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"Overview of Aerospace Additive Manufacturing Market"
The Aerospace Additive Manufacturing Market is estimated to be USD 1482.521 Million in 2019 and it is expected to reach more Than USD XX Million By 2028, Likely to Grow at a CAGR Of XX% During The Forecast Period.
Additive manufacturing is the process of building three-dimensional objects based upon on CAD digital model. Additive manufacturing uses an additive process where an object is developed by applying materials in successive layers as per the CAD design. Unlike conventional manufacturing, this involves a subtractive process for example drilling, cutting, and milling. Also, it required bending and shaping form. The additive manufacturing process required minimum or no tooling to build the finished product. The aerospace industry is finding a new application in Additive manufacturing. The aerospace manufacturer is using 3D printing techniques to form jet engines or rockets.
Rising demand for Fighter Jet and Aircraft in Defence will drive the Aerospace Additive Manufacturing Market
Aerospace is a major industry in the adoption of additive manufacturing for producing the different parts of aircraft. Incredible advantages of 3D printing have increased efficiency, performance, and cost-cutting for some of the biggest players in aerospace & defense. Increasing focus on the reduction of carbon through aircraft weight reduction and increases need for manufacturers are driving the aerospace additive manufacturing market. Furthermore, the enhanced efficiency offered by AM in manufacturing critical aerospace parts is also driving the aerospace additive manufacturing market. Increasing air passenger traffic and growing for modern aircraft are several growth opportunities in the aerospace additive manufacturing market.
By Platform, the Aircraft Segment Dominated the Aerospace Additive Manufacturing Market in Terms of Revenue.
Aircraft are expected to increase the Aerospace Additive Manufacturing market, Aircraft, one of the segments analyzed and sized in this study, displays the potential to grow at over 22.5%. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market.
3D Printing is forecasted to have the highest CAGR in the forecast period in the Technology Segment
By technology, the 3D printing segment dominates the market in 2017. Aircraft parts manufactured through 3D printing technology is lightweight and reduced the consumption of material used in manufacturing.
By Application Segment, the Engine is forecasted to have the highest CAGR in the forecast period
By application, the engine segment dominates the aerospace additive manufacturing market with the highest growing CAGR during forecast periods. The 3D printing technology is used by aviation companies for developing aircraft engines is driving the segment growth.
North America is dominated by the Aerospace Additive Manufacturing Market
North America has accounted for around 38.12 % share in terms of revenue in the Aerospace Additive Manufacturing market. With the presence of a large manufacturer in North America, especially in the US is expected to increase the aerospace additive manufacturing market. Manufacturer such as Stratasys Ltd and 3D Systems, Inc., is driving the market growth in this region. Several micros and macroeconomic factors are propelling the Asia Pacific region. Also, in the presence of large economy countries such as China, Japan is dominating the aerospace additive manufacturing market in this region.
In April 2016, General Electric has sent the first two productions to run LEAP-1A engines to Airbus with 19 3D printed nozzles. LEAP engines use nozzle around 15% more fuel-efficient than their counterparts. They also received 10,000 orders which valued at around $145 billion.
In 2015, The United State of America had announced to give USD 241 million to SpaceX and Orbital ATK to develop rocket engine prototypes. Also, SpaceX is investing USD 67 million to develop a raptor propulsion system.
Acquisition and merger are the key factors that are adopted by the key players in the Aerospace Additive Manufacturing market. Some of the major companies into Aerospace Additive Manufacturing are 3D Systems, Inc (U.S.) Arcam AB(Sweden), Concept Laser GmbH (Germany), Arconic, EOS (Germany), GKN, ExOne (U.S.). Companies like 3D systems or concept laser are increasingly interested in aerospace additive manufacturing and may well become experts in the industry.
Aerospace Additive Manufacturing Key Market Segments:
- Fixed Wing
- Rotary Wing
- Unmanned Aerial Vehicle
- Metal Alloy
- 3D Printing
- Laser Sintering
- Fused Deposition
- Electron Beam Melting
- North America
- Asia pacific
- Middle East and Africa
- Latin America