HP Races for Share of the $20 Billion 3D Printing Market

Originally published at Market Realist.

HP recently opened a new 3D printing center in China. Seeking to produce components and prototypes faster and more efficiently, manufacturers are adopting 3D printers. The new 3D printing center has expanded HP’s footprint in the world’s largest manufacturing market, as Market Realist reports.

The global 3D printing market is poised to grow 19.9% this year to $12 billion, according to IDC. By 2021, the market is expected to expand to $20 billion, including spending on 3D printers, materials, software, and services.

In the race for revenue in the 3D printing market, HP is competing with 3D Systems and Stratasys. In its fiscal Q2 2018, HP generated printing revenue of $5.2 billion, with commercial printing revenue, which includes 3D printer sales, growing 27% YoY (year-over-year). Meanwhile, revenue rose 6.1% YoY at 3D Systems and dipped 5.7% YoY at Stratasys. Last year, HP bought Samsung’s printer business for $1.1 billion to broaden its reach and diversify its market.