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Aerospace Additive Manufacturing Market Analysis 2024-2033: Size, Forecast, Growth, and Outlook
Aerospace Additive Manufacturing Market Analysis
According to The Business Research Company's, The aerospace additive manufacturing market size has grown exponentially in recent years. It will grow from $3.14 billion in 2023 to $5.38 billion in 2024 at a compound annual growth rate (CAGR) of 71.4%. The growth in the historic period can be attributed to weight reduction and fuel efficiency, complex geometries and design flexibility, cost reduction and efficiency improvements, materials advancements, rapid prototyping and iterative design.
The aerospace additive manufacturing market size is expected to see exponential growth in the next few years. It will grow to $11.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to increasing adoption in commercial aviation, advancements in print speed and scale, supply chain resilience and localized production, emerging materials and composites, sustainable manufacturing practices. Major trends in the forecast period include materials innovation, scaling production with large-scale additive manufacturing, enhanced design capabilities with generative design, supply chain resilience through on-demand manufacturing, quality assurance and certification advances.
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Market Drivers and Trends:
Air passenger traffic is expected to propel the growth of the aerospace additive manufacturing market going forward. Air passenger traffic refers to an increase in the number of passengers due to various reasons, such as work-related, business-related, and tourism-related. Air passenger traffic is prompting aircraft companies to arrange more domestic and international flights, which is resulting in increased aircraft manufacturing, which in turn is spiking the usage of aerospace additive manufacturing. For instance, in February 2023, according to the International Air Transport Association (IATA), a Canada-based group of world airlines, total passenger traffic rose by 64.4% in 2022 compared to 2021. The air traffic in December 2022 alone rose by 39.7% compared to December 2021. Therefore, the surge in passengers is driving the aerospace additive manufacturing market going forward.
Technological advancements are a key trend gaining popularity in the aerospace additive manufacturing market going forward. Major companies operating in the aerospace additive manufacturing market are developing innovative technologies to strengthen their position in the market. For instance, in February 2021, 3D Systems, a US-based engineering firm, introduced the High Speed Fusion industrial 3D printer platform and material portfolio. The platform system comprises unique printing technology and sophisticated material systems. It is one-of-a-kind system that runs at speeds and precision levels far exceeding current state-of-the-art manufacturing platforms thanks to superior electric motion control.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
3D Systems Corporation; Arcam AB; Concept Laser GmbH; CRP Technology Srl; EOS GmbH Electro Optical Systems; ExOne Company; Optomec Inc.; SLM Solutions Group AG; Stratasys Ltd.; CRS Holdings Inc.; General Electric Company; 3DCeram S.A.S.; Carpenter Technology Corporation; Arconic Corporation; Markforged; Airbus SE; Boeing Company; Bombardier Inc.; Embraer S.A.; Rolls-Royce Holdings plc; Honeywell International Inc.; Lockheed Martin Corporation; Northrop Grumman Corporation; Raytheon Technologies Corporation; Safran S.A.; BAE Systems plc; Cobham plc; General Dynamics Corporation; Harris Corporation; Kaman Corporation; Moog Inc.; Parker Hannifin Corporation; United Technologies Corporation; Aerojet Rocketdyne Holdings Inc.; AeroVironment Inc.; Aurora Flight Sciences Corporation; Blue Origin LLC; RTX Corporation
Aerospace Additive Manufacturing Market 2024 Key Insights:
• The aerospace additive manufacturing market will grow to $11.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%.
• Skyrocketing Air Passenger Traffic Propels Growth In Aerospace Additive Manufacturing Market
• Innovative Technological Advancements In Aerospace Additive Manufacturing
• North America was the largest region in the aerospace additive manufacturing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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