The use of additive manufacturing, or 3D printing, is gradually increasing in the oil and gas industry. Currently, accounting for less than 0.1% of the overall global manufacturing market, which is currently valued at USD 12.7 trillion, it is estimated that the 3D printing market will be worth USD 32bn by 2025 and over USD 60bn by 2030, says GlobalData.
GlobalData’s latest thematic report, ‘3D Printing in Oil & Gas’, states that 3D printing has emerged as one of the key enabling technologies in driving industrial productivity. 3D printing technology has become prominent in different industries and has significantly influenced automotive and aerospace manufacturing.
The key benefit of 3D printing technology lies in reducing the time it takes to produce complex prototypes.
The technology has the potential to engage companies into multiple product design cycles and enables faster validation of designs. In most cases, it enables companies to manufacture components of field equipment on site within a short time. This reduces the lead time in the replacement of components that are critical for the smooth functioning of operations.