in innovation and advanced technologies, which has resulted in the speedy development of rapid prototyping in the device sector. The use of rapid prototyping services has been witnessing steady growth in various fields of dentistry and fabrication of implant surgical guides.
In alternate application areas of rapid prototyping services, education has emerged as an area of prominence, having established itself as a mainstream industry for 3D technologies. Schools and colleges are investing in 3D printers and introducing them across various domains of science, medical and engineering so students may gain better clarity and understanding of the subject through visualization and experimentation.
From a geographical perspective, the global rapid prototyping service market has been segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA).
North America is expected to hold the largest share of the pie, owing to the increasing consumer awareness regarding the benefits of 3D printing in commercial and household applications. Europe, with a large supplier base for rapid prototyping materials, has also been registering strong market growth. Germany, Sweden, Italy, France, and the Netherlands are pegged to be the key potential markets for rapid prototyping services in Europe.
Digital media and technologies are expected to positively influence auto and other prominent markets in the APAC region by 2020 with the emergence of new technologies such as 3D printing, digital engineering, smart sensors, and the IoT. Attributing to large-scale infrastructure development and sizable investments in the manufacturing and healthcare sectors, the APAC is expected to record a high growth rate in the rapid prototyping service market during the forecast period. On the other hand, the Latin America, Middle East & Africa (LAMEA) region is slated to account for the smallest market share, globally.
Increasing disposable income and massive government investments in infrastructure are creating a favorable environment for domestic and foreign companies to invest in Latin America and the Middle East. Brazil, Argentina, South Africa, UAE, and Turkey are the key countries in this region in terms of anticipated growth in the rapid prototyping service market.
Some of the prominent players in the rapid prototyping service market are Materialise NV (U.S.), Proto Labs (U.S.), Stratasys (U.S.), MakerBot (U.S.), Sculpeteo (France), Voxeljet (Germany), Ultimaker (Netherland), Laser Prototypes Europe Ltd. (U.K), 3D systems (U.S.) and Star Rapid Ltd. (China).
Rapid Prototyping Service Market Segmentation
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This report offers key insights pertaining to the rapid prototyping service market with an emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.