The Economic Impacts of 3D Printing

In the recent past, a number of companies have adopted the 3D printing technology; a clear indication that this technology is likely to transform the manufacturing industry. Generally, this technology sounds futuristic. It is not a very complex process; the printer puts down layers of some substantial material until the layers build up to form an object. The object to be printed can be designed using a CAD (computer-aided design) software. Alternatively, the design can be obtained by scanning the existing object using a 3D scanning machine.

The technological advancements have really reduced the cost of goods and services. This implies that there are higher chances that the cost of some products which will be manufactured through 3D printing technology will reduce significantly. Basically, as technology expands; there are higher chances that both goods and services are likely to be manufactured at or close to their point of purchase or consumption. Moreover, the number of goods which will be produced locally will increase. Apart from the price, its adoption will imply that other process such as supply chain management will be eliminated.