PUBLISHER: Inkwood Research | PRODUCT CODE: 1277643
PUBLISHER: Inkwood Research | PRODUCT CODE: 1277643
The global additive manufacturing in aerospace & defense market is evaluated to register a CAGR of 20.48% during the forecasting period of 2023 to 2032. The market's growth is attributed to key factors, such as increasing efficiency requirements, reduced processing and manufacturing cost, lower raw material usage, and supply chain disruptions.
Additive manufacturing enables users to manufacture items of all forms on-demand from data derived via 3D scanning or CAD files. The time taken to market is one of the key factors set to help companies gain a competitive edge over their rivals in the aerospace & defense sector. As a result, key players are attempting to reduce the time taken to market through additive manufacturing since it helps accelerate production timelines. Design files can also be customized on the basis of use cases since all design files are digital.
The process of additive manufacturing is focused on updating designs since it does not necessitate tools or mold changes. Accordingly, aerospace & defense companies with an overwhelming stockpile of orders can utilize additive manufacturing to minimize their production time. For example, in 2018, Airbus reported a backlog of over 7,000 aircraft; this is equivalent to 9 years of production with Airbus' present methods. Therefore, the time taken to market is projected to play an essential role in augmenting the global additive manufacturing in aerospace & defense market growth during the estimated years.
The global additive manufacturing in aerospace & defense market growth assessment includes a detailed analysis of North America, Asia-Pacific, Europe, and Rest of Europe. Europe is projected to dominate the global market during the forecast period. The market's growth is fueled by the presence of leading aerospace companies as well as the significant development of the region's aviation composite supply chain.
The competitive rivalry in the global additive manufacturing in aerospace & defense market is expected to be intense during the forecasted period as the number of players increases continually. Some of the top companies operating in the market include Moog Inc, Safran SA, Aerojet Rocketdyne, etc.