South Korea $37m investment 3d printing
The nation’s Ministry of Science, ICT and Future Planning will spend much of the budget on various 3D printing businesses to strengthen South Korea’s competitiveness and ability to meet demand.
South Korea has revealed it will invest around $37 million in 2017 to accelerate the development of 3D printing across the country.
The nation’s Ministry of Science, ICT and Future Planning will spend much of the budget on various 3D printing businesses to strengthen South Korea’s competitiveness and ability to meet demand.
On the ministry’s agenda are sectors ranging from the military to medical industries. Aiming to assist the military and industries to produce components through 3D printing, the ministry will also encourage the production of artificial bones and rehabilitation devices using the technology.
“The 3D printing industry is the core technology that will bring about innovation in the manufacturing realm and create a new market by changing the paradigm of the industry,” said Kang Seong-joo, an official from the ICT Ministry. “It is important for ministries to cooperate to actively deal with the fast-changing global trend.”
The $37m (equivalent to 41.2 billion won) funding announcement follows an earlier declaration of intent to encourage the adoption of emerging technologies. In addition to 3D printing, this included artificial intelligence and robotics. The South Korean government sees these technologies as a way to elevate the country’s stature as a manufacturing hub.
In the global 3D printing industry, the continued leveraging of the technology is expected to see its market value reach over $30 billion by 2022 – the annual growth rate between 2016 and 2022 being 28.5%. A Wohlers Association report published yesterday revealed that although the growth rate in 2016 had slowed on the previous year (17.4% down from 25.9% in 2015), some upcoming business activity should see the 3D market continue to flourish.
Having initially highlighted 3D printing as a technology which could enhance South Korea’s manufacturing standing in 2014, the government made an initial investment of $2.3 million for 3D printing equipment and facilities so companies could tutor employees. Last year, the South Korean government also unveiled plans to offer tax exemptions for companies who took on 3D printing to encourage its nationwide adoption.
Now, with this latest investment pledge into 3D printing, South Korea is upheaving its plans to inspire some of its biggest manufacturers to raise the country’s profile in the production market.
