Product Prototyping Market to Expand Owing to Rising Need for Minimizing Manufacturing Costs, States TMR Report
- Product prototyping is being increasingly used in consumer goods, electronics, and healthcare industries
- Increase in industrial automation and R&D activities in technology is propelling the North America product prototyping market
ALBANY, N.Y., March 14, 2022 /PRNewswire/ -- The global product prototyping market is prognosticated to register growth at a CAGR of 11.1% during the forecast period from 2021 to 2031, as per the research report by Transparency Market Research (TMR).
Product prototyping is gaining immense popularity, and is being increasingly adopted by enterprises from different end-use industries such as the healthcare, consumer goods, and electronics industries. One of the important factors fueling the adoption of product prototyping is several advantages such as its ability to provide the time and cost estimations for manufacturing a product and assure validity of material utilized for the product. This explains why the global product prototyping market is expected to be valued at US$ 45.60 Bn by 2031.
Major players in the global product prototyping market increasing focus on the technological advancements. For instance, they are concentrating on the adoption of the 3D printing technology in the manufacturing and prototyping applications. Enterprises in the global product prototyping market are increasing focus on the use of cost-efficient prototyping materials for function applications where there is no need for testing the performance of prototypes. These initiatives are favoring the growth of the product prototyping market, according analysts at TMR.
The product prototyping market is prognosticated to gain profitable prospects in North America, owing to R&D activities in the field of technology. Rise in the spending on industrial automation in North America is boosting the regional market. Hence, the North America product prototyping market is expected to register growth at a CAGR of 12.8% during the forecast period and gain a valuation of US$ 17.48 Bn by 2031.
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Product Prototyping Market: Key Findings
- Product prototyping is being increasingly adopted as a key stage of the product development lifecycle, owing to the ability of this concept to help stakeholders in visualizing a clear picture of the product, states TMR report on the global product prototyping market. Moreover, product prototyping assists companies in resolving all issues pertaining to manufacturing and overall production costs. Rise in understanding on these advantages among end users is bolstering the global product prototyping market.
- Manufacturers use product prototyping in order to comprehend different crucial concepts in the product development, and thus, in the generation of a sample model. This step helps companies in errors detection and functionality checking. Since the technique aids in early detection of errors, it decreases overall manufacturing costs. Hence, rise in the adoption of this technique is resulting into sizable revenue gains in the global product prototyping market.
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Product Prototyping Market: Growth Boosters
- Increasing demand for product prototyping among businesses for reducing their manufacturing costs is propelling the global market
- Rise in R&D activities in technology is leading to revenue-generation opportunities in the global product prototyping market
- Product prototyping is being increasingly used in the automotive industry. Hence, expansion of the industry is bolstering the global product prototyping market.
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Product Prototyping Market: Key Players
Some of the key players profiled in the report are:
- ARRK North America, Inc.
- 3E Rapid Prototyping Ltd.
- Avid Product Development, LLC
- Avench Systems
- Graphler Technology Solutions
- CADX Tools & Technologies Pvt Ltd
- Kickr Design, LLC
- Hidden Brains Infotech
- Pivot International, Star Rapid., Ltd
- Model Solution Co., Ltd.
- Proto Labs, Inc.
- Stratasys Ltd.
- Fast Radius, Inc.
- Fathom Digital Manufacturing Corporation
- Core Molding Technologies, Inc.
- Fictiv
- ProtoCAM
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Product Prototyping Market Segmentation
Material
- Metal
- Polymer
- Ceramic
- Plaster and Starch
- Foundry Sand Parts
Type
- Proof-of-Concept (PoC)
- Functional Prototype
- CNC Machined Prototypes
- Injection Molded Prototype
- Others (Visual Prototype, User Experience Prototype, etc.)
End-use Industry
- Aerospace & Defense
- Consumer Goods & Electronics
- Automotive
- Healthcare
- Others (Industrial, Manufacturing & Construction, etc.)
Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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