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.
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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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