Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "Aerospace Additive Manufacturing Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global aerospace additive manufacturing market 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 expansion observed in the historical period can be credited to several factors, including the focus on weight reduction and improved fuel efficiency, the capability to produce complex geometries and offer design flexibility, cost reduction efforts leading to efficiency improvements, advancements in materials used, as well as the utilization of rapid prototyping and iterative design approaches.
The aerospace additive manufacturing market 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 anticipated growth in the forecast period can be attributed to several factors, including the rising adoption of additive manufacturing in commercial aviation, advancements in printing speed and scalability, focus on supply chain resilience and localized production, the emergence of new materials and composites, and a shift towards sustainable manufacturing practices. Major trends expected during this period encompass innovation in materials, scaling production through large-scale additive manufacturing, improved design capabilities utilizing generative design methods, building supply chain resilience via on-demand manufacturing, and advancements in quality assurance and certification processes.
The increase in air passenger traffic, driven by various factors such as work-related, business-related, and tourism-related travel, is prompting aircraft companies to expand their flight offerings, subsequently leading to heightened aircraft manufacturing activities. For instance, data from the International Air Transport Association (IATA) in February 2023 revealed a substantial 64.4% rise in total passenger traffic in 2022 compared to the previous year. Notably, air traffic surged by 39.7% in December 2022 alone compared to December 2021. Therefore, the escalating number of passengers is a driving force behind the growth of the aerospace additive manufacturing market.
The expanding commercial satellite industry is set to play a pivotal role in propelling the aerospace additive manufacturing market forward. For instance, data from the Satellite Industry Association in June 2022 indicated a substantial rise in commercial satellite launches, with a total of 1,713 commercial satellites launched in 2021. By the end of 2021, the number of satellites orbiting the planet reached 4,852, marking a 179% increase over the previous five years. Over the same period, installations of satellite radio and broadband terminals witnessed significant surges of over 50% and 38%, respectively. Consequently, the burgeoning commercial satellite industry is a driving factor behind the growth of the aerospace additive manufacturing market.
Technological advancements stand as a prominent trend driving the aerospace additive manufacturing market, with major companies actively engaged in developing innovative technologies to bolster their market positions. For instance, in February 2021, 3D Systems, a US-based engineering firm, unveiled the High Speed Fusion industrial 3D printer platform along with a specialized material portfolio. This unique platform integrates advanced printing technology and sophisticated material systems, showcasing superior electric motion control, enabling printing at speeds and precision levels surpassing current manufacturing platforms.
Major companies in this market are concentrating on innovative product development, such as industrial-grade 3D printers, to drive revenue growth. For instance, in November 2022, Wipro 3D, a division of Wipro Limited based in India, unveiled the Wipro 3D F300-2. This 3D printer, utilizing fused filament fabrication (FFF) technology, caters to diverse sectors including educational institutions, industries, engineering firms, and research and development centers. Notably, its Internet of Things (IoT) connectivity enables remote monitoring and control, offering convenience and accessibility. The printer boasts features ensuring user safety and high-quality 3D prints, including dual filtration, a self-cleaning nozzle, a magnetic print bed, and automatic platform leveling. Designed for accuracy, speed, versatility, strength, and reliability, the Wipro 3D F300-2 stands as a premium polymer 3D printer, providing exceptional print quality, performance, ease of use, and a streamlined printing process.
In October 2022, GKN Aerospace, a UK-based aerospace supplier, acquired Permanova Lasersystem AB for an undisclosed amount. This strategic acquisition is geared towards expanding GKN's capabilities, fostering sustainable and cost-effective material solutions for customers, and enhancing additive manufacturing proficiency, particularly within the engines business. Permanova Lasersystem AB, headquartered in Sweden, specializes in developing and manufacturing advanced laser systems using the additive manufacturing process, catering to various industries, including aerospace.
North America was the largest region in the aerospace additive manufacturing market in 2023. The regions covered in the aerospace additive manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aerospace additive manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Material Type: Metal Alloy; Plastic; Rubber; Other Materials
2) By Technology: Laser Sintering; 3D Printing; Electron Beam Melting; Fused Deposition Modeling; Stereo Lithography; Other Technologies
3) By Platform: Aircraft; Unmanned Aerial Vehicle; Spacecraft
4) By Application: Engine; Structural; Other Applications
Key Companies Mentioned: 3D Systems Corporation; Arcam AB; Concept Laser GmbH; CRP Technology Srl; EOS GmbH Electro Optical Systems
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- 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 SAS
- Carpenter Technology Corporation
- Arconic Corporation
- Markforged
- Airbus SE
- Boeing Company
- Bombardier Inc.
- Embraer SA
- Rolls-Royce Holdings plc
- Honeywell International Inc.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Technologies Corporation
- Safran SA
- 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
For more information about this report visit https://www.researchandmarkets.com/r/5trat0
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
