Moreover, medical device manufacturer rms Company has expanded its usage of 3D Systems' DMP platforms by using metal additive manufacturing in new applications for improved customer experience and revenue generation.
Furthermore, advanced technology provider GF Precicast has replaced investment casting of super alloys with 3D Systems' metal additive manufacturing solutions to cut costs without compromising on quality.
These workflow integration pacts with the three companies will help 3D Systems in leveraging its additive manufacturing solutions in telecom and technology, medical devices, aerospace and gas turbines.
Foothold in 3D Printing Market
With the 3D printing industry booming, the company's focus on this market presents a favorable long-term opportunity. As a matter of fact, majority of 3D Systems customers are shifting from prototyping to end use production, using 3D printing technology. The company believes that it is well positioned to aid them in their transformation.
Moving ahead, 3D Systems believes that robust demand for production printers, materials and software will continue to act as major catalysts, supplementing growth. Both its 3DXpert software solution for direct metal 3D printing, and its modular Figure 4 technology, which is a modular Stereo lithography system, have gained huge success.
The company believes that metal technology and Figure 4, combined with the advanced materials and software innovation such as 3D Sprint and 3D Expert, will eventually help customers shift from prototyping to production. This can unlock multiple profitable growth opportunities for the company.
Prospects Bright Despite Competition
Intensifying competition from the likes of HP , Stratasys and voxeljet AG continues to be an overhang.
While HP increased installations of its HP Jet Fusion 3D printing solutions across various industries late last year, voxeljet launched the VX1000-S for serial additive manufacturing for light metal casting applications a few months ago.
Moreover, Stratasys has been forging ahead in the additive manufacturing and 3D printing business. It recently adopted the Sapphire 3D print system and Flow software by VELO to further diversify and enhance its additive metals offerings.
Also, Stratasys recently launched two new advanced 3D printers, the F120 3D Printer based on industrial-grade additive manufacturing technology, and the V650 Flex stereolithography 3D printer, which pushed the company into the field of stereolithography.
Nonetheless, 3D Systems' strong technological expertise and tenure in additive manufacturing will help it benefit immensely from the market's prospects. Per SmarTech Publishing, the global additive manufacturing market reached $9.3 billion in 2018, and is expected to hit $41 billion by 2027.
Moreover, per Gartner, the global 3D printing market is projected to be worth $17.7 billion by 2020, which bodes well for the company, given its stronghold in the market.
3D Systems currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .3D Systems Corporation Price and Consensus
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