Dublin, July 28, 2023 (GLOBE NEWSWIRE) -- The "3D Printing in Aerospace and Defense Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global 3D printing market in the aerospace and defense (A&D) industry is estimated to reach a remarkable USD 7.12 billion by 2028, displaying a robust CAGR of 15.13% during the forecast period from 2023 to 2028.
The COVID-19 pandemic had a profound impact on the aviation industry in 2020. As airlines sought cost-cutting measures, they accelerated the retirement of older aircraft and embraced a shift toward newer generation aircraft that promise increased fuel efficiency and reduced weight.
Aerospace Original Equipment Manufacturers (OEMs) are making substantial investments in large-scale research projects to advance the use of 3D-printed parts and components in newer-generation aircraft. Additionally, the adoption of 3D-printed parts is on the rise in the aftermarket space, as these components alleviate pressure on traditional supply chains.
The Benefits of 3D Printing in Aerospace and Defense
The manifold advantages offered by 3D printing have fueled its rapid adoption in the aerospace sector. By producing parts at lower costs, offering faster lead times, and enabling more digitally flexible design and development methods, 3D printing has revolutionized aircraft manufacturing. This transformative technology also generates significant cost savings for users and manufacturers alike.
Despite the evident upward trend in 3D printing's adoption in the A&D sector, several challenges currently delay its widespread implementation. However, continuous advancements in 3D printing technology and material sciences are expected to address most of these limitations, propelling the adoption of 3D printing in the aviation industry in the years to come.
Key Trends Driving Market Growth
- Aircraft Segment to Showcase Highest Growth: The forecast period predicts remarkable growth in the aircraft segment, attributed to the increasing number of commercial aircraft orders and deliveries and the rising adoption of advanced technologies in aircraft manufacturing. The broadening scope of additive manufacturing replacing conventional methods of producing commercial and military aircraft parts at lower costs, faster lead times, and more digitally flexible design and development methods contributes to this significant growth. A prominent example of this application is seen in the B777X aircraft, featuring 300 3D printed parts, including fuel nozzles, temperature sensors, heat exchanges, and low-pressure turbine blades in its GE9X engines.
- Asia-Pacific to Witness Significant Expansion: The Asia-Pacific region is anticipated to experience remarkable growth in 3D printing for aerospace and defense during the forecast period. Rapid expansion in the aviation sector and increased defense expenditure from countries like China, India, and South Korea are major contributors to this growth. Notably, China became the largest aviation market in terms of seating capacity in mid-2020. Under the Made in China 2025 master plan, aerospace equipment and 3D printing have been earmarked as key growth drivers for Chinese manufacturing industries. China's aviation industry is already employing 3D printing technologies on new-generation warplanes, with major aircraft manufacturing factories implementing 3D printed parts to achieve high structural strength, extended service life, lower cost, and quicker production times.
Growing Footprint of 3D Printing in Aerospace and Defense
The aerospace and defense market for 3D printing is marked by the presence of aircraft OEMs, spacecraft manufacturers, and Tier-1 and Tier-2 manufacturers supporting the industry. Industry leaders such as General Electric Company, Airbus SE, Safran SA, Aerojet Rocketdyne Holdings Inc., and The Boeing Company dominate the market. As the demand for lightweight components and more fuel-efficient airborne platforms rises, these companies are aggressively investing in expanding their additive manufacturing capabilities to capitalize on emerging opportunities.
Promisingly, in July 2021, Burloak Technologies announced the opening of its second additive manufacturing center in Camarillo, California, reinforcing its Additive Manufacturing Center of Excellence in Ontario. Moreover, aircraft OEMs are also actively expanding their footprint in the additive manufacturing market, driven by the growing demand for 3D printed components.
Furthermore, space agencies such as NASA and ESA are looking to manufacture spacecraft parts using 3D printed components, recognizing the economic advantage over traditional subtractive manufacturing methods. This burgeoning trend is expected to introduce new players into the market, fostering increased competition and technological advancements.
A selection of companies mentioned in this report includes
- Aerojet Rocketdyne Holdings Inc.
- MTU Aero Engines AG
- Moog Inc.
- Safran SA
- General Electric Company
- The Boeing Company
- Airbus SE
- Samuel, Son & Co.
- Raytheon Technologies Corporation
- Honeywell International Inc.
- American Additive Manufacturing LLC
- Lockheed Martin Corporation
For more information about this report visit https://www.researchandmarkets.com/r/t9zamc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
