Stratasys, Ltd. (NASDAQ:SSYS) expressed its expectation that the 3D printing market will become more robust and the competition will become stronger.

Stratasys logo

The company made the statement after Hewlett-Packard Company (NYSE:HPQ) announced its entry to the 3D printing segment. Stratasys, Ltd. (NASDAQ:SSYS) also emphasized its leadership position in the market.

Stratasys concerned over HP

During a media event in New York on Thursday, the management of Stratasys, Ltd. (NASDAQ:SSYS) noted an industry research indicating that the 3D printing market would expand fro, $3 billion last year to $21 billion by 2020.

Stratasys CEO David Reis said, “Even if some very good competitors are going to enter into this market, I think the growth of the market will allow (Stratasys and other companies to grow). It’s not going to be limited to one or two companies.”

When asked about the entry of Hewlett-Packard Company (NYSE:HPQ), Reis admitted that they are concern, but he emphasized that Stratasys, Ltd. (NASDAQ:SYSS) has great technology.  He said, “Of course we are concerned about it. But I think that we have a lot in our pocket. We have great technology today. We have real customers using our equipment today.”

Reis added that the 3D printing industry is rapidly changing and venture capitalists are investing.

Stratasys, Ltd. (NASDAQ:LTD) accounts 55% of the industry for 3D printers that costs more than $10,000, which is referred to as the enterprise market. The company holds 35% market share in the desktop market for printers that costs below $10,000.

HP introduced faster 3D printers

Earlier this week, Hewlett-Packard Company (NYSE:HPQ) introduced a new 3D printer during a marketing event in New York. The company claimed that its 3D printer is ten times faster than traditional 3D printers and producer better-quality products than competitors. HP also said that its 3D printer is cheaper for manufacturers.

Stifel analysts believed that Hewlett-Packard Company (NYSE:HPQ) will disrupt the 3D printing industry and the competition will become stronger going forward given its size of approximately $66 billion in market capitalization.