Major step in the 3D printing business
A few days ago, Hewlett-Packard (HPQ) delivered the world’s first production-ready commercial 3D printing system. Its management stated that the new HP Jet Fusion 3D Printing Solution produces superior physical parts at 50% of the cost as compared to current 3D printing systems.
HPQ’s CEO Dion Weisler said, “Our products deliver the speed, cost and quality, and economics that will democratize manufacturing and help deliver mass customization. These systems leverage decades of HP’s R&D [research and development] print expertise and thousands of patents from our core.”
The firm also stated that it is building a whole new partner channel for 3D printing, and it will continue to grow its ecosystem of technology partners in industries such as automotive, medical, aerospace, and consumer goods.
3D printing market: exponential growth
According to a report from A.T. Kearney, the 3D printing market is expected to grow at a CAGR (compound annual growth rate) of 25%, from $4.5 billion in 2014 to $17 billion in 2020. Hewlett-Packard believes that the 3D printing space will be disruptive as well as profitable in the next few years.
The 3D printing market is expected to grow at a CAGR of 15%–20% in the aerospace, automotive, and industrial sectors. The market is expected to grow at a rate of 20%–25% in the healthcare industry. In 2014, Amazon (AMZN) announced its decision to collaborate with two smaller 3D printing companies to offer 200 unique print-on-demand products.
BAE Systems and Germany-based (EWG) Siemens (SIEGY) have also expressed interest in the 3D printing space. In 2014, General Electric Company (GE) also announced that it would use 3D printers to improve its solar panels.