The global Aerospace 3D Printing market is projected to rise exponentially during the forecast duration owing to the adoption of new strategies such as merger and acquisition, increasing investments in R & D, and others on a worldwide basis. Fortune Business Insights in their report titled, “Aerospace 3D Printing Market Size, Share & Industry Analysis, By Vertical (Printers and Materials), By Industry Type (UAV, Aircraft, and Spacecraft), By Application Type (Engine Components, Space Components, and Structural Components), By Printer Technology Type (DMLS, FDM, CLIP, SLA, SLS and Others) and Regional Forecast, 2018-2026,” projects such strategies to promote the overall market growth.
According to the report, the market is expected to rise from USD 1,359.1 Million to USD 6,745.5 Million with a remarkable CAGR of 22.17% within the forecast period of 2018 to 2026. As per the current aerospace 3D printing market trends, the Direct Metal Laser Sintering (DMLS) segment will dominate the market, based on printer technology. This is owing to the fact that they are capable of crafting complex geometrical structures. In addition to that, they have other properties such as corrosion-resistant, good welding characteristics, lightweight metal components, and others that will help this segment generate high revenue in the coming years.
Increasing Investment by US Government Officials for Launch of New Aircrafts to Help North America Continue Dominance
Geographically, the market is estimated to witness the dominance of North America. In 2018, North America market generated a revenue of USD 652.3 Million. This is because of the presence of raw material suppliers, large-to-small sized aircraft OEMs, and tier players in the U.S., thus making it the largest manufacturing hub of the aerospace industry in the world. Besides this, the regional market is primarily focusing on upgrading their existing aircraft which are further expected to add a boost to the market. Additionally, the rise in investments by the US government and the launch of new aircraft with the latest technology installed in them will help the region continue its dominance in the coming years.
On the other side, the surge in the number of OEMs and increased demand for tiers, especially in India and China are expected to help Asia Pacific emerge as the fastest-growing region during the forecast period. In addition to that, the development of new products with 3D printed lightweight components is utilized in commercial aircraft. Furthermore, long-term relations with the government contractors and regional space exploration programs are other factors expected to drive the regional market in the years to come.
Increasing Demand for Lightweight Vehicle Parts to Promote Market Growth
The weight of the aircraft plays a pivotal role in the designing and development of an aircraft. Lightweight aerospace vehicles consume less fuel than their heavier counterparts. Aircraft that are technologically advanced are highly fuel-efficient because of the use of 3D printed lightweight advanced material namely parts, overall airframe, components, and others without having to compromise on the aerodynamics and strength of the aircraft. The rise in demand for lightweight vehicle parts from the aerospace industry is estimated to promote the growth of the market in the forecast duration.
In addition, the material made out of 3D printing technology is capable of operating even in extreme temperatures. This is another factor boosting the market for the 3D Printing in the aerospace industry. Furthermore, there is a short supply chain of aerospace components and most of the aircraft manufacturers such as Airbus, and Boeing are likely to adopt 3D technology for achieving the rapid production process in their aircraft. This will further help to shorten the supply chain and reduce wastage, and thus prognosticated to accelerate the growth rate of the market in the forecast duration.
Fortune Business Insights enlists some of the significant players operating in the aircraft 3D printing market.
The Exone Company
3D Systems Corporation
MTU Aero Engines AG