EINPresswire/ -- The global aerospace & defense additive manufacturing market was valued at USD 3.58 billion in 2020 and is projected to grow from USD 3.73 billion in 2021 to USD 13.01 billion in 2028, registering a CAGR of 19.51% during the forecast period from 2021 to 2028. In 2020, North America led the market with a 36.31% share, reflecting its high expenditure in the defense and aviation industries.

List of Key Players Profiled in the Report:
3D Systems, Inc. (U.S.)
EnvisionTEC (Germany)
EOS (Germany)
ExOne (U.S.)
General Electric (U.S.)
Hoganas AB (Sweden)
Optomec, Inc. (U.S.)
ProdWays TECH (France)
Renishaw plc. (U.K)
SLM Solutions (Germany)
Stratasys Ltd. (Israel)
Ultimaker BV (Netherlands)

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Market Drivers and Restraints
Increasing Demand for Lightweight Components to Propel Market Growth
A significant market driver is the increasing demand for lightweight parts and components in the aerospace and defense sectors. Additive manufacturing enables the production of complex and optimized structures that reduce overall aircraft weight, leading to improved fuel efficiency and lower emissions. In the defense industry, 3D printing facilitates the rapid development of complex components for combat vehicles, weapons, and personal protective equipment, offering advantages like waste reduction and enhanced battlefield capabilities.
However, the high cost of 3D printing technology and its significant energy consumption can restrain market growth. Additive manufacturing processes can consume substantially more energy than conventional methods like injection molding. Furthermore, factors such as the high initial cost of industrial-grade 3D printers, limited build sizes, and a restricted range of qualified materials can hinder widespread adoption and hamper the market.

Market Segmentation
Aerospace Segment to Hold High Market Share Due to Rising Use in Complex Part Development
By platform, the market is segmented into aviation, defense, and space. The aviation segment is expected to hold the dominant market share, driven by the growing application of 3D printing to design and produce complex aircraft parts such as engine components, cabin interiors, and air ducts. The use of additive manufacturing allows for the creation of intricate geometries that were previously not possible with traditional manufacturing.
Space Components Segment to Dominate Attributable to Growing Space Exploration Missions
Based on application, the market is classified into engine components, space components, structural components, defense equipment, and others. The space components segment is expected to dominate the market, fueled by the rising number of space exploration missions globally. Additive manufacturing is critical for producing low-cost, lightweight satellites, rockets, and engines, making commercial space activities more accessible and efficient.

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Regional Insights
Presence of Major Manufacturers to Foster Market Progress in North America
North America is expected to lead the market, holding 36.31% of the market share in 2020. This dominance is attributable to high defense and aviation industry expenditure, particularly in the U.S. The presence of key players like General Electric and 3D Systems, along with significant government initiatives such as the U.S. Army's development of large-scale metal 3D printers, further solidifies the region's leading position.
Asia Pacific is expected to witness the fastest growth, driven by rising expenditure on lightweight component development in China and India. Europe is projected to see substantial growth, supported by increased investment in additive manufacturing from the U.K., Germany, and France, as well as strong partnerships between OEMs and 3D printing companies.

Competitive Landscape
Key Players Focus on Business Expansion Through Strategic Partnerships and Contracts
The key players in this industry are focused on strengthening their market position by entering into strategic partnerships and securing contracts with major aircraft OEMs and government bodies. Leading suppliers are also concentrating on introducing advanced 3D printers and developing new high-performance materials to meet the stringent requirements of the aerospace and defense sectors. For instance, companies are launching proprietary 3D printing technologies for specialized materials like copper alloys used in rocket engine components.

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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Key Industry Developments:
February 2021: The U.S. Department of Defense awarded a USD 1.6 million contract to ExOne for the development of a mobile 3D printing factory housed in a standard shipping container.
November 2020: The European Space Agency (ESA) signed a contract worth EU385K with Dawn Aerospace to develop 3D printed rocket engines under its Future Launcher Preparatory Program.

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