Huge market opportunity in 3D printing
In the automotive, real estate, and industrial sectors, 3D printing has several applications. There has been a slew of modern developments using 3D printing technology over the last three years. HP (HPQ) has long believed that the total available market for 3D printing in manufacturing is worth ~$12 trillion. HP is targeting the commercial segment and expects to disrupt the marketplace by leveraging its technology in inkjet printing.
Multi Jet Fusion technology
HP’s Multi Jet Fusion technology aims to address customer concerns such as cost, quality, and speed. HP claims that this technology is ten times faster and can cost half the price of other 3D printing. HP also announced a lower-priced full-color product using the same technology, which can be used by research institutes and universities.
HP understands its limitations in sourcing supplies required for 3D manufacturing. The company is looking at an open supply model instead of a proprietary model. HP plans to have certified channel partners on its platform providing various kinds of materials. HP also believes expanding into the 3D metals vertical will be beneficial in the long run. HP would like to gain a competitive advantage over niche companies such as Faro Technologies (FARO), Materialise (MTLS), and Stratasys (SSYS) by focusing on cost, quality, and speed.