(MENAFN- iCrowdNewsWire) Market Research Future added New Report Named “Global Military 3D Printing Market Research Report- Forecast 2023” to its Database
Military 3D Printing Market Report Information by Offering (Printer, Material, Software, Service), Application (Functional Part Manufacturing, Tooling, Prototyping), Platform (Airborne, Land, Naval, Space), Process, Technology, & RegionForecast till 2023
Market Scenario
3D printing is the process of building three-dimensional objects based on a Computer-Aided Design (CAD) digital model. It is used to create aircraft parts that are lightweight and reduce the raw material consumption.. It covers various technologies such as binder jetting and digital light processing. Additive manufacturing is the broader term that includes 3D-printing, material extrusion, and sheet lamination. However, in the industry the two terms are used interchangeably. Technology advancement in additive manufacturing would require highly accurate 3D printing technology. Significant investments have been made on the development of 3D printing technology, which would lead to rapid growth of the market during the forecast period. However, primary restraints of the military 3D printing market is the high cost of 3D printing parts and lack of standard process control.
The increasing need for advanced 3D printing technologies and development of portable printers will offer new growth opportunities to the market players. The factors responsible for market growth are increasing investments by defense entities, reduction in manufacturing cost of parts, and high demand for lightweight parts and components in the defense industry. Several contracts have been signed to bolster the growth of the market. In 2017, Stratasys Ltd signed a contract with Airbus to produce 3D printed polymer parts for A350 XWB aircraft. In 2015, 3D Systems signed a contract with Air Force Research Laboratory (AFRL) to develop advanced aerospace and defense 3D printing manufacturing capabilities.
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The emergence of 3D printing in product development stage for defense companies has boosted the market. Furthermore, the U.S. government has taken initiatives towards building indigenous military aerospace engineering capabilities. For instance, General Electric had invested in its Manufacturing and Technology Center (GEMTEC) to expand the additive manufacturing capabilities, including the ability to manufacture HA and F-class turbines.
The global military 3D printing market has been segmented by offering, application, platform, process, technology, and region. Direct energy deposition is the most widely used type and thus, the segment has the largest market share due to the requirement for printing small-to-medium sized and highly-complex functional parts of defense equipment. On the basis of application, the military 3D printing segment is estimated to witness the largest demand during the forecast period, owing to the high adoption of 3D printing technology to develop complex parts with minimum wastage. On the basis of platform, the airborne segment is estimated to witness the largest demand during the forecast period, owing to the increasing usage of 3D printing technology to develop lightweight and durable components of aircraft and drones.
On the basis of region, the market is segmented into North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America. North America is expected to dominate the market in the coming years, due to the increasing applicability of 3D printing technology in various industries. Asia-Pacific follows North America in the global military 3D printing market and is estimated to trail North America during the forecast period due to the increased military spending in countries such as India and China. The global military 3D printing market is estimated to witness a CAGR of 28%, from 2018 to 2023.
Key Players
The key players in the global military 3D printing market are Stratasys (U.S.), 3D Systems Corporation (U.S.), The Exone Company (U.S.), EOS GmbH (Germany), Arcam AB (Sweden), Norsk Titanium AS (U.S.), American Elements (U.S.), Cimetrix Solutions (Canada), Artec Europe (Luxembourg), 3T RPD (U.K), Optomec Inc. (Mexico), Initial (France), Markforged (U.S.), Smg3D (U.K), and Engineering & Manufacturing Services (U.S.).
Scope of Report
The report for Global Military 3D Printing Market of Market Research Future comprises extensive primary research, along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts and key opinion leaders; it helps the reader gain a deeper insight into the market and industry performance. The report gives a clear picture of the current market scenario, including historical and projected market size in terms of value and volume, technological advancement, macroeconomic and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also contains a broad study of the different market segments and regions.
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