The global military 3D printing market size is expected to witness an elevated market growth owing to rising investments into 3D printing solutions by various government bodies and reduction in procurement costs according to Fortune Business Insights™, in its report, titled, “Military 3D Printing Market, 2022-2029.”An ongoing trend of simplifying manufacturing of parts and components in the defense sector for manufacturing weapons and equipment will drive the growth of military 3D printing Changing preferences in accordance with rising threats on the geopolitical and global scale will further push the growth of the market.
COVID-19 Impact
Pandemic to Bring Several Refurbishments to the Industry
In light of the ongoing pandemic, several prominent players had to halt production or function with a minimal workforce on the ground due to numerous restrictions being imposed on the general population. The 3D printing military market was no different and the revenue generated was observed to take a hit from the previous year-on-year growth. However, an upward trend of economic growth will be detected within the military 3D printing sectoras companies begin optimizing strategies and supply chains towards operating at the maximum allowed personnel.
Drivers & Restraints
Regular Requirements for Light-Weight Components by the Defense Sector to Drive Market
Huge investment towards 3D additive manufacturing and reduced timeline based supply chains are expected to boost the service’s adoption rate. Integration of 3D printing technology towards technological research for advanced battlefield prospects and the defense sector’s heavy push towards wanting light-weight material will fuel the growth of the market. Further, decreasing acquisition costs for manufacturing processes will foster a higher military 3D printing market growth.
However, a higher cost of production and the lack of a global standard towards manufacturing will hamper the market to a certain extent. Additionally, lack of material availability will further drain the value of the market during the forecast period.
Browse Summary
https://www.fortunebusinessinsights.com/military-3d-printing-market-105202
Regional Insights
North America to Gain Highest Market Value
North America will register a substantial market value due to early adoption of the technology along with rapidly increasing integration of 3D printing services by various defense OEMs. Also, rising demand for precise manufacturing needs arising from the aerospace, chemicals, and automotive sector will add to the market value.
Asia Pacific will occupy the fastest growing CAGR due to increased adoption of the technology within emerging economies such as China, Japan, Australia, South Korea, and India. Moreover, increased penetration of the international players towards the region and rising applicability will increase the footprint of the market.
Competitive Landscape
The prominent players in the market concentrate by announcing innovative products for raising their market value. The current competitive landscape is fragmented between the dominant market players focusing towards developing efficient supply chains in order to keep up with consumer demand and players focusing on increasing their consumer base by mergers and acquisitions with like-minded organizations.
For example, in March 2019, ARC Group Worldwide Inc. was acquired by Aerojet Rocketdyne Holdings Inc. for expanding their product line across industrial, medical, defense, and aerospace. This expansion is aimed at expanding the presence of defense players towards developing specific artifacts for giving them a leading advantage over their counterparts.
List of Key Players Present in the Market
- Norsk Titanium AS (Norway)
- American Elements Corporation (U.S.)
- 3D Systems Inc. (U.S.)
- Artec Europe (Luxemburg)
- The ExOne Company (U.S.)
