HP Inc. HPQ recently opened a 3D Printing and Digital Manufacturing Center of Excellence in Barcelona, Spain.
The new center covering an area of more than three acres will focus on the development of HP’s industrial 3D printing portfolio. Further, by providing a large-scale factory environment, it will help HP collaborate with customers and partners on the digital manufacturing technologies, thereby revolutionizing their industries.
Talking about this new facility, Christoph Schell, president, 3D Printing and Digital Manufacturing at HP Inc, was quoted saying: “We are bringing HP’s substantial resources and peerless industrial 3D printing expertise together with our customers, partners, and community to drive the technologies and skills that will further unleash the benefits of digital manufacturing.”
Fortifying Footprint in 3D Printing
The opening of this center seems to be in line with the company’s strategy to strengthen of its 3D Printing technologies.
Last October, HP collaborated with the Nanyang Technological University (NTU) and Singapore National Research Foundation (NRF) to launch HP-NTU Digital Manufacturing Corporate Lab for supporting research on 3D printing, AI, machine learning, materials and more.
On the last earnings call, management mentioned that demand for complete solutions that integrate into the customers’ long-term manufacturing roadmaps and the existing processes is rising.
Notably, HP expanded its industrial alliances with major companies like BASF BASFY and Siemens SIEGY. Moreover, automotive players like Volkswagen are also teaming up with HP to expedite production with metal 3D printing.
HP believes that companies across the automotive, industrial, healthcare and consumer goods sectors like BASF, GKN Metallurgy, Siemens, Volkswagen and others will continue collaborating on new 3D printing and digital manufacturing innovations at the Center.
HP Inc. Revenue (TTM)
HP Inc. revenue-ttm | HP Inc. Quote
3D Printing Prospects
Apart from extending its traditional printing product portfolio, HP’s focus on enhancing its 3D printing business capabilities is noteworthy.
Notably, the 3D printing market presents significant long-term investment opportunities as large number of engineers, designers, architects and entrepreneurs are now turning to 3D solutions for primary designing and product modeling.
Thus, in order to establish its presence in this space, HP unveiled its Jet Fusion 3D printing solution last year.
Per MarketsandMarkets report, the worldwide 3D printing industry is expected to witness a CAGR of 23.25% from 2018 to 2024 and reach a value of $34.8 billion.
We believe that HP with its efforts will be able to grab a good share of the industry’s projected growth. Moreover, this will help it establish a stronger footprint in this intensely competitive market, dominated by well-established players, namely Stratasys SSYS, 3D Systems and Voxeljet. .
HP carries a Zacks Rank #2 (Buy) You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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