The 3D printing industry revolution is under way

There was a time when having a microwave in your home seemed like a luxury. Then it was a personal computer. The next nice-to-have household could be the 3D printer.

There is a revolution underway in 3D printing and, according to a new report, it’s being driven by sales of personal devices that can spit out everything from utensils to jewelry.

Personal 3D printers are gaining more popularity because, as is the case with most evolving technology, the prices have dropped. Some personal 3D printers now sell for less than $1,500 (the more advance ones cost more). While it could be years before they go mainstream, their popularity is growing.

"The industry is experiencing change that we have not seen in 20-plus years of tracking it,” stated Tim Caffrey, senior consultant at Wohlers Associates and co-author of the consulting firm’s latest report on 3D printing.

The report says the global 3D printing market grew to $3.07 billion last year, with a compound annual growth rate (CAGR) of 34.9 per cent, the highest in 17 years.

Wohlers says the growth of worldwide revenues over the past 26 years has averaged 27 per cent and the CAGR for the past three years was 32.3 per cent.

"What's most exciting is that we have barely scratched the surface of what's possible,” said Caffrey.

How does it work?

The technology works by laying down of successive layers of material in a printer, a process also known as additive manufacturing. While there are limitations to the types of materials you can use in the printer (plastic is the most common), an increasing number of companies have been using 3D printers to make prototypes in industries such as automotive, construction and dentistry.

A number of 3D printing companies have been set up across Canada to meet the growing demand. The technology is also starting to change the way things are done in Canada’s manufacturing sector, with the potential of keeping more jobs within the country instead of having the work done in cheaper places such as China.

“While 3D printing is not expected to have the same economic impact as large-scale manufacturing, the technology is helping to sustain and create jobs and to keep intellectual capital in Canada,” the report states.

What can a 3D printer do?

For consumers, 3D printing could be the next craze. Instead of going online to shop for a new necklace, just print out one on your at-home 3D printer. Lost the lid to the ketchup bottle? Just print one out.

The technology has its limitations, notes Duncan Stewart, director of technology, media, and telecommunications research at Deloitte Canada. “It’s the fact that for most of the things that we need in the world today, 3-D printers are too slow, too expensive, or that — because of the limitations in the kinds of materials they can use — they cannot easily make the things that you want to,” Stewart told Fortune magazine recently.

There are concerns about mass-market 3D printers, including their ability to make guns and other weapons.

Still, many retailers and technology companies are jumping on the 3D printing bandwagon.

As the Economist reported recently, companies such as Adobe and SketchUp are making software to make at-home printing easier. Staples is also offering 3D printing services at some of its stores.

Then there’s the technology 3D Systems says it’s working on with The Hershey Company to develop 3D-printed chocolate.

No wonder the prospects for 3D printing sound so sweet.