HP's 3D Printing Solution On A Gaining Spree, Adds Customers
Zacks Investment Research | Nov 13, 2018 08:40PM ET
HP Inc. (NYSE:HPQ) recently announced that it has increased installations of its HP Jet Fusion 3D printing solutions across various industries. This comes on the back of strong demand for 3D manufactured parts as industries gradually shift toward 3D mass production.
RecTech 3D of China, Forecast 3D and GE Transportation were added to HP’s portfolio of customers. Additionally, BMW and Volkswagen (DE:VOWG_p) were also announced as customers.
Along with the announcement of increase in installations, HP also revealed a new workflow in collaboration with Autodesk (NASDAQ:ADSK), which will enhance its HP Multi Jet Fusion portfolio and help customers shift to mass production.
We note that the 3D printing technology is seeing a surge in popularity among major industries like aviation, healthcare and energy, and is slowly but steadily trickling down to other industries as well.
Strategic Steps to Expand Footprint in 3D Printing
HP has been gaining traction in the 3D printing market, courtesy of its innovations and a broadening portfolio. In fiscal 2017, the company earned 36% of revenues from its printing business including 3D printing solutions.
Notably, last year, HP launched Jet Fusion 3D Printing Solution in a bid to establish a stronger presence in this intensely competitive market. Since then, this technology has gained significant popularity across various industries.
It recently launched an advanced 3D printing technology — HP Metal Jet — that aids cost-effective high volume manufacturing of production-grade metal parts. The Metal Jet Production Service was unveiled simultaneously, allowing customers to quickly imitate new 3D part designs, produce the final parts and incorporate the HP Metal Jet into their future production plans.
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