In line with the "Made in China 2025" initiative that aims to boost innovation in the manufacturing industry, the Chinese government is poised to push the development of the country's 3D printing sector, China Economic Net reported.
According to the website, 3D printing is planned to be applied in small-volume production and large-scale custom production. So far, the technology has been applied in various fields such as artistic design, defense, medical care, consumer electronics, aeronautics and geography.
The report added that globally, the use of 3D printers has been increasing. In 2014, 100,000 3D printers worth $4 billion were moved worldwide, a significant leap from 2012's 42,000, which was worth $2.5 billion.
The global sales of 3D printers have also racked up, pulling off an average growth rate of 33.8 percent for the past three years. The performance is expected to reach $7.3 billion in 2016, $12.7 billion in 2018, and $21.2 billion in 2020, according to industry information provider Wohlers Associated.
Market players revealed that along with the growing 3D printing services demand, the local 3D printing industry is also posed for a round of M&A and restructuring.
For Luo Jun, World 3D Printing Technology Industry Alliance CEO, "it's approaching springtime for 3D printing in China in terms of government support and the industrial climate."
Meanwhile, Tan Songbin, chairperson of Guangdong Silver Age Sci&Tech, Chinese players may turn to overseas M&As to accelerate their development, citing high valuation among peers in the country.