(Australia-NewsWire.Com, March 11, 2018 ) The aerospace 3D printing market is projected to grow from USD 714.5 Million in 2017 to USD 3,057.9 Million by 2022, at a CAGR of 27.42% during the forecast period, 2017 to 2022. The growth of the aerospace 3D printing market across the globe can be attributed to increasing fleet size of various airlines and growing demand for lightweight aircraft components and parts. Manufacturers of aircraft and aircraft components are resorting to 3D printing technology to manufacture aircraft components and parts as this technology decreases the production time and shortens supply chain of the aircraft manufacturing.
This market has been segmented on the basis of vertical, industry, and region. Based on vertical, these market has been segmented into printers and materials. The materials segment of the aerospace 3D printing market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to increasing use of different types of materials to 3D print different types of engine components. Development of new materials to be used for 3D printing of components and parts used in the aerospace industry is also expected to drive the growth of this market during the forecast period.
Based on industry, this market has been segmented into aircraft, unmanned aerial vehicles, and spacecraft. The spacecraft segment is projected to lead the aerospace 3D printing market during the forecast period, owing to need for low volume parts that can be manufactured using 3D printing technologies.
American region is projected to be the largest market for aerospace 3D printing in 2017. Countries, such as the U.S. and Canada of the North American region are witnessing the increasing adoption of 3D printing technologies in the aerospace industry. The aerospace 3D printing markets in the European and Asia-Pacific regions are also expected to witness significant growth, owing to increased demand for lightweight aircraft components.
Stringent industry regulations and high standards with respect to the manufacturing of aircraft components act as challenges for the growth of the aerospace 3D printing market.
Products offered by various companies in the aerospace 3D printing market have been listed in the report. The recent developments section of the report includes key developments by various companies between 2013 and 2017. Major companies profiled in the report include Stratasys Ltd. (U.S.), 3D Systems Corporation (U.S.), The ExOne Company (U.S.), Arcam AB (Sweden), and EOS GmbH (Germany), among others. Contracts and new product launches were the key strategies adopted by the leading players in this market. These strategies have enabled companies to enhance their market shares in the aerospace 3D printing market.
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