A new Research and Markets forecast says the increasing demand for new aircraft and the use of unmanned aerial vehicles worldwide will be among the factors that will drive 3D printing growth in the aerospace sector over the next seven years.
The global market for aerospace 3D printers reached a value of $1.12B last year and is projected to experience a 25.3 percent compound annual growth rate to hit $6.81B by 2027, the research company said Thursday.
Research and Markets also cited defense spending as another force that could steer the direction of the market and predicted that stringent industry certification requirements would likely impede potential growth.
The additive manufacturing or 3D printing process helps manufacturing companies to expedite the aircraft component prototype development work.
Companies profiled in the market research report include Boeing, Aerojet Rocketdyne, General Electric‘s aviation business and Honeywell.