3D Printing in Automotive Sector in lectron beam melting is expected to significant growth during the forecast period. The technology utilizes high-power electron laser to melt & fuse metal alloy powders used for the fabrication of automotive components in accordance with the electronic data. The electronic laser managed by the electronic foils provides extremely fast & accurate beam control, enabling the manufacturers to maintain numerous melting points simultaneously. Furthermore, the electron laser heats the powder bed to optimal ambient temperatures specific to the material. Thus, the parts produced through the technology are free from residual stress.
Manufacturing is estimated to emerge as the most lucrative application of 3D printing in automotive sector. It is anticipated to grow at a CAGR of approximately 30% during the forecast timeline. The market is driven due to the superior properties and cost benefits offered by the 3D printing technology in the manufacturing process. It increases the manufacturing efficiency by eliminating the product assembly stage across the manufacturing cycle. The traditional manufacturing process is characterized by multiple production stages & interconnected storage of semi-finished products resulting in longer lead times. On the contrary, 3D printing manufacturing process is shorter & faster as multiple stages are combined into a single production step. This eliminates the need for intermediate material handling & intra logistics transport costs.
To access a sample copy or view the 3D printing in automotive sector report in detail along with the table of contents, please click the link below: www.gminsights.com/request-sample/detail/2838
3D Printing In Automotive Sector in software segment is anticipated to witness significant growth from 2018 to 2024 due to the growing demand for the third-party developers. These third-party developers are developing open-source 3D CAD software’ compatible with a wide range of printers and technology. Furthermore, they are also collaborating with key 3D printing hardware and OEM manufacturers to eliminate the intricate software solutions that design hardware components based on software components.
The hardware market accounted for over 75% of the 3D printing in automotive sector. The hardware market includes 3D printers and materials. The growth of the market is attributed to the falling prices of 3D desktop printers. The price of the desktop printer is declining at an annual rate of 2-3% over the past five years and is estimated to resonate the trend during the forecast period.
North America holds the major share in the 3D printing in automotive sector. It held more than 40% share of the total revenue in 2017. The presence of major market players, such as Stratasys and 3D Systems, in the region is a primary factor supporting the market growth. The region has also witnessed higher R&D investments than other regions, which has further fostered the advancements in the 3D printing technology. Furthermore, supportive government initiatives will also foster the market growth.
The Asia Pacific 3D printing in automotive sector is anticipated to achieve a growth rate of over 29% over the forecast timespan. The growth in the market is driven by the increasing investment by public & private establishments. The industrialized economies along with emerging nations in the region are exploring various opportunities for the advancement of the 3D printing technology in the automotive sector to strengthen the productivity & competitiveness. Countries including India and China have invested heavily to commercialize the technology in the automotive sector. China has been investing in the additive manufacturing technology for over a decade and the Chinese authorities have committed millions of dollars to a seven-year project aimed at advancing the technology in the vertical.
Currently, the growing adoption of 3D printing technology for functional prototyping, mass production, design validation, and ergonomics across the automotive sector will propel the industry trends over the years ahead. The increasing importance for accuracy, reliability, and consistency in the automotive sector while developing complex designs will also improve the use of 3D printing technology. Aided by the ongoing product innovations across the automotive sector, 3D Printing In Automotive sector will surpass a revenue collection of USD 8 billion by the end of 2024.
Browse Full Report: www.gminsights.com/industry-analysis/3d-printing-in-automotive-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.