The Global Space-Based 3D Printing Market is projected to grow at a CAGR of around 21.2% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Numerous national & private organizations have announced & prepared short-term physical exploration missions to explore the solar system, dramatically augmenting the number of space exploration initiatives. Due to this upsurge in ventures & the demand for reusable & more effective launch vehicles, launches are happening more frequently.
As a result, additive manufacturing has begun to be used to produce complex components like thrusters, engines, etc., where 3D printing is assisting with weight reduction & performance enhancement. Reusability is also becoming a major area of focus for the space industry as it strives to lower the cost of space missions. Prototyping is made possible by additive manufacturing, which enables engineers & designers to quickly iterate & improve designs. Therefore, by utilizing the capabilities of 3D printing, space missions can decrease weight, increase performance, reduce cost through recyclability, and speed up design iterations. Owing to this, the use of space 3D printing in the manufacturing processes of launch vehicles & propulsion systems is surging.
The space industry has grown significantly in nations like the US, China, India, and Europe, which has created a favorable environment for the development of space 3D printing. The countries' growing interest in satellite deployment & space exploration programs is the cause of this expansion. In addition, China & European countries intend to develop their space industries. The National Space Administration of China is now concentrating more on lunar exploration, Mars missions, etc., and as a result, the demand for 3D printing for component manufacturing would raise. The first in-orbit 3D printing test conducted by China, which involved creating continuous carbon fiber-reinforced polymer composites, was a success in 2020, and China also celebrated this achievement. As a result, there are now more opportunities for effective & efficient manufacturing in space, enhancing demand for 3D printing technologies like stereolithography (SLA), selective laser sintering (SLS), etc.
Similarly, European countries, including France, Germany, and Italy, announced their expectations to push ahead with Europe's space launcher exploitation program in 2022 to stay aware of the US & China. The region's ability to reach space would be superior by the turn of events & utilization of present-day space launchers in Europe. Attributable to this, the capacity to send 3D printers & related foundations into space would improve, which supports the on-location assembling & working in space. As the capability of onsite manufacturing expands, the interest in 3D printing materials, administrations, and programming would also improve in the following years, further states the research report, “Global Space-Based 3D Printing Market Analysis, 2023.”
Direct Metal Laser Sintering (DMLS) to Register Highest Growth Rate
Based on the technology, the market is further bifurcated into Direct Metal Laser Sintering (DMLS), Fused Deposition Model (FDM), Continuous Liquid Interface Production (CLIP), Stereolithography (SLA), Selective Laser Sintering (SLS), and Poly Jet Printing. Among them, Direct Metal Laser Sintering (DMLS) has substantial use in various applications such as aerospace, satellite manufacturing, propulsion systems, etc., owing to which it has registered the highest growth rate, among others. Several metal alloys, including titanium, aluminum, stainless steel, and nickel-based alloys, create high strength, heat resistance, and lightweight properties, due to which in aerospace & space applications, DMLS has emerged as the most preferred choice for 3D printing. Thus, its usage is anticipated to surge as it allows for the creation of complex geometries & intricate designs that are difficult to achieve, further supporting the Global Space-Based 3D Printing Market growth.
North America to Showcase Significant Surge in Global Space-Based 3D Printing Market
A thriving space industry exists in North America, including government space agencies, private space firms, satellite communications, technology advancement, and space exploration, thus making it the most prominent regional market globally. North America is home to notable organizations like NASA & cutting-edge business establishments like SpaceX, which helped it establish itself as a leader in scientific research, satellite operations, and space technology. As a result, the area experienced significant demand for 3D printing. In addition to this, the region, particularly the US, would showcase dynamic market growth during the forecast period due to a surge in the number of new private space projects, thus creating a positive outlook for Global Space-Based 3D Printing Market.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Stratasys, 3D Systems Corporation, ExOne, EOS GmbH, Materialise, Relativity Space, GE Additive, CRP Technology, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report