Additive manufacturing is the process of building complex and precise products with the help of software integrated design techniques. This technology makes use of CAD (Computer-Aided Design) or 3D object scanners to take precise measurements of the product to be custom designed.
The material of construction used to produce these 3-D models are environmentally sustainable since they can be recycled. Increasing utilization of ecologically friendly technology that helps with environmental conservation and the rising awareness with regards to green technology further propels the growth of this market. Low cost of creating a product coupled with easy customization of the same impacts the market positively.
Additive manufacturing has started to become a tool for designing,
testing, tooling, and manufacturing in the aerospace sector which
extends beyond the manufacture of aircraft into ground assistance,
maintenance, and repair systems. Additive manufacturing allows
manufacturers in the aerospace industry to become more cost-effective,
competitive, and successful in selling new products. Irrespective of the
end uses in prototyping, tooling, or on-spot manufacturing; additive
manufacturing is an essential capability to be adopted in this
globalized world and remain competitive.
Repair parts are manufactured on demand where and when necessary such as in extreme environments, on a ship or on the battlefield. This has a particularly high effect on military supplies where a large amount of inventory is continually maintained to ensure readiness for operations. It could also lead to increased reliability and a significant decrease in both delivery times and logistical footprint essential for warfare and peacekeeping missions to run smoothly. There are still technological difficulties to be addressed to completely achieve additive manufacturing capabilities such as the testing of the parts manufactured to ensure that they are not going to fail in operation.
The global market revenue generated by this sector accounts for USD 1.36 Billion in the year 2020 and it is anticipated to reach a value of around USD 7.08 Billion by the year 2028. The market growth dynamics accounts for a CAGR of 20.11% during the forecast period, 2020-2028.
North America is expected to dominate the global market with a market value of USD 2.83 Billion owing to the increasing R&D investment in this sector coupled with an infrastructure that supports the same. The early adoption of 3D printing technology in North America is another factor that fuels its market growth. Europe is expected to be the second-largest market due to the growing industrialization coupled with the low production cost of additive manufacturing. ROW is expected to grow with the highest CAGR of 35.71%.
The report is aimed at:
- The Key drivers, restraints and challenges which are expected to shape the Global Additive Manufacturing in Aerospace and Defense Market are covered in detailed in the report.
- The key technologies which could have an impact on the Global Additive Manufacturing in Aerospace and Defense Market have been covered in detail.
- The top ten countries have been analyzed in detail with respect to its research & development spending and the value added by manufacturing sector.
- The Porter’s Five Forces and the PEST Analysis of the Global Additive Manufacturing in Aerospace and Defense Market have been covered in the report.
- The high growth markets have been identified in the Opportunity Analysis Chapter.
- The market has been forecasted from 2020- 2028 considering all the factor, which is expected to impact the market.
- The Scenario Analysis Chapter covers the key scenarios and its impacts on the forecast chapter.
Segmentation covered in this report
The market is segmented based on Region, Technology and End-users:
Region Wise Segmentation:
– North America
– Middle East
– Fused Deposition Modelling
– Material Jetting
– Direct Metal Laser Sintering
– Selective Laser Melting
– Commercial Aviation
– United Kingdom
– United States