Tech giant HP is betting on verticals like automotive, defence and healthcare for driving adoption of 3D printers in the Indian market.
The company had introduced 3D printers in India last year, and has seen an uptake in demand from consumers and partner networks, HP Inc India Managing Director Sumeer Chandra said.
3D printing refers to creation of a three-dimensional object in which layers of materials are formed with computers controlling the process.
"HP's key focus sectors to drive greater adoption of 3D printing in India include automotive, defence, healthcare, education and research, and fashion and jewellery. We will continue to focus on these areas," he added.
Chandra said the company is also working with micro, small and medium enterprises to deploy HP's 3D technology at various manufacturing clusters to ensure faster adoption of the 3D printing technology.
HP has now expanded portfolio in India with the introduction of its new 'Jet Fusion 300/500' series that will enable manufacturers to produce engineering-grade, functional parts in black-and-white and in colour.
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According to industry reports, the global 3D printing market is expected to be worth over USD 32 billion by 2023, growing at a CAGR of more than 25 per cent between 2017 and 2023.
The reports attribute the growth to factors like ease of development of customised products, ability to reduce overall manufacturing costs, and government investments in 3D printing projects for the development and deployment of the technology.
According to market intelligence firm 6Wresearch, the Indian 3D printer market is expected to cross USD 79 million by 2021, with automotive applications accounting for the biggest chunk of business.
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