Strength and Precision: The Benefits of Aerospace Additive Manufacturing Market
The global aerospace additive manufacturing market size is expected to grow substantially because of the rising demand for complex aircraft parts. The incorporation of the manufacturing technique is expected to facilitate market development. Fortune Business Insights™ mentions this information in its report titled "Aerospace Additive Manufacturing Market, 2022-2029."
The aerospace additive manufacturing market is a growing industry driven by the need for innovative and cost-effective manufacturing solutions. Additive manufacturing, also known as 3D printing, is a process that creates three-dimensional objects by building up successive layers of material. This technology is widely used in the aerospace industry to produce complex and lightweight components for aircraft, satellites, and other aerospace applications. The market for aerospace additive manufacturing is expected to grow as the demand for lightweight and fuel-efficient aircraft increases. Innovations in additive manufacturing technology, such as the use of new materials and advanced design software, are expected to further drive the market's growth by enabling the production of more complex and durable components. The increasing adoption of Industry 4.0 technologies such as the Internet of Things (IoT) and artificial intelligence is also expected to fuel the growth of the aerospace additive manufacturing market in the coming years.
COVID-19 Impact
Halt on Manufacturing Activities to Impede Market Progress
The COVID-19 pandemic is expected to negatively affect this market because of the halt on manufacturing activities. Increasing COVID-19 cases and halt on manufacturing are likely to impede the product's adoption from the aerospace sector. The lack of sales may lead to huge losses, which, in turn, may lead to the closure of companies. However, lockdown relaxations may enable manufacturers to operate at reduced capacities and incorporate advanced production machinery to recover losses. These factors are likely to boost market progress during the pandemic.
Segments
By platform, the market is segmented into spacecraft, unmanned aerial vehicles, and aircraft. As per material type, it is classified into rubber, plastic, metal alloy, and others. Based on application, it is categorized into structural, engine, and others. Based on technology, it is categorized into electron beaming melting, fused deposition modeling, stereolithography, laser sintering, 3D printing, and others. Geographically, it is clubbed into Europe, North America, Asia -Pacific, and the rest of the world.
Highlights of the Report
- The report offers a study of the latest trends and the leading segments.
- It comprehensively analyzes the impact of COVID-19 and the driving and restraining factors.
- Examines the regional developments and strategies deployed by the key players.
Drivers and Restraints
Increasing Demand for Customizable Aircraft Parts to Foster Market Progress
Aerospace additive manufacturing strategies are utilized extensively to design several aircraft parts such as engines, wings, and others to improve mobility and boost flight performance. The manufacturing technique enables manufacturers to produce high-quality aerospace parts that are lightweight and boosts performance drastically. They enhance automotive parts' sustenance and provide excellent durability and resistance against damages. It improves the effectiveness and performance of the aircraft. Aerospace additive manufacturing techniques boost lifespan and increase safety. These factors are likely to boost the aerospace additive market growth.
However, the manufacturing strategies' high installation costs are expected to hamper the growth of the market.
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Regional Insights
Substantial Investments in Aerospace & Defense Sector to Fuel Market Growth in North America
North America is expected to dominate the aerospace additive manufacturing market share because of substantial investments in the aerospace and defense sectors. The rising demand for aerospace additive manufacturing is expected to boost its adoption from the air force sectors. These factors are likely to boost the market growth.
In Asia-Pacific, increasing investments in the aerospace sectors are likely to propel market progress. The demand for complex and lighter aircraft parts is expected to boost the product's demand. These factors are likely to fuel market growth.
In Europe, the presence of a large industrial sector is expected to boost the product's demand. These factors are likely to fuel market growth.
Competitive Landscape
Prominent Companies Enter in Contracts to Boost Annual Revenues
The prominent companies operating in the market enter contracts for the supply of aerospace additive manufacturing techniques to the air force. For example, GE Aviation and U.S. Airforce entered into a contract for proposing a metal additive collaboration program. As per the contract, the company shall satisfy the U.S. Air Force's demand for a 3D printed sump cover designed for the F110 aircraft engine. This strategy may enable the company to increase sales and boost annual revenues. Further, the incorporation of research may enable companies to improve product quality and utilize lightweight materials. This strategy may enable companies to boost their market position.
Industry Development
- October 2020: Essentium, Inc. entered into a contract with the U.S. Air Force for providing advanced aerospace additive manufacturing solutions for ground support, flight-approved aircraft components for combat aircraft, and maintenance repair and overhaul (MRO).
List of Prominent Companies Profiled in the Aerospace Additive Manufacturing Market Report
- 3D Systems, Inc.
- Arcam AB
- Concept Laser GmbH
- CRP Technology SRL
- CRS Holdings Inc.
- EOS
- ExOne
- Optomec
- SLM Solution Group AG
- Stratasys Ltd
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