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- Product prototyping is being increasingly used in consumer goods, electronics, and healthcare industries

- Increase in industrial automation and R&D activities in technology is propelling the North America product prototyping market

ALBANY, N.Y. , March 14, 2022 /PRNewswire/ -- The global product prototyping market is prognosticated to register growth at a CAGR of 11.1% during the forecast period from 2021 to 2031, as per the research report by Transparency Market Research (TMR).

Product prototyping is gaining immense popularity, and is being increasingly adopted by enterprises from different end-use industries such as the healthcare, consumer goods, and electronics industries. One of the important factors fueling the adoption of product prototyping is several advantages such as its ability to provide the time and cost estimations for manufacturing a product and assure validity of material utilized for the product. This explains why the global product prototyping market is expected to be valued at US$ 45.60 Bn by 2031.

Major players in the global product prototyping market increasing focus on the technological advancements. For instance, they are concentrating on the adoption of the 3D printing technology in the manufacturing and prototyping applications. Enterprises in the global product prototyping market are increasing focus on the use of cost-efficient prototyping materials for function applications where there is no need for testing the performance of prototypes. These initiatives are favoring the growth of the product prototyping market, according analysts at TMR.

The product prototyping market is prognosticated to gain profitable prospects in North America , owing to R&D activities in the field of technology. Rise in the spending on industrial automation in North America is boosting the regional market. Hence, the North America product prototyping market is expected to register growth at a CAGR of 12.8% during the forecast period and gain a valuation of US$ 17.48 Bn by 2031.

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Product Prototyping Market: Key Findings

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Product Prototyping Market: Growth Boosters

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Product Prototyping Market: Key Players

Some of the key players profiled in the report are:

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