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November 08, 2019 | Aerospace & Defense
The global aerospace 3D printing market size is expected to reach USD 6,745.5 Million by 2026. Growth strategies such as capability enlargement, sizeable investments in research and development, mergers and acquisitions, long term contracts and agreements, and joint development adopted by market competitors are anticipated to boost the aerospace 3D printing market. According to a report by Fortune Business Insights, 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,” the market is prognosticated to rise from USD 1,359.1 Million in 2018 at a CAGR of 22.17 % during the forecast period from 2019 to 2026.
3D printing technology is an advanced additive manufacturing process where the printer receives the command from a software program, creating a 3D or three-dimensional product. These printers are used in a number of industries such as the medical industry, aerospace, manufacturing industry, and others. An early adopter of 3D printing was the aerospace and defense). Due to its manufacturing technology, 3D printing is utilized in various applications such as space technology, military aircraft, and commercial airplanes as well. The upcoming applications of the aerospace printer include 3D printed aircraft structures, 3d printed repair parts, the embedding of manufactured parts, and the printing of complex engine parts.
Engine Component Segment to Generate High Revenue on Account of Wide Adoption of 3D Printing Equipment by Manufacturers
The aerospace 3D printing market is categorized on the basis of vertical, industry, application, printer technology, and geography. On the basis of vertical, the market is bifurcated into materials and printers. Based on industry, the market is categorized into UAV, aircraft, and spacecraft. Among these, the aircraft category is expected to dominate the market. Besides this the UAVs segment is expected to rise at 9.9% CAGR between 2019 and 2026.
On the basis of application, the market is grouped into engine components, space components, and structural components. Among these, the engine component segment is likely to emerge dominant in the forecast period. Leading manufacturers of jet engines such as GE Aviation and Rolls Royce are adopting 3D printing technologies in order to build high quality and precision technology for the manufacturing of engines. With the help of 3D printing, new engines can be operated at high speed and at a cheaper price than traditional manufacturing processes. The aforementioned factor indicates the dominance of this segment in the coming years as well.
Sub-categorization of printer technology includes Direct Metal Laser Sintering (DMLS), Continuous Liquid Interface Production (CLIP), Fused Deposition Modeling (FDM), Stereolithography (SLA), and Selective laser sintering (SLS). Among these, the DMLS or direct metal laser sintering segment is dominating the market due to their lightweight, good welding, and corrosion-resistant properties.
North America to Continue Dominating the Global Market
The market for space 3D printing is geographically categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, the market is dominated by North America on account of the presence of the largest manufacturing hub in the aerospace industry in the U.S. The presence of a number of raw material providers, small to large-sized aircraft OEMs and tier players is responsible for the dominance of the U.S. market. This, coupled with the launch of new technologies in aircraft and increasing investments in the development of new aircrafts by the U.S. government is further expected to help this region to continue its dominance in the forthcoming years as well.
List of significant players in the aerospace 3D printing market include;
Browse complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/aerospace-3d-printing-market-101613
Value (USD Million)
By Printer Technology