Rising Demand for Advanced Defense Technology to Expand Military 3D Printing Market
Market Synopsis:
3D printing is the technology that facilitates the transformation of digital files to physical commodities. Advancements of the technology are likely to increase its application base in the defense sector over the next couple of years. This study suggests that the global military 3D printing market is anticipated to reflect a steady CAGR over the forecast period.
The developed economies have already adopted the technology and are investing in research & development to gain further traction. This, in turn, is prognsoticated to motivate the military 3D printing market’s growth rate in the forthcoming years. The rising demand for cost-efficient technologies in order to fit in the declining defense budgets is another major factor expected to influence growth pattern of the military 3D printing market favorably.
The increasing demand for lightweight components is also anticipated to drive expansion of the military 3D printing market. It has found extensive applications in the aerospace & defense industry. This is projected to lead to the proliferation of the military 3D printing market in the coming years. Also, the demand for advanced equipment by the military industry is expected to benefit the revenue generation in the military 3D printing market.
The following manufacturers are covered:
Stratasys
3D Systems
Exone
Arcam
Norsk Titanium
American Elements
Cimetrix Solutions
Artec
3T RPD
Optomec
Initial
Markforged
SMG3D
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Market Segmentation:
Based on type, the military 3D printing market has been segmented into printer, software, material, and service.
By application, the military 3D printing market is segmented into functional part manufacturing, tooling, and prototyping.
Regional Analysis:
Regional segments of the military 3D printing market identified in this assessment are – Southeast Asia, North America, China, Europe, Japan, and India. North America is expected to benefit from the adoption of the technology in the U.S. In 2017, the U.S. Army has developed a grenade and grenade launcher using 3D printing technology. It has escalated the growth process of the military 3D printing market in the region after that. In addition, the U.S. marines started utilizing technology in 2014 for creating parts of ships and weapons. Thus, the regional military 3D printing market is poised to witness remarkable growth trajectory in the upcoming years.
The Indian government is projected to invest in advanced warfare technologies owing to the rising tension with its neighboring nations. It is expected to impact the expansion of the military 3D printing market on a positive note over the next few years. China too is poised to increase its investments in the military 3D printing market across the review period.
Latest Industry News:
In September 2019, the U.S. Army Corps of Engineers (USACE) has collaborated with the Marine Corps Systems Command (MCSC) of the nation to successfully conduct the first 3D concrete printing operation in Illinois.
In September 2019, he U.S. Army Combat Capabilities Development Command Army Research Laboratory (CCDC-ARL) has awarded a USD 25 Mn worth award for three years to Worcester Polytechnic Institute (WPI) for the advancement of a 3D printing technique. The technology is dbeing designed to be used for the repairs of vehicles and other technologies in the defense sector.
Continued…..
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