Market Definition
3D printers are technologically advanced machines used for additive manufacturing of specialized, complex, & customized products that require high accuracy. These printers are gaining swift momentum across various industries like automotive, aerospace, consumer electronics, and art & jewelry in India, principally due to their capabilities to create lightweight & geometrically complex parts.
Market Insights
The India 3D Printer Market is projected to grow at a CAGR of around 25% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the rapidly increasing inclination of industries like construction, automotive, medical, aerospace, & art, among others, on utilizing the benefits & capabilities of 3D printers, i.e., surging their demand for designing, prototyping, and developing & customizing products in the shortest time with ease.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 25% |
| Region Covered | North, South, West,East, North-East |
| Key Companies Profiled | 3D Systems Inc., Altem Technologies, Brahma3 Pvt. Ltd., DesignTech Systems Ltd., KC Bots, Optomec, Leapfrog, REDD Robotics, Sintermask GmbH, Stratasys Ltd. |
| Unit Denominations | USD Million/Billion |
Besides, since 3D printers can create almost anything that fits within its build volume, their demand is swiftly burgeoning across India & instigating the leading players in the market to expand their production & distribution capacities, thereby driving the market.
Moreover, with a greater inclination of industries toward utilizing technologically advanced & upgraded equipment for manufacturing different products, several research & development activities associated with 3D printers are being conducted by the leading market players.
Furthermore, since the government is projecting favorable policies for establishing new industries, organizations, & start-ups in the country, the demand for 3D printers across multiple end-users is likely to propel and positively influence the overall market growth in the coming years.
Impact of Covid-19 on the India 3D Printer Market
The advent of the Covid-19 had a decelerating effect on most industries, and the India 3D Printer market was no exception. While the government had to impose stringent movement restrictions & frequent lockdowns to curb the spread of this dreadful disease, the leading players in the market observed several unprecedented challenges associated with the production & distribution of 3D printers across the country.
Since the entire supply chain was disrupted, along with the transportation & logistics, manufacturers witnessed a shortage & unavailability of raw materials, coupled with significant delays in the deliveries of pre-produced goods across different locations. It, in turn, resulted in massive financial losses for the leading players amidst the crisis and affected the market growth across India.
However, with the declining Covid-19 cases, restrictions were uplifted, and business processes recommenced. Industries like automotive, aerospace, construction, & electronics, among others, resumed their manufacturing operations and generated a soaring demand for 3D printers in different applications like prototyping, modeling, designing, etc.
Market Segmentation
Based on the Technology:
Here, Fused Deposition Modeling (FDM) is anticipated to display the fastest growth in the India 3D Printer Market during the forecast period. It owes principally to the extensive application of this technology in 3D printers due to its capabilities to offer precise coding to create accurate & high-quality products.
The demand for 3D printers with FDM technology is extensive across industries like automotive, aerospace, and electronics. Besides, since it is a highly inexpensive & easily available technology, it attracts a large consumer base for 3D printers and contributes significantly to the overall market growth.
Moreover, FDM is also deployed for applications like product development, manufacturing, & prototyping and is swiftly gaining momentum across the country, which, in turn, would fuel the overall market growth over the forecast years.
Based on the Product:
Here, Desktop 3D Printers are projected to demonstrate the fastest growth in the market during 2022-27. It attributes principally to the increasing awareness about their benefits like easy use & development of customized products, minimal waste generation in manufacturing, & low production cost, i.e., surging their demand across industries like manufacturing, healthcare, consumer products, educational application, food & culinary, and art & jewelry.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The India 3D Printer Market is expecting around 25% CAGR during 2022-27.
A. Swiftly escalating demand for consumer electronics, leading to the mounting inclination of the industry toward manufacturing products with high precision & accuracy, is expected to drive the India 3D Printer Market through 2027.
A. The leading 3D printer manufacturers conducting rigorous research & development activities for integrating advanced technologies in their product offerings is the key trend in the India 3D Printer Market.
A. Desktop 3D Printers are projected to emerge as an area of remunerative opportunities for the leading players in the India 3D Printer Market in the coming years.
