CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

Exponential growth forecasted for additive manufacturing market

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Increasing adoption of additive manufacturing in the aerospace industry is forecasted to help significantly boost the growth of the technology. PHOTO courtesy Burloak Technologies.

The Additive Manufacturing (AM) market, valued at USD 14.39 billion in 2021, is projected to reach USD 83.56 billion by 2030 at a CAGR of 21.2% during the forecast period from 2022 to 2030, according to a forecast from ResearchAndMarket.com.

The additive manufacturing market growth can be attributed to the rising demand for 3D digital printing in the aerospace industry as 3D printing enables rapid prototyping, replacement, consolidation of multiple parts, and building tooling fixtures. For instance, in May 2021, NASA partnered with Aerojet Rocketdyne to advance 3D printing technologies and its capabilities for liquid rocket engines in landers and on-orbit spacecraft.

On the contrary, high costs and lack of standardization of equipment restrains the growth of the industry. However, the introduction of 3D printers that can create prototypes of electronic components such as 3D printed circuit boards (PCBs), antennae, and capacitors is expected to create ample opportunities for the additive manufacturing industry in the coming years.

The report, Global Opportunity Analysis And Industry Forecast 2022-2030, segments the  global additive manufacturing market on the basis of technology, printer type, material, application, component, end-user, and geography. The report adds the North America market is projected to hold the dominant share by 2030.

“North America dominates the global additive manufacturing market share and is expected to remain dominant in the market throughout the forecast period. This can be attributed to factors such as high spending in the aerospace and defense industry that allows them to adopt cutting-edge technologies. For instance, in January 2022, GE Aviation announced that American multinational aerospace giant Boeing completed the first flight of its 777X jet, powered by twin GE9X engines. The engines are equipped with over 300 3D-printed parts,” the report states.

For more information about the report is available here.

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