State-of-the-art technology is taking printing to the next level with three-dimensional applications. Although it is still relatively unknown to consumers, 3D printing is being used in many different business industries. Companies in the architecture, manufacturing, technology, automotive, aircraft and medical device industries, to name a few, use 3D printers to create digital models. The majority of 3D printer revenues are coming from the United States, Canada, and western European countries. The Asia Pacific market accounts for nearly one-third of all sales. Read this Balboa Capital blog article to learn how the 3D printing industry is surging ahead.
30% annual growth rate.
The 3D printing market in the United States is growing by as much as 30% annually. Similar to most new technologies, 3D printers had high price tags when they were first introduced. However, the growing demand for 3D printing has resulted in more manufacturers entering this highly specialized market with cost-efficient models for both commercial and consumer use. Commercial 3D printers range from $10,000 to $50,000, and small consumer models are now available for under $500. The biggest and most advanced commercial units can run upwards of $500,000. Many small businesses are choosing to finance their 3D printers in order to preserve capital.
How this technology works.
Three-dimensional printing is the creation of a solid object from a digital design (or model) using specialized material. 3D printers can create objects from plastic, nylon, rubber, metal and more. Once the design is sent to the printer, the material is sprayed onto a platform in layers. Multiple layers are deposited to “build up” the object in its 3D form. The obvious benefits of 3D printing for businesses are quality control and cost efficiency. Models can be created in-house without the time and expense associated with the prototyping process. In addition, many companies are using 3D printers to handle short-run production for their customers, thereby eliminating the need to outsource. Of course, this also results in lower prices for 3D printed items.