- Numerous companies, including Volkswagen, BMW and Jaguar Land Rover, are piloting and deploying 3D-printing technology
- Significant improvements in 3D-printing technology primary reason for market expansion
- SGLB, along with exclusive PrintRite3D software, providing game-changing technology for 3D printing
A recent report predicts that worldwide spending on 3D printing product and services will hit $15.8 billion in 2020, increasing to $35.6 billion in 2024 (http://ibn.fm/JLbIZ). That significant increase comes primarily from improvements in 3D printer technology and expansion of available materials. Sigma Labs Inc. (NASDAQ: SGLB) is leading the charge for 3D printing improvements through its proprietary PrintRite3D® software.
One industry in particular that is closely evaluating the potential for 3D metal printing is auto making, according to a recent Industry Week article (http://ibn.fm/LRpCA). “One of the most urgent transportation demands is the need for more electric vehicles to lower emissions and move people quickly and efficiently,” the article states. “Volkswagen who is among the leaders with the ID.3 – the automaker’s first mass-market electric vehicle – will eventually utilize 3D printed components. More broadly, many major automakers, including BMW [and] Jaguar Land Rover, are also piloting or deploying 3D printing technology to trim vehicle weights, speed parts production and reduce costs.”
The article points to significant improvements in 3D printing technology as a key reason for this market expansion into the world of cars, including higher parts quality and manufacturing-grade accuracy and repeatability. “In addition, 3D printing solution providers are using machine learning (ML) for heightened process control,” the article reported. “All of this has resulted in significantly better Overall Equipment Effectiveness (OEE) and larger addressable markets.”
For the auto industry to embrace 3D printing in the manufacturing of vehicles, the 3D metal-printing industry must be able to increase production speed and quality yields as well as decrease the excessive cost of quality control. To do that, parts need to be inspected and certified during the manufacturing process rather than after, which is currently the process. In addition to recognizing real-time, quality-control problems during the manufacturing process, viable technology must allow machine operators to stop the printing process and implement repairs.
That is exactly what SGLB’s PrintRite3D software does, enabling both real-time, in-process detection of quality-control manufacturing irregularities and then providing the operator with actionable information needed to adjust and mitigate the developing anomaly. Sigma Labs’ software represents a paradigm shift in the quality-control process for the manufacture of 3D- printed-metal components.
The software could be a game changer for the world of auto making, where one vehicle – a self-driving bus named Olli – is entirely 3D printed and is capable of transporting about eight people and reaching peak speeds of 25 mph while going up to 100 miles on a single charge, according to the Industry Week article. “Olli is no speed demon, to be sure, but it has successfully demonstrated the ability of 3D printers to produce strong, lightweight components for road-worthy use cases.
“So much is occurring in the auto industry that it’s not difficult to predict automakers will continue to unlock opportunities for using metal and plastic 3D printing systems next year,” the article concluded. “In fact, a recent ARC report projects the automotive 3D printing market will experience a compound annual growth rate (CAGR) of 24.6% through 2026, when it will be worth $3.9 billion.”
Sigma Labs’ flagship PrintRite3D software is a recognized game changer in the disruptive technologies poised to transform the nascent 3D-printing industry, enabling more rapid commercial applications and growth at scale. Though with a current valuation of only about $15 million, Sigma Labs Inc. is a convincing platform from which to launch into the rapidly growing 3D-printing market.
For more information, visit the company’s website at www.SigmaLabsInc.com
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://ibn.fm/SGLB
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