Portland, OR -- (SBWIRE) -- 08/22/2017 -- 3D printing is the process of constructing physical objects from a digital framework using a printer. The advantages of 3D printing such as rapid prototypes and small batch production have fueled the demand for 3D printing in oil & gas industry. However, factors such as increase in cost related to implementation restricts the use of 3D printing.
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Rapid prototyping, reduced delivery lead times, significant reduction in downtime, and cost-efficient benefits of 3D printing are key factors that drive the growth of 3D printing in oil & gas market. In addition, increase in investment by oil & gas companies boosts the growth of the market. However, lack of proper framework & standard process control, limited availability of expensive raw material, and limited product size are key factors that restrain the growth of the market. Optimization of supply chain management owing to reduced manufacturing time, low warehousing, and minimum inventory is expected to provide lucrative opportunities for the market. Difficulties in efficient integration of 3D printing within oil & gas industry is expected to be the major challenge for the market.
The market for 3D printing in oil & gas is nascent, and is recognized by low competition. The market leaders have adopted product innovation and new product launch as its key strategies to expand their market share. For instance, Stratasys Ltd. launched its next-generation 3D printing technology for oil & gas industries to provide efficient production of lightweight and thermoplastic parts in August 2016.
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The 3D printing in oil & gas market is segmented on the basis of offering, process, application, and region. Based on offering, the market is categorized into printer, material, software, and service. By process, it is classified into binder jetting, direct energy deposition, material extrusion, material jetting, powder bed fusion, sheet lamination, and vat photopolymerization. Applications covered in the study include prototyping, tooling, and functional part manufacturing. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive analysis and profiles of the major market players such as 3D Systems Corporation, Arcam Group, Envisiontec GmbH, Materialise NV, Optomec Inc., Proto Labs, Inc., SLM Solutions Group AG., Stratasys Ltd., The Exone Company, and Voxeljet AG are provided in this report.
KEY BENEFITS FOR STAKEHOLDERS
- This report is an extensive analysis of current and potential market trends in the global 3D printing in oil & gas market.
- The report provides an in-depth quantitative analysis of the current and future market estimations form 2016 to 2023, which helps to recognize the prevailing market opportunities.
- Extensive analysis of the global market helps to understand the current practices for better investment decisions.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook.
- Extensive analysis of the 3D printing in oil & gas market is conducted by monitoring the top competitors within the market framework.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.