Market Research Report
Global Additive Manufacturing in Defense and Aerospace - Market and Technology Forecast to 2028
|Published by||Market Forecast||Product code||950508|
|Published||Content info||207 Pages
Delivery time: 1-2 business days
|Global Additive Manufacturing in Defense and Aerospace - Market and Technology Forecast to 2028|
|Published: July 12, 2020||Content info: 207 Pages||
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 market is segmented based on Region, Technology and End-users: