LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global rapid prototyping equipment market is expected to reach USD 3.34 by 2021.
This research report titled ‘Global Rapid Prototyping Equipment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global rapid prototyping equipment market into four major end-user segments. They are:
- Automotive
- Consumer goods
- Aerospace and defense
- Medical devices
Global rapid prototyping equipment market in the automotive sector
The global automotive industry has grown over the past five years. Technavio anticipates profit margins to increase by almost 50% by the end of the forecast period. Though benefits are likely to generate from automotive sales in emerging economies, the rise in revenue earnings from developed countries such as the US, South Korea, Germany, and Japan will be moderate.
Global rapid prototyping equipment market in the consumer goods sector
The global rapid prototyping equipment market in the consumer goods sector is expected to grow at a CAGR of close to 5%. The key use of rapid prototyping in the consumer goods industry is to produce prototypes and models. The prototypes and models help companies to obtain products faster compared to other companies and help gain a competitive advantage.
“Manufacturers and consultant product designers adopt rapid prototyping to test their designs and enable the prototypes to undergo various iterations before forming the optimal design. Rapid prototyping is an inexpensive process and produces high-quality products without the need to invest in expensive injection molds,” says Gaurav.
Global rapid prototyping equipment market in aerospace and defense sector
The aerospace and defense sector accounts for a significant share of the market. Rising regional tensions and the need for advanced weaponry will drive the growth of the segment. In western nations, where debt burdens continue to exert downward pressure on government spending, defense budgets will remain relatively stable because of growing geopolitical tensions and the need to replace or modernize aging aircraft and weapons. However, Brazil, Russia, India, China, and South Africa (BRICS) are experiencing economic growth. The defense spending in these nations is expected to continue growing as economic and territorial rivalries with neighboring countries intensify.
Global rapid prototyping equipment market in medical device sector
The global rapid prototyping equipment market in the medical device sector is expected to grow at a CAGR of more than 5%. The medical device sector is one of the largest segments in the healthcare sector. The last decade experienced unparalleled growth in innovative and advanced technologies, which resulted in the rapid development of the medical device sector. Orthopedic, surgical instruments, diagnostic apparatuses, syringes and hypodermic needles, stents and catheters, dental instruments, and blood transfusion and intravenous (IV) equipment are the key segments of the sector. Johnson & Johnson, GE, Medtronic, Baxter International, and Cardinal Health dominate the medical device market.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- 3D Systems
- EOS
- Stratasys
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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