Arevo Labs-Company profile, Business Overview, Financial Performance, Operating Segments, Strategic Moves, and Competitive Intelligence Report

3D manufacturing, also known as additive manufacturing, is used for the development of 3D objects utilizing a digital file. Additive processes involve successive layering of material for creation of objects. 3D printing gained acceptance in various industries for development of customized products owing to high accuracy, efficient use of materials, and reduced production time and cost. Earlier, 3D printing was limited to rapid production of prototypes; however, with technological advancements and growing applications, it is used increasingly for functional testing of prototypes under working conditions and development of final products. Major application of 3D printing technology is in industries such as consumer goods, healthcare, education and research, defense, aerospace, and automotive. The automotive and aerospace industries use this technology to manufacture affordable, complex, and lighter components. Healthcare and dental sectors implement 3D printing for the development of prosthetics, medical, and dental fixtures. The major driving factors of the market include efficient use of materials, minimized human errors, customization of products, and reduced production time and cost. However, the high cost associated with 3D printing software and lack of skilled labor limit the market growth. Application in diverse industries and additional choice of materials are likely to provide numerous growth opportunities. The initiatives of the American governments for the development of 3D printing and funding for R&D accelerate the adoption of this technology in this region.