PUBLISHER: The Business Research Company | PRODUCT CODE: 1413948
PUBLISHER: The Business Research Company | PRODUCT CODE: 1413948
“Aerospace Additive Manufacturing Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aerospace additive manufacturing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aerospace additive manufacturing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aerospace additive manufacturing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Aerospace additive manufacturing, also referred to as 3D printing in aerospace, involves the utilization of additive manufacturing technologies to fabricate components and parts for aerospace applications. This process entails layer-by-layer construction of materials such as metals, polymers, or composites, enabling the creation of intricate forms and structures that may be challenging or impossible to produce using conventional manufacturing methods.
The primary types of additive manufacturing utilized in aerospace involve various materials such as metal alloys, plastics, rubber, and others. In the aerospace industry, non-critical parts of aircraft, including ductwork, interior components, and certain engine parts, are manufactured through additive manufacturing techniques. These methods encompass technologies such as laser sintering, 3D printing, electron beam melting, fused deposition modeling, stereo lithography, among others, and are employed in platforms such as aircraft, unmanned aerial vehicles, and spacecraft. Additive manufacturing in aerospace finds applications in producing engine components, structural parts, and various other aerospace-related uses.
The aerospace additive manufacturing market research report is one of a series of new reports from The Business Research Company that provides aerospace additive manufacturing market statistics, including global market size, regional shares, competitors with an aerospace additive manufacturing market share, detailed aerospace additive manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace additive manufacturing industry. This aerospace additive manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aerospace additive manufacturing market size has grown exponentially in recent years. It will grow from $3.14 billion in 2023 to $5.38 billion in 2024 at a compound annual growth rate (CAGR) of 71.4%. The expansion observed in the historical period can be credited to several factors, including the focus on weight reduction and improved fuel efficiency, the capability to produce complex geometries and offer design flexibility, cost reduction efforts leading to efficiency improvements, advancements in materials used, as well as the utilization of rapid prototyping and iterative design approaches.
The aerospace additive manufacturing market size is expected to see exponential growth in the next few years. It will grow to $11.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The anticipated growth in the forecast period can be attributed to several factors, including the rising adoption of additive manufacturing in commercial aviation, advancements in printing speed and scalability, focus on supply chain resilience and localized production, the emergence of new materials and composites, and a shift towards sustainable manufacturing practices. Major trends expected during this period encompass innovation in materials, scaling production through large-scale additive manufacturing, improved design capabilities utilizing generative design methods, building supply chain resilience via on-demand manufacturing, and advancements in quality assurance and certification processes.
The increase in air passenger traffic, driven by various factors such as work-related, business-related, and tourism-related travel, is prompting aircraft companies to expand their flight offerings, subsequently leading to heightened aircraft manufacturing activities. This surge in aircraft production is contributing to increased utilization of aerospace additive manufacturing technologies. For instance, data from the International Air Transport Association (IATA) in February 2023 revealed a substantial 64.4% rise in total passenger traffic in 2022 compared to the previous year. Notably, air traffic surged by 39.7% in December 2022 alone compared to December 2021. Therefore, the escalating number of passengers is a driving force behind the growth of the aerospace additive manufacturing market.
The expanding commercial satellite industry is set to play a pivotal role in propelling the aerospace additive manufacturing market forward. The commercial satellite sector, focused on satellites launched for business purposes, including satellite radio broadcasts delivering audio signals across vast geographic regions, has increasingly adopted aerospace additive manufacturing techniques. This adoption has brought about advancements in design flexibility, cost-effectiveness, and overall performance enhancement in satellite technologies. For instance, data from the Satellite Industry Association in June 2022 indicated a substantial rise in commercial satellite launches, with a total of 1,713 commercial satellites launched in 2021. By the end of 2021, the number of satellites orbiting the planet reached 4,852, marking a 179% increase over the previous five years. Over the same period, installations of satellite radio and broadband terminals witnessed significant surges of over 50% and 38%, respectively. Consequently, the burgeoning commercial satellite industry is a driving factor behind the growth of the aerospace additive manufacturing market.
Technological advancements stand as a prominent trend driving the aerospace additive manufacturing market, with major companies actively engaged in developing innovative technologies to bolster their market positions. For instance, in February 2021, 3D Systems, a US-based engineering firm, unveiled the High Speed Fusion industrial 3D printer platform along with a specialized material portfolio. This unique platform integrates advanced printing technology and sophisticated material systems, showcasing superior electric motion control, enabling printing at speeds and precision levels surpassing current manufacturing platforms.
Major companies in this market are concentrating on innovative product development, such as industrial-grade 3D printers, to drive revenue growth. For instance, in November 2022, Wipro 3D, a division of Wipro Limited based in India, unveiled the Wipro 3D F300-2. This 3D printer, utilizing fused filament fabrication (FFF) technology, caters to diverse sectors including educational institutions, industries, engineering firms, and research and development centers. Notably, its Internet of Things (IoT) connectivity enables remote monitoring and control, offering convenience and accessibility. The printer boasts features ensuring user safety and high-quality 3D prints, including dual filtration, a self-cleaning nozzle, a magnetic print bed, and automatic platform leveling. Designed for accuracy, speed, versatility, strength, and reliability, the Wipro 3D F300-2 stands as a premium polymer 3D printer, providing exceptional print quality, performance, ease of use, and a streamlined printing process.
In October 2022, GKN Aerospace, a UK-based aerospace supplier, acquired Permanova Lasersystem AB for an undisclosed amount. This strategic acquisition is geared towards expanding GKN's capabilities, fostering sustainable and cost-effective material solutions for customers, and enhancing additive manufacturing proficiency, particularly within the engines business. Permanova Lasersystem AB, headquartered in Sweden, specializes in developing and manufacturing advanced laser systems using the additive manufacturing process, catering to various industries, including aerospace.
Major companies operating in the aerospace additive manufacturing market report are 3D Systems Corporation, Arcam AB, Concept Laser GmbH, CRP Technology Srl, EOS GmbH Electro Optical Systems, ExOne Company, Optomec Inc., SLM Solutions Group AG, Stratasys Ltd., CRS Holdings Inc., General Electric Company, 3DCeram S.A.S., Carpenter Technology Corporation, Arconic Corporation, Markforged, Airbus SE, Boeing Company, Bombardier Inc., Embraer S.A., Rolls-Royce Holdings plc, Honeywell International Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Safran S.A., BAE Systems plc, Cobham plc, General Dynamics Corporation, Harris Corporation, Kaman Corporation, Moog Inc., Parker Hannifin Corporation, United Technologies Corporation, Aerojet Rocketdyne Holdings Inc., AeroVironment Inc., Aurora Flight Sciences Corporation, Blue Origin LLC, RTX Corporation
North America was the largest region in the aerospace additive manufacturing market in 2023. The regions covered in the aerospace additive manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the aerospace additive manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The aerospace additive manufacturing market consists of revenues earned by entities by design and engineering support, material selection and testing, post-processing and finishing and quality assurance and certification. The market value includes the value of related goods sold by the service provider or included within the service offering. The aerospace additive manufacturing market also consists of sales of mechanical components and electronic components. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.