Aerospace 3D Printing Market to Grow at Significant Rate until 2024
Increasing fleet size of
airlines and growing demand for
lightweight parts & components in aerospace industry to drive global
aerospace 3D printing market through 2024
According to
TechSci Research report, “Global Aerospace
3D Printing Market By Vertical, By Industry, By Printer Technology, By
Material Application, By Region, Competition, Forecast & Opportunities,
2024”, global aerospace 3D printing market is expected
to witness growth at a CAGR of over 15% during 2019-2024, as aircraft
manufacturers are opting for 3D printing technology to manufacture aircraft
components and parts. 3D printing technology is gaining traction in various
verticals including aerospace as manufactured parts can be made with little
wastage and reduced time. Moreover, accuracy and reduction of errors while
manufacturing of parts is further positively influencing the growth of global aerospace
3D printing market. 3D Printing technology
is gaining traction across the globe. Aircraft as well as engine manufacturers
are largely dependent on the technology to develop lightweight components and
parts.
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Global
aerospace 3D printing market can be segmented based on vertical, industry,
printer technology and material application. Among vertical, material segment
is anticipated to grow at significant rate owing to increasing usage of
materials to print engine and structural components. On the basis of industry,
the market can be segmented into aircraft, UAV and aerospace spacecraft. Aircraft
segment is witnessing extensive adoption of 3D printing technology on account
of increasing number of aircraft backed by elevating air traffic and rising demand for lightweight aircraft by
airlines. Furthermore, growth of new
materials to print 3D aircraft components to resist high temperature is further
likely to boost material segment during the forecast period.
The
Exone Company, Sandvik, Ultimaker B.V., Materialise NV, MTU Aero Engines AG, 3D
Systems Corporation, Envisiontec GmbH, EOS GmbH, GE Additive (Arcam) Aerojet
Rocketdyne, Stratasys Ltd. Höganäs AB etc., are some of the leading players
operating in global aerospace 3D printing market. Companies operating in the market
are using organic strategies such as product launches, mergers and
collaborations to boost their share. In 2017, Stratasys was selected by airbus
for manufacturing parts of A350 XWB using 3D printing technology.
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“North America
is the largest market of aerospace 3D printing. The growth of north America
market is attributed to high adoption rate of 3D printing technology in
aerospace industry. Moreover, presence of leading players in the region and
approvals by the authorities such as FAA for the use of 3D printing technology
in commercial jet engines would positively influence the growth of North
America aerospace 3D printing market during forecast period.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Aerospace 3D Printing Market By
Vertical, By Industry, By Printer Technology, By Material Application, By
Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global aerospace
3D printing market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global aerospace 3D printing
market.
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