Aerospace 3D Printing Market Boosting Demand by fuel-efficient with precise strength of an aircraft
According to a study of the Research Dive, aerospace 3D printing market forecast shall cross $5,933.4 million by 2026, growing at a CAGR of 26.8% during forecast period.
Aerospace 3D printing is primarily used to increase the efficiency of A&D supply chain, reduction of storage costs of inventory and waste production materials. Furthermore, the Aerospace 3D printing industry is focusing more on creating parts of aircraft that are lighter and stronger than parts made by using traditional manufacturing. Astonishing advantages of 3D printings in the supply chain of the aerospace and defense industry are projected to surge in the global market. In addition, the financial support provided by the government and non-government organizations across the globe is also driving the 3D printing in aerospace industry. For instance, National Aerospace Technology Exploitation Programme grants £140,000 funds for UK based company Sigma Components, to develop 3D printed jet components. However, 3D printing processes are operationally efficient, but they are higher in cost and they do have restrictions in terms of quality and quantity of the materials. These elements will hamper the global aerospace 3D printing market growth. Market players such as Boeing are heavily investing in metal 3D printing ventures, like Desktop Metal for utilization of these novel technologies for R&D and end-use parts for aircraft. Airbus and NASA organizations are depending on 3D printing to solve complicated engineering problems. 80 %of the model is manufactured by using 3D printers, which allows engineers to change the fuselage, wings, and propellers of aircraft rapidly. These rapid and massive advancements are anticipated to create huge opportunities for the growth of 3D printing in aerospace market.
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Materials segment is the fastest-growing segment in the market, and it will register a revenue of $2,776.8 million, during the forecasted period. Enormously increasing usage of structural components and print engine in 3D printing is expected to foster the aerospace 3D printing growth. Moreover, increasing concern about manufacturing highly advanced components of the engine and financial support for the research & developments are anticipated to boost the global market growth. Printers type has the largest share in the global market, and it shall cross $3,156.6 million, over the projected period.
Aerospace 3D Printing market size for space component shall surpass $1,296.3 million by 2026, increasing at a CAGR of 27.4%; this is majorly due to massive requirement of low volume aircraft parts and better resistance against severe environmental conditions that can be built by using highly integrated 3D printings, which is further attributed to boosting the demand for Aerospace 3D Printing market.
Aerospace 3D printing market share for aircraft will cross $2,647.1 million by 2026, increasing at a CAGR of 27.4%. Professionals are focusing more on the reduction of airframe weight for the efficiency of fuel consumption. For instance, over an aircraft’s life, airlines can save around $35000 in fuel costs, for every 1 Kg reduction in the weight of aircraft. These, advancements in aircraft are anticipated to grow the demand for aerospace 3D printings market. Moreover, new generation aircrafts are more fuel-efficient with precise strength of an aircraft and are projected to raise the demand for this segment across the globe.
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North America aerospace 3D printing market size will cross $2,284.3 million by 2026, increasing at a CAGR of 26.2%. The presence of experienced professionals in 3D aerospace printing and highly integrated aircraft manufacturing facilities is one of the important factors for the aerospace 3D printing market, in this region. Furthermore, unmanned aerial vehicles and aircraft would witness key growth throughout the projected period. Acceleration in the innovation of aerospace, advancing the product level in manufacturing operations and significant organizations such as Leptron using 3D printing in all cycles of production are anticipated to boost the growth of aerospace 3D printing in North America region.
The significant aerospace 3D printing manufacturers include Aerojet Rocketdyne, Arcam AB, ExOne., Ultimaker BV, 3D Systems, Inc., Höganäs AB, Materialise, EOS GmbH, ENVISIONTEC, INC., Norsk Titanium US Inc., and others. Market players using updated technologies for their Aerospace 3D Printing will have a good probability of having success in the rapidly booming market. For instance, the US Air Force has mounted a highly advanced metallic 3D printed aircraft part on the F-22 Raptor fighter aircraft.
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