New York, US, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), "Aerospace Additive Manufacturing Market Information by Platform, Application, Material Type, Technology, and Region - Forecast till 2030", the market is estimated to meet the market value of USD 31.837 billion by the end of 2030 at 20.24% CAGR over the review period (2021-2030).
Aerospace Additive Manufacturing Market Scope:
Using a computer-aided design (CAD) file as a starting point, additive manufacturing (AM) creates three-dimensional things. Using the cad design as a starting point, this obsessive manufacturing process builds the product up in stages. Advanced tooling is not necessary to complete the product using the additive manufacturing technique, as the method uses a minimal number of tools. The am process is also distinct from standard production methods. Most traditional manufacturing techniques use either additive processes like painting or plating or subtractive ones like milling, cutting, and drilling.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 31.837 Billion |
| CAGR | 20.24% (2020-2030 ) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Platform, Application, Material Type, Technology |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America |
| Key Market Drivers |
|
Competitive Dynamics:
Due to the existence of major players, the 3D printing market in the aerospace and defense industry is splintered. Innovative 3D printers and materials are being developed by major players to meet the needs of an expanding customer base. The leading companies in the aerospace additive manufacturing market are using various strategies, promotional concepts, and other profitable approaches to increase their income in the forecast period. Still others are concentrating on synergistic strategies including mergers and acquisitions, partnerships, and increased output to enlarge their footprint. In the global aerospace additive manufacturing market trends, the major key players are the following:
- Arcam AB (Sweden)
- 3D Systems, Inc. (U.S.)
- CRP Technology Srl (Italy)
- Concept Laser Gmbh I (Germany)
- EOS (Germany)
- CRS Holdings Inc. (U.S.)
- Optomec (U.S.)
- Stratasys Ltd (U.S.)
- Exone (U.S.)
- SLM Solution Group AG (Germany)
Market USP:
Market Drivers
As materials continue to progress in technology, the worldwide aerospace additive manufacturing industry is predicted to expand. Increasing usage of additive manufacturing for producing larger drones and UAVs is a key factor in the expansion of the unmanned aerial vehicle market. As more and more aviation companies use 3D printing technology to manufacture aircraft engines, this subsector of the market is expanding at a rapid clip.
During the projected period, the market is expected to increase due to factors such as the increasing popularity of 3D printed defense components and rising demand from industries including aerospace & defense, automotive, healthcare, and others. The market will also expand thanks to the application of additive manufacturing in space exploration missions.
The aerospace and defense AM market will expand during the projected period due to factors such as rising demand for lightweight parts and components used in aircraft production and design. Demand for inexpensive components is on the rise, and the military industry's interest in additive manufacturing is growing. Market expansion will also be aided by the increasing use of 3D printing in space exploration missions.
Market Restraints
The global market could be stunted by the high price of raw materials and the equally high price of installation. Market expansion in aerospace and defense AM would be capped by high energy requirements over the projected period.
Analyzing COVID-19:
Analysis of the global market for aerospace additive manufacturing indicates that the current covid-19 pandemic has significantly impacted market growth. When production and distribution were interrupted, it had a devastating effect on the international economy. The aerospace additive manufacturing industry has struggled due to a lack of funding, skilled workers, accessible locations, and other resources.
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Space and military additive manufacturing were not immune to the pandemic's effects. 3D printers failed because lockdowns and other limits on public movement were imposed. The market expansion was also stymied by the widespread problems that arose in the worldwide supply networks. As the economy slowed, the market's potential did not expand as rapidly during that time. Demand from aerospace and defense as well as the healthcare sector is projected to boost the market as the pandemic continues.
Market Segmentation:
By Application
Most of the growth in the aerospace additive manufacturing industry in 2018 came from the engine subsector. Furthermore, it is anticipated that this market area will produce the greatest CAGR during the assessment year.
By Platform
Aircraft was the 2018 World Market Leader, accounting for 55.58 percent of the Global Aerospace Additive Manufacturing Market. Unmanned aerial vehicles are expected to grow at a faster rate than any other market sector throughout the forecast time frame.
By Technology
The laser sintering market is segmented into the selective and direct metal segments by technology. For the projected period, 3D printing technology is expected to show the highest growth in the aerospace additive manufacturing market.
By Material Type
In 2018, a greater part of the worldwide market for aerospace additive manufacturing was generated by the metal alloy segment. This subsector is also anticipated to expand at a faster rate over the study period.
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Regional Analysis
In 2018, North America held the largest share of the aerospace additive manufacturing market with 38.86%, and this region is also expected to have the greatest CAGR between 2018 and 2025. Increased development in this area can be attributed to the presence of industry leaders like 3D Systems, Inc. and Stratasys, Ltd.
Due to increased investment in aerospace & defense additive manufacturing from emerging economies including the UK, Germany, France, and Russia, Europe will hold a major market share in terms of worldwide contribution. The industry will also benefit from expanding demand for 3D-printed advanced defense equipment and rising investment on the aviation sector.
Because of increasing investments in creating lightweight components, Asia Pacific is expected to rise somewhat over the projected period.
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