According to Research and Markets, the Global Aerospace 3D Printing market was valued at around $ 1246 million in 2018 and is poised to grow at CAGR of more than 15 percent to surpass $ 2857 million by 2024 on account of traditional materials getting replaced with new high strength materials and lightweight, which is an effective way of meeting the goal of decreasing emissions, reducing material usage and increasing fuel efficiency.
Additionally, increasing demand for reducing the overall weight of the aircraft to improve fuel consumption is further fueling growth in the market. Moreover, 3D printing can be used to customise components and parts used in the aircraft industry by efficient use of the overall raw material with high accuracy, thereby promoting growth of 3D printing market. Complicated components can be easily made with the 3D printing technology with reduced errors. Growth of lightweight and fuel-efficient components has led to rise in engine application under material application segment, which is further anticipated to increase in the coming years.
Regionally, the market for Aerospace 3D Printing is gaining traction and expanding to various regions including North America, North America, Europe, South America and Middle East & Africa. Among these regions, North America is the largest market of Aerospace 3D Printing. The growth of north America market is attributed to high adoption rate of 3D printing technology in the aerospace industry. Presence of regional and leading players in the region backed by approval from Federal Aviation Administration (FAA) for the use of 3D printed parts in commercial aircraft, the market of North America is anticipated to grow at substantial rate through 2024.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!