Market Trends of Selective Laser Sintering Industry
This section covers the major market trends shaping the Selective Laser Sintering Market according to our research experts:
Aerospace and Defense Industry is Expected to Hold Significant Market Share
- The aerospace industry has an early rate of adoption of most of the technologies in the current generation. Both aircraft and engine manufacturers have been relying on 3D printing technology in order to develop lightweight parts to gain efficiency.
- 3D printing has been used by the National Aeronautics and Space Administration (NASA) for decades for the purposes of prototyping and creating functional parts and, most recently, for building construction systems for the Moon and Mars.
- Bell Textron Inc. was one of the first aerospace companies to experiment with additive manufacturing. The first use of SLS was for quick prototypes of tooling and experimental parts. However, as the additive manufacturing industry progressed, the company understood the need to allow the additive manufacturing industry to mature. Since the start of additive efforts, Bell Textron has produced over 550 parts widely spread among its products with just SLS. While a majority of parts produced are experimental, it is to be noted that over 200 of those 550 parts are for production purposes.
- Moreover, in July 2022, GKN Aerospace expanded its range of metal additive manufacturing machines at the company's global technology center in the United Kingdom by installing RenAM 500 Flex. The RenAM 500Q Flex is a four-laser Additive Manufacturing machine that is expected to optimize Additive Manufacturing for aerospace applications.
- Furthermore, according to the US Census Bureau, it is expected that the revenue of aerospace products and parts manufacturing in the United States will amount to about USD 264.4 billion by 2024. Moreover, It is likely that the revenue of aerospace products and parts manufacturing in Canada will amount to approximately USD 19.3 billion by 2024. Such developments would drive the market's growth positively.
- According to Stockholm International Peace Research Institute (SIPRI), the United States led the ranking of countries with maximum military spending in 2021, with 801 USD billion dedicated to the military, which was 38 percent of the global military expenditure of USD 2.1 trillion.
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North America is Expected to Hold Major Market Share
- North America is home to many companies developing, adopting, or investing in additive manufacturing. There has been a growth in the demand for prototyping in the region which has been majorly driving the market in the region. Further, the demand for SLS in North America is driven by a higher focus on research and development and increased testing in various industries.
- According to Statistics Canada, Canadian businesses intend to spend USD 21.9 billion on in-house industrial research and development in 2021, while USD 22.4 billion is expected to be spent in 2022. Such growth in research and development is expected to push the market for Selective Laser Sintering in North America.
- Companies in the region are doing strategic collaborations to provide their solutions to a broader customer base. For instance, in May 2022, Essentium Inc, a US-based company, partnered with Nuburu, a blue laser solution provider, to develop a blue laser-based metal Additive Manufacturing platform.
- The resulting machine is hoped to enable manufacturers to create production-grade metal parts with high resolution and fast throughput. Further, as a part of the contract, Nuburu will license its additive manufacturing application patents.
- The increase in the usage of new technologies, such as 3D printing, is also expected to drive the market of SLS in the region. For instance, according to World Economic Forum, it is expected that by 2022, 47% of the surveyed companies in the United States will use 3D printing technology.
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