New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global aerospace 3D printing market is projected to register a revenue of $5,933.4 million at a CAGR of 26.8% during the forecast period from 2020 to 2026, increasing from $887.9 million in 2018. The comprehensive report provides a brief summary of the current market scenario including significant aspects of the market such as growth factors, restraints, market challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the thriving air travel and the enormously increasing demand for top-selling aircrafts such as A320 and B787 are the major factors projected to bolster the growth of the global market during the analysis period. Besides, the technological advancements in 3D printing technology and the surge in the satellite industry are other factors boosting the market growth. Moreover, the aerospace 3D printing market trends such as 3D printed UAVs (unmanned aerial vehicles) and the 3DPaaS (printing as a service) are expected to generate huge growth opportunities for the global market. However, the high cost of aerospace components is estimated to hinder the market growth in the coming years.
Materials Sub-segment to Grow at Fastest Rate
By type, the materials segment accounted for $408.4 million in 2018 and is estimated to observe the fastest growth over the forecast period. The hugely growing demand for a wide range of materials for the print engine and the structural components of aircrafts is driving the sub-segment’s growth. Moreover, the key market players are focusing on manufacturing engine components and heavily investing in R&D, which is driving the market growth.
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Engine Components Sub-segment to Hold the Largest Market Share
By component, the engine components sub-segment is projected to account for the majority of market share and will surpass a revenue of $2,598.8 million by 2026. This is mainly due to the growing focus of leading engine manufacturers on advanced technologies to enhance engine parts such as using the 3D printing technology.
Aircraft Sub-segment to Grow at Healthy CAGR
By end-use, the aircraft sub-segment valued for $381.8 million in 2018 and is expected to rise at a significant growth rate during the forecast period. The highly increasing air travel and the rising competitiveness amongst domestic & international airline companies are the major factors projected to accelerate the sub-segment’s growth.
North America Region to Witness Exponential Growth
By region, the North America market for aerospace 3D printing is projected to witness robust growth and garner a revenue of $2,284.3 million by 2026. This can be attributed to the increasing demand for lighter aircraft component and improvisation in the supply chain. In addition, the financial support from the governments of the region for R&D coupled with recent technological developments in 3D printing are factors predicted to boost the regional market growth by 2026.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global aerospace 3D printing industry are:
- Ultimaker BV
- Arcam AB
- 3D Systems, Inc.
- ExOne
- EOS GmbH
- Höganäs AB
- Materialise
- ENVISIONTEC, INC.
- Norsk Titanium US Inc.
- Aerojet Rocketdyne.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in February 2021, Wipro 3D, a business division of Wipro Infrastructure Engineering, and Hindustan Aeronautics Ltd (HAL), an Indian state-owned aerospace and defense company, entered into a collaboration to develop and manufacture metal 3D printed aircraft engine component. The 3D manufactured components will be installed in HAL manufactured helicopter engines.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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