The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Military 3D Printing Market.
It was estimated prior to this unanticipated outbreak that the Military 3D Printing Market was likely to witness an impressive CAGR of 30.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. The escalating demand for lightweight parts and components in the defense sector and growing investments made by various defense entities in 3D printing ventures are the prime factors estimated to drive the growth of the global military 3D printing market.
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Military 3D Printing Market Segment Insights:
By Offering Type:
The printer segment is estimated to remain dominant in the coming five years, owing to the growing demand for 3D printed components from various OEMs in the defense sector.
By Platform Type:
The airborne segment is projected to register the highest growth during the forecast period. This growth is attributed to the augmenting employment of 3D printing technology to process lightweight and durable components of aircraft and drones.
By Application Type:
3D printing or additive manufacturing aids develop prototypes and models from 3D Computer-aided Design (CAD). OEMs in the defense sector are attentive on the acceptance of 3D printing technology to engineer intricate parts with minimal wastage. The necessity to manufacture financially viable prototypes in accordance with the specific customer requirements is one of the most significant influencers expected to boost the growth of the prototyping segment during the forecast period.
By Process Type:
The direct energy deposition segment is expected to witness the highest growth during the forecast period. This growth is owing to the requirement for printing small-to-medium sized and highly-intricate operational components of defense equipment.
By Region:
North American region dominated the military 3D printing market in 2018. The growing applicability of 3D printing technology in diverse industries, such as aerospace, chemicals, and automotive, in North America is one of the most contributing factors expected to stimulate the growth of the global military 3D printing market in this region, in the coming five years. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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