New York, USA, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aerospace 3D printing market is anticipated to garner a revenue of $5,933.4 million and grow at a healthy CAGR of 26.8% throughout the estimated period from 2019 to 2026.
As per our analysts, with the increasing demand for top-selling aircraft such as B787 and A320, the aerospace 3D printing market is expected to experience prominent growth during the analysis period. Besides, the increase in the satellite industry and technological advancements in 3D printing technology are expected to foster the growth of the market over the estimated timeframe. Moreover, established aerospace manufacturers are focusing on 3D printing to enhance performance and save fuel costs which are expected to create extensive growth opportunities for the market during the forecast period. However, the high cost of 3D printing materials may hinder the growth of the market throughout the analysis period.
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Segments of the Aerospace 3D Printing Market
The report has divided the market into segments based on type, application, end-user, and region.
Type: Materials Sub-Segment to be Most Productive
The materials sub-segment is expected to generate a revenue of $2,776.8 million throughout the estimated timeframe. This is mainly due to the increasing demand for a wide range of materials for the print engine and structural components of aircraft. In addition, the rising focus of market players on manufacturing engine components and heavy R&D investments is expected to bolster the growth of the market sub-segment during the analysis period.
Application: Engine Component Sub-Segment to be Most Profitable
The engine component sub-segment is predicted to garner a revenue of $2,598.8 million during the forecast timeframe. The rising focus on the leading engine manufacturers to improve the performance of turbofan engines using 3D printing technology is predicted to upsurge the growth of the aerospace 3D printing market sub-segment over the analysis timeframe.
End-Use: Aircraft Sub-Segment to be Most Beneficial
The aircraft sub-segment is projected to register a revenue of $2,647.1 million throughout the analysis timeframe. This is mainly due to the rising air travel all across the globe. Moreover, the exponentially decreasing airfares due to the increasing competitiveness among international and domestic airline companies are expected to fortify the growth of the market sub-segment over the forecast period.
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North America Region to Have Expansive Growth Opportunities
The North America region of the aerospace 3D printing market is predicted to grow at a CAGR of 26.2% during the analysis timeframe. This is mainly because of the rising demand for lighter aircraft components due to the improvisation in the supply chain. In addition, the increasing financial support by the government of this region for R&D activities is expected to drive the regional growth of the market throughout the estimated period.
Key Players of the Market
The major players of the aerospace 3D printing market include
- Höganäs AB
- Materialise
- EOS GmbH
- ExOne
- Norsk Titanium US Inc.
- Arcam AB
- ENVISIONTEC, INC.
- 3D Systems, Inc.
- Aerojet Rocketdyne.
- Ultimaker BV
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry.
For instance, in October 2021, Wipro 3D, a leading 3D printing company, announced its collaboration with HAL, a leading aerospace and defense company. With this collaboration, the companies aimed to work on the development, manufacturing, and airworthiness certification of a metal 3D-printed aircraft engine component.
In addition, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic developments.
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More about Aerospace 3D Printing Market:
- High costs will pose a severe threat to the Global Aerospace 3D Printing Market
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- The ability to produce parts rapidly on demand has added unforeseen flexibility to the Aerospace 3D printing sector
