PUBLISHER: Grand View Research | PRODUCT CODE: 1493439
PUBLISHER: Grand View Research | PRODUCT CODE: 1493439
The global aerospace 3D printing market size is anticipated to reach USD 11.38 billion by 2030 and is projected to grow at a CAGR of 20.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of additive manufacturing for tooling, fixtures, and other support equipment in aerospace manufacturing facilities is driving the market growth. While aerospace components are the primary focus of additive manufacturing applications, there is also significant demand for 3D-printed tooling and fixtures used in assembly, testing, and maintenance operations. 3D-printed jigs, fixtures, and molds offer advantages such as rapid production, design flexibility, and cost-effectiveness compared to traditional machining methods.
The economic fallout from COVID-19 resulted in budget cuts and reduced investment in research and development across the aerospace industry. Many companies were forced to prioritize immediate cost-saving measures over long-term innovation initiatives, leading to a slowdown in the pace of technological advancement in 3D printing and related areas. As a result, aerospace manufacturers faced challenges in adopting the latest advancements in additive manufacturing technology, limiting their ability to optimize production processes, improve component performance, and enhance competitiveness in the global market.
The growing trend toward space exploration and satellite deployment is driving demand for lightweight, high-performance components for space missions. 3D printing technology offers unique advantages for producing space-ready components, such as complex geometries, lightweight structures, and customized designs tailored to specific mission requirements. This capability enables aerospace companies to overcome the constraints of traditional manufacturing methods and develop innovative solutions for space exploration, satellite propulsion, and other space-related applications.