Software Development Among Key 3D Printing Industry Trends, Sigma Labs Inc. (NASDAQ: SGLB) Taking the Lead in Quality Control Solutions
Software applications among key 3D printing growth trends for 2020
- SGLB’s PrintRite3D(R) software provides manufacturers with quality control solutions that can be remotely deployed throughout entire supply chain to any location worldwide
- Software solutions for 3D printing estimated at $1.4 billion, expected to exceed $3.9 billion by 2023
Despite the current global economic slowdown, the outlook for 3D printing remains optimistic, according to a recent article highlighting areas of growth for 2020 (http://nnw.fm/uL61a). Most notably, trends like new product creation, increased aftermarket supply chains, and the race to create novel software applications that monitor quality control are predicted to take center stage. Sigma Labs Inc. (NASDAQ: SGLB), a leading provider of software solutions for the 3D metal printing industry, is positioned to benefit from growth in application development – a key trend – with its patented PrintRite3D(R) software that provides manufacturers with a consistent standard of quality assurance. Sigma Labs’ technology is capable of being remotely deployed throughout the entire supply chain to any location in the world.
Quality control solutions are vital for the industry to realize profits and achieve scale due to the high costs of rejected output and time spent in post-production inspections. With an estimated addressable market of $1.4 billion that is projected to exceed $3.9 billion by 2023, software development remains a key growth factor for the 3D metal printing industry. Accordingly, the venture capital market has shifted focus from hardware to application development, with over $1 billion raised by startups in 2019 and continued flows expected for 2020.
Despite the prevailing economic conditions, investment interest in 3D printing remains high. From its demonstrated flexibility in production, quickly providing medical supplies onsite to its ability to eliminate lengthy procurement processes or long shipping wait times, the technology offers critical solutions to longstanding industry woes (http://nnw.fm/D3w0J).
Despite these benefits, quality control still continues to be a primary impediment to full industrialization due to a set of challenges that include a lack of product uniformity, profits lost due to rejected output, and costs associated with time spent in the post-production inspection phase. The 3D printing process creates objects by applying layers of raw material on top of each other, making in-process quality control measures absolutely critical for detecting anomalies in real time to allow for error correction. With its patented PrintRite3D(R) software, SGLB is an industry leader in the provision of quality control solutions that give operators the critical information required to observe the production process and address errors or anomalies taking place in real time. By enabling remote production from any location in the world, PrintRite3D(R) empowers operators to identify and fix machine inconsistencies during the printing process throughout the supply chain, so production can be optimized and modified in real time to produce higher quality yields, thus increasing profits.
PrintRite3D(R) runs on most major brands of 3D metal printers from different manufacturers, allowing for a standardized quality assurance process that can be deployed across the entire production chain. Created specifically for highly demanding precision-focused industries, PrintRite3D(R) is currently being evaluated by tier-1 manufacturers in the defense, aerospace, oil and gas, transportation and biomedical industries.
Founded by a team of Los Alamos National Labs scientists and engineers, Sigma Labs, Inc. originally developed and commercially licensed advanced metallurgical products prior to entering the additive manufacturing industry. As a leading provider of quality assurance software under the PrintRite3D(R) brand, SGLB’s stated objective is to become the de facto provider of quality assurance software to the 3D metal printing industry.
For more information about Sigma Labs, please visit www.SigmaLabsInc.com
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://nnw.fm/SGLB
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