3D part printing is a new technology that has come up with the prospect of transforming the way companies build new products, including defense and aerospace components. This revolutionary manufacturing process is referred to as 3D printing or additive manufacturing. Rising demand from the aerospace industry for technology capable of producing sophisticated aerospace and shorter supply chain period are key aspects that are likely to drive the aerospace 3D printing business.
However, the need for lightweight parts and components from the aerospace industry is expected to drive the 3D aerospace printing sector. A restricted range of 3D printing raw materials can impede the aerospace 3D printing market. Opportunities such as the introduction of new 3d printing technology needing less production time are projected to fuel the 3D aerospace printing market during the forecast period.
Technologically advanced aircraft are extremely fuel-efficient due to the use of 3D engineered lightweight advanced materials such as engines, sections and the entire airframe, without losing aircraft power and aerodynamics. Content made with 3D printing technology has the potential to work at extreme temperatures. The content classification is expected to be market-driven. This element is likely to drive the 3D aerospace printing business. 3D printing as a business is also anticipated to improve the 3D aerospace printing market.
According to a study of the Research Dive, aerospace 3D printing market forecast shall cross $5,933.4 million by 2026, growing at a CAGR of 26.8% during forecast period.
Aerospace 3D printing is primarily used to increase the efficiency of A&D supply chain, reduction of storage costs of inventory and waste production materials. Furthermore, the Aerospace 3D printing industry is focusing more on creating parts of aircraft that are lighter and stronger than parts made by using traditional manufacturing. Astonishing advantages of 3D printings in the supply chain of the aerospace and defense industry are projected to surge in the global market. In addition, the financial support provided by the government and non-government organizations across the globe is also driving the 3D printing in aerospace industry.
3D printed UAVs (Unmanned Aerial Systems) are capable of performing rescue operations and monitoring the situation; in which aircraft are capable of inspecting the crisis and reporting to mission control. In fact, NASA is more studying 3D Printing as a service (3DPaaS) for accelerated pre-prototyping. Through 3DPaaS, practitioners may receive alternate design, final product acceptance and peer review principles. Such major developments in aerospace 3D printing are expected to create lucrative opportunities for the global market.
Booming air travel and a major increase in demand for top-selling aircraft, such as B787 and A320, are one of the key factors for aerospace 3D printing market growth. For example, as reported by the managing director of Etihad Aviation Training, Captain Paolo La Cava, air travel is rapidly increasing, as is the demand for aviation professionals and pilots.
Contrarily to this, the higher cost of the part is the main factor that will impede the Aerospace 3D Printing industry. In fact, 3D printing is not yet common in order to work with more products. Certain 3D printing products are not recyclable and food secure.
Aerospace 3D North America’s market share in printing is projected to increase by 26.2 per cent to CAGR by generating revenue of $2,284.3 million by 2026. Improvisation in the supply chain The increasing demand for lighter aircraft components is expected to boost demand for 3D printing in the aerospace industry. In turn, the US government’s financial support for R&D, along with recent technological advances in 3D printing, would boost the North American demand over the expected timeframe in the area.
Key Companies Profiled –
Some of the major market participants include: Ultimaker BV, 3D Systems, Inc., Arcam AB, ExOne., Höganäs AB, EOS GmbH, Materialise, Norsk Titanium US Inc., ENVISIONTEC, INC., Aerojet Rocketdyne. Market Players choose inorganic development approaches to extend to local markets. Established market leaders concentrate more on Merger & Acquisition and new product development. These are the common approaches adopted by existing organizations; for example, General Electric aims to produce 25.000 LEAP engine nozzles utilizing 3D printing.