Increase in use of 3D printing in military applications along with massive allocation of funds for research activities to develop new defense technologies will boost the growth of global military 3D printing market.
PORTLAND, Ore., Oct. 20, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Military 3D Printing Market by Component (Technology, Material, and Services), by Application (Tooling, Jigs and Fixtures, Prototyping, End-Use Parts, and Others), and by End-Use (Army, Navy, and Airforce): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the global military 3D printing industry was estimated at $0.88 billion in 2021, and is set to reach $7.5 billion by 2031, growing at a CAGR of 24.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, restraints, and opportunities
Surge in military applications, rise in investments made by government in defense technologies, and demand for lightweight components in the defense sector will prop up the growth of the global military 3D printing market. Rise in up gradation of naval services globally along with launching of self-driven ships embedded with autonomous & smart weapons is predicted to offer new growth opportunities for the global market. However, complicated designs of software and hardware components and lack of military 3D printing process standardization can put brakes on the growth of the global market.
Covid-19 scenario:
- The COVID-19 pandemic negatively impacted the growth of the global military 3D printing market as lockdown and temporary shutdown affecting the 3D printing work of research units.
- Workforce unavailability, disruption in supply chain activities, and travel restrictions during the COVID-19 period had adverse effect on the global industry surge.
- Revenue crunch and huge maintenance costs during the pandemic severely affected the industry players, thereby affecting the revenue and growth of the global market.
The technology segment to dominate the global market in terms of revenue in 2031
Based on the component, the technology segment contributed the highest market share in 2021, accounting for nearly half of the global military 3D printing market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. Apart from this, the same segment is set to record the fastest CAGR of 26.0% from 2022 to 2031. The growth of the segment during the forecast period can be attributed to rise in use of 3D printing technology in the defense activities. The report also includes other segments such as material and services.
The prototyping segment to hold the major market share over 2022-2031
In terms of the application, the prototyping segment contributed to the largest market share in 2021, accounting for more than two-fifths of the global military 3D printing market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to massive use of 3D printing in developing prototype in the defense sector. However, the end-use parts segment is predicted to record the highest CAGR of 27.1% over the forecast period. The growth of this segment over the forecast timeline can be credited to large-scale use of end-use parts as sub-assembly in defense materials. Moreover, with help of 3D printing, end-use parts can be manufactured without tooling and can also be customized in cost-effective way.
The Airforce segment to dominate the market share during the forecast timeframe
On basis of end-use, the Airforce segment contributed to the largest market share in 2021, accounting for more than half of the global military 3D printing market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. Moreover, the airforce segment is predicted to record the highest CAGR of 25.9% over the forecast period. The growth of the segment over the forecast timeline can be credited to large-scale use of aerial fleet and production of autonomous aircraft along with launching of next-gen fighter jets. The report also includes other segments such as Army and Navy.
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North America to retain global market domination over 2022-2031
By Region, North America contributed notably toward the global military 3D printing market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global market share in 2021. The same region is slated to contribute significantly toward the global market size in 2031. The growth of the regional market over the forecast timeline is due to the large-scale presence of giant 3D printer manufacturers such as 3D systems and Stratasys, Ltd. In the countries such as the U.S. Apart from this, massive investments in 3D printing technologies and long-term collaborations between the industry players of the region have paved a way for the humungous growth of the military 3D printing market in North America. However, the Asia-Pacific military 3D printing industry is anticipated to record the highest CAGR of 26.1% over 2022-2031. The regional market growth over the projected timespan is owing to a surge in spending on defense activities in the countries such as India, China, Japan, Taiwan, and South Korea in the Asia-Pacific zone.
Major market players
- 3D Systems, Inc.
- Autodesk Inc.
- Dassault Systemes SE
- The ExOne Company
- Fracktal Works Private Limited
- General Electric Company
- Markforged
- Materialise NV
- Optomed, Inc.
- Protolabs
- Stratasys, Ltd.
- Ultimaker BV.
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The report analyzes these key players in the global military 3D printing market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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