Jun 03, 2020 (MarketersMedia via COMTEX) -- COVID-19 Impact on 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 and Region
pune, India - June 3, 2020 /MarketersMedia/ --
Global COVID-19 Impact on Military 3D Printing Market is estimated to witness a CAGR of 28% over the forecast period. Technological advances in additive printing and significant investments in the military sector for building components can fuel the market. Huge demand for lightweight components accompanied with defense contracts given by nations can facilitate growth. Recently, Stratasys signed with Airbus to produce 3D printed polymer parts for aircraft.
Government initiatives for indigenous production of weapons, vehicles, and other equipment are likely to bolster demand in the global military 3D printing market. This is exemplified by the investment of General Electric in its Manufacturing and Technology Center (GEMTEC) to enhance the current capacity and ability of additive printers. High costs of 3D printing and lack of standards can threaten the market growth.
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Arcam AB, Initial, Engineering & Manufacturing Services, Cimetrix Solutions, 3D Systems Corporation, Norsk Titanium AS, Optomec Inc., American Elements, Smg3D, Markforged, The Exone Company, 3T RPD, Artec Europe, Stratasys, and EOS GmbH are key players of the Military 3D Printing Market.
Global COVID-19 Impact on Military 3D Printing Market is segmented by platform, process, offering, technology, and application.
By platform, it is segmented into airborne, naval, space, and land. The airborne segment is estimated to hold the lion's share of the global military 3D printing market. Production of components for drones and other aerial vehicles can drive the segment's demand till 2023.
By process, it is segmented into vat photo polymerization, powder bed fusion, sheet lamination, material jetting, binder jetting, direct energy deposition, and material extrusion. Direct energy deposition is likely to occupy a major market share owing to its use in the printing of small to medium complex functional parts of machines.
By offering, it is segmented into software, service, material, and printer.
By technology, it is segmented into selective laser sintering, polyjet printing, stereo lithography, laser metal deposition, digital light processing, fuse deposition modeling, direct metal laser sintering, laminated object manufacturing, electron beam melting, and inkjet printing.
By application, it is segmented into prototyping, testing, and functional part manufacturing.
Based on region, COVID-19 Impact on Military 3D Printing Market is segmented into North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and Latin America.
North America is expected to dominate the market in the coming years due to various applications of 3D printing technology. Partnerships with research institutes by companies for saving on production costs can drive the regional demand. Recently, the U.S. Army Aviation and Missile Command (AMCOM) has decided to partner with Wichita State University's National Institute of Aviation Research for creating a model of a Blackhawk helicopter. Digital twin of the aircraft is possible by disassembling components and scanning them for future reference. This can be used in production of components in case of scarcity of raw materials.