Aerospace & Defense Additive Manufacturing Market to Hit USD 13.01 Billion by 2028 | At a CAGR of 19.51%
Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) — The aerospace & defense additive manufacturing market size was USD 3.58 billion in 2020 and is projected to grow from USD 3.73 billion in 2021 to USD 13.01 billion in 2028 at a CAGR of 19.51% during the 2023-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Aerospace & Defense 3D Printing Market, 2023-2028.”
The Aerospace & Defense Additive Manufacturing Market, often known as 3D printing in these industries, is rapidly growing. It involves creating complex components through layer-by-layer material deposition. This technology is popular in aerospace and defense due to its waste reduction, design flexibility, and faster production. It can make intricate shapes difficult with traditional methods, used in aircraft parts and missile systems. As it advances, it could revolutionize supply chains, cut costs, and foster innovation in these sectors.
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List of Key Players Present in the Aerospace & Defense 3D Printing Market:
- 3D Systems, Inc. (U.S.)
- EnvisionTEC (Germany)
- EOS (Germany)
- ExOne (U.S.)
- General Electric (U.S.)
- Hoganas AB (Sweden)
- Optomec, Inc. (U.S.)
- ProdWays TECH (France)
- Renishaw plc. (U.K)
- SLM Solutions (Germany)
- Stratasys Ltd. (Israel)
- Ultimaker BV (Netherlands)
Report Scope & Segmentation:
|2028 Value Projection||USD 13.01 Billion|
|Market Size in 2020||USD 3.58 Billion|
|No. of Pages||200|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Aerospace & Defense Additive Manufacturing Market Growth Drivers||Increasing Demand for Lightweight Parts and Components to Fuel Market Growth|
|Growing Adoption of Additive Manufacturing in Defense Sector to Aid Growth|
Browse Detailed Summary of Research Report with TOC:
Imposed Lockdowns & Disruptions in Supply Chains to Hamper Market Growth During Pandemic
The pandemic impacted various sectors during its tenure and the sector of aerospace & defense additive manufacturing is no different. Imposed lockdowns and movement restrictions on the general population led to the downfall of 3D printers. Additionally, disruptions in supply chains on a global scale led to hindering the growth of the market. Also, an economic slowdown decreased the outreach of the market during the forecast period. However, as the pandemic looms on, the market is expected to make a revival due to rising demand from the aerospace & defense and the healthcare sector.
- Based on the platform, the market is divided into aviation, defense, and space.
- With respect to vertical, the market is broken down into printers, materials, and others.
- By application, the market is segmented into engine components, space components, structural components, defense equipment, and others.
- Based on technology, the market is fragmented into Direct Metal Laser Sintering (DMLS), Fused Deposition Modeling (FDM), Continuous Liquid Interface Production (CLIP), Stereolithography (SLA), Selective Laser Sintering (SLS), and others.
- In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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The market report for aerospace & defense additive manufacturing contains a detailed analysis by focusing on critical aspects such as key providers, technologies, and applications. Additionally, the report contains insights into the market by providing details on the ongoing market trends and latest industry developments. Also, the report encompasses factors that are expected to impact the market in a positive/negative manner.
Drivers & Restraints
Increasing need for lightweight parts and components to drive growth in the aerospace and defense additive manufacturing market
Factors such as increasing demand for lightweight parts & components toward aircraft manufacturing & designing will boost the aerospace & defense additive manufacturing market growth during the forecast period. Additionally, rising demand for low-cost parts and increased focus of the defense sector toward additive manufacturing will increase the footprint of the market. Also, the integration of 3D printing toward space exploration missions will fuel the growth of the market.
However, high energy consumption will limit the growth of the market for aerospace & defense additive manufacturing during the forecast period. Additionally, the expensive cost of manufacturing will hinder the growth of the market.
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North America to Hold Considerable Market Share due to Higher Spending on Defense
North America will witness the largest aerospace & defense additive manufacturing market share during the forecast period due to increased spending toward the defense & aviation industry and the presence of key market players in the region.
Europe will hold a significant market share in terms of global contribution, owing to rising investment in aerospace & defense additive manufacturing from emerging economies such as the U.K, Germany, France, and Russia. Additionally, increased spending on the aviation sector and rising procurement of advanced defense equipment with 3D printed manufacturing will boost the growth of the market.
Asia Pacific will experience moderate growth during the forecast period due to rising expenditure on developing lightweight components.
Detailed Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Aerospace & Defense Additive Manufacturing Market
- Impact of COVID-19 on Global Aerospace & Defense Additive Manufacturing Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Potential Opportunities Due to COVID-19 Outbreak
- Global Aerospace & Defense Additive Manufacturing Market Analysis, Insights and Forecast, 2017-2028
- Segmental Definitions/ Summary
- Market Analysis, Insights and Forecast – By Platform
- Combat Vehicles
- Military PPE
- Submarine Hulls
- Market Analysis, Insights and Forecast – By Vertical
- Market Analysis, Insights and Forecast – By Application
- Engine Components
- Space Components
- Structural Components
- Defense Equipment
- Market Analysis, Insights and Forecast – By Technology
- Direct Metal Laser Sintering (DMLS)
- Fused Deposition Modeling (FDM)
- Continuous Liquid Interface Production (CLIP)
- Stereolithography (SLA)
- Selective laser sintering (SLS)
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Rest of the world
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Business Expansion Practices & Product Development to Augment Market Growth
The sector of aerospace & defense 3D printing is fragmented due to the presence of dominant players. Players are focused on introducing advanced 3D printers and materials to cater to a growing consumer base. For example, in October 2020, ICON receives funding from NASA and a government Small Business Innovation Research (SBIR) contract for developing 3D printed infrastructure for the moon. This project will aid future exploration of the Moon. Others are focused on integrating tactics such as mergers & acquisitions, collaborations, and expanding production capabilities to increase their presence.
- March 2021: Primus Aerospace joined the VELO partner network by adapting the Ti6Al4V Sapphire metal additive manufacturing (AM) system. This system will be the first titanium-dedicated metal 3D printer being utilized for aerospace & defense applications.
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