Innovation in Knowledge Economy: A Case Study of 3D Printing's Rise in Global Markets and India

Abstract

3D printing is a rapidly growing technology with features of enhanced customizability, reduced errors, zero material waste, reduced costs, and quick turnaround times. In this work, the data were collected from the Derwent Innovation and Web of Science databases for patent and publication search, respectively. The results were critically analysed and correlated with the global and Indian market growth. USA (with 5 out of the top ten patent contributing companies), China, Germany, France, and Taiwan were determined to be the top countries with the maximum number of patents on 3D printing technology. Both patents and publications exhibited consistent growth until 2011. From 2012 onwards, the rate of patent filings began to surpass that of academic publications, indicating a shift in the dynamics. This trend has continued over the years, leading to a notable difference between the number of patents (19,322) and publications (10,571) in the year 2022. India has been found to rank 8th in 3D printing innovation and research, globally. In this study, the global and Indian market growth has been observed and the opportunities and challenges for the Indian market have been critically studied.