NEW YORK, March 4, 2021 /PRNewswire/ -- The commercial aerospace 3D printing market is expected to grow by USD 2.09 billion during 2020-2024, progressing at a CAGR of almost 19%. The report identifies North America as the key growth region and the region is expected to offer significant opportunities for market vendors over the forecast period.
"One of the primary growth drivers for this market is the better part performance of 3D printed materials along with weight reduction," says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the commercial aerospace 3D printing market size to grow by USD 2.09 billion during the period 2020-2024.
Commercial Aerospace 3D Printing Market Segment Highlights for 2020
The commercial aerospace 3D printing market is expected to post a year-over-year growth rate of 9.72%.
Based on the segmentation by 3D printing vertical, the printing technologies segment generated maximum revenue for the market in 2019.
The growth of the printing technologies segment is driven by the application of contract manufacturing 3D printing services for 3D-printed parts and components in commercial aircraft.
Market growth in the printing technologies segment will be significant over the forecast period.
36% of the growth will originate from the North America region.
Factors such as the increased passenger growth and the strong economic growth will be crucial in driving the growth of the commercial aerospace 3D printing market in North America.
The US and Canada are the key markets for commercial aerospace 3D printing in North America. Market growth in this region will be slower than the growth of the market in other regions.
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The commercial aerospace 3D printing market size is expected to accelerate at a CAGR of almost 19% during the forecast period.
The commercial aerospace 3D printing market is segmented by Application (Printing technologies and Materials) and Geography (North America, Europe, APAC, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including 3D Systems Corp., Arconic Inc., EOS GmbH, General Electric Co., Hoganas AB, Materialise NV, Melrose Industries Plc, Sandvik AB, Stratasys Ltd., and The ExOne Company
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