Detroit, July 24, 2018 (GLOBE NEWSWIRE) -- Stratview Research announces the launch of a new market research report on Aerospace 3D Printing Market by Vertical Type (Materials and Printers), by Industry Type (Aircraft, UAV, Spacecraft), by Application Type (Engine Components, Structural Components and Space Components), by Printer Technology Type (SLA, SLS, DMLS, FDM, CLIP, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
The Global Aerospace 3D Printing Market: Highlights
As per Stratview Research, the global aerospace 3D printing market is projected to grow at an impressive CAGR of 22.3% during the forecast period. Currently, 3D printing accounts for a diminutive share in the total aerospace industry; however, it is expected to be the fastest-growing technology in the industry in the foreseen future. Both, aircraft manufacturers as well as engine manufacturers, have eagerly been relying on the technology to develop lightweight parts.
Based on the industry type, aircraft segment is expected to be the growth engine of the 3D printing market during the forecast period. GE Aviation and Rolls Royce are two of the major aircraft engine manufacturers that have started producing components in mass volumes using this technology.
Based on the application type, all three segments (engine components, structural components and space components) are expected to expand with significant CAGR over the next five years. However, engine components segment is likely to witness the highest growth during the same period, driven by high focus of major engine manufacturers including GE and Rolls-Royce to develop engine parts of turbofan engines using 3D printing.
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Key players in the aerospace 3D printing market are MTU Aero Engines AG, Stratasys Ltd., Ultimaker B.V., and 3D Systems Corporation. New product development, regional expansion, and long-term relationship with customers are some of the key strategies adopted by the major players to gain a competitive edge in the market.
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences and Oil & Gas.