The market for hybrid additive manufacturing is anticipated to grow at an impressive rate in the forecast period. Increasing use of additive manufacturing in aerospace applications is expected to continue to be a major factor in the market's expansion. Aircraft parts are typically produced in short runs, and additive manufacturing increases production rates in these circumstances. Additionally, it helps to produce intricate components that are stronger and lighter than those manufactured with conventional methods. All of these factors are expected to enhance the growth of the hybrid additive manufacturing market during the forecast period.
According to Data Bridge Market Research the Hybrid Additive Manufacturing 94.39 billion accounted for USD 16.68 billion in 2021, and expected to reach USD 32.01 billion by 2029. The market is expected to grow with a CAGR of 17.25% in the forecast period of 2022 to 2029.
“Increasing demand of hybrid additive manufacturing in medical sector”
In terms of deployment rate, the medical industry holds a significant share of the hybrid additive manufacturing machine market. One advantage of hybrid manufacturing in the medical industry is the ability to tailor parts rather than using pre-made titanium components. Hybrid manufacturing is used in the medical sector to create scaffolds, prostheses, implants, and surgical instruments. The market for hybrid additive manufacturing in the medical industry is expanding primarily as a result of the rising surgical rates and the growing awareness and uptake of medical technology improvements. For instance, the growing use of surgical robots in the medical sector is causing the sector to become more automate and hence driving the need for hybrid manufacturing in the industry.
What restraints the growth of Hybrid Additive Manufacturing Market?
“Multiple issues associated with hybrid additive manufacturing market”
The outbreak of COVID-19 across various nations and the high expense associated with hybrid additive manufacturing are some of the major factor which restraint the growth of the market. Moreover, high investments prices and primary installation associated with hybrid additive manufacturing machines are another major factors which acting as restraints and further challenge the growth of hybrid additive manufacturing market in the forecast period.
Segmentation: Hybrid Additive Manufacturing Market
The hybrid additive manufacturing is segmented on the basis of product, material, application and vertical.
- On the basis of product, the hybrid additive manufacturing is segmented into non-metal forming, biomaterial forming, and metal forming.
- On the basis of material, the hybrid additive manufacturing is segmented into titanium, aluminium, steel, nickel.
- Based on application, the hybrid additive manufacturing is segmented into repair, production, prototype.
- Based on vertical, the hybrid additive manufacturing is segmented into heavy industry, automotive, aerospace, medical, energy, electronics.
Regional Insights: North America is expected to dominate the Hybrid Additive Manufacturing Market
North America is expected to dominate the market and is expected to grow significantly owing to the increasing demand for the hybrid additive manufacturing in this region. Furthermore, growing presence of many aerospace OEMs, increasing usage of hybrid additive manufacturing in aerospace and expanding healthcare facilities are some other major factors which are expected to further drive the market growth in this region.
In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 due to growing penetration of 3D printing in China and Japan and expansion of the aerospace industry in this region. Furthermore, growing investments are also expected to remain a major factor for this region's market growth. For instance, according to Indian government, foreign companies invested approximately USD 257.5 million from 2014 to 2019 in the defense and aerospace sector of the country.
Recent Development: Hybrid Additive Manufacturing Market
- In 2019, Carpenter Technology Corporation announced its new additive manufacturing facility in Alabama. This new plant which was set up in 500,000 square feet to fulfill the demand of energy in aerospace industries. This expansion is anticipated to be a game-changer in the development of additive manufacturing technology.
- In 2019, the development of LASIMM manufacturing machines are announced by Large Additive Subtractive Integrated Modular Machine project. This equipment was created to manufacture the construction structures by using hybrid additive manufacturing technology.
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The Prominent Key Players Operating in the Hybrid Additive Manufacturing Market Include:
- Equispheres (Canada)
- CRS Holdings, LLC. (U.S.)
- Voxeljet AG (Germany)
- Hoganas AB (Sweden)
- Renishaw PLC (U.K.)
- Materialise (Belgium)
- 3D Systems Inc, (U.S.)
- Melrose Industries PLC (U.K.)
- ExOne (U.S.A.)
- General Electric (U.S.)
- Sandvik (Sweden)
- Melrose Industries PLC (U.K.)
- Biomedical Modeling Inc. (U.S.)
- ENVISIONTEC US LLC (U.S.)
- EOS (U.S.)
- Integer Holdings Corporation (U.S.)
- GPI Prototype and Manufacturing Services, LLC. (U.S.)
- SLM Solutions (Germany)
- Xilloc Medical Int B.V. (Netherlands)
- Dentsply Sirona (U.S.)
- Stratasys Ltd. (Israel)
Above are the key players covered in the report, to know about more and exhaustive list of Hybrid Additive Manufacturing companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Hybrid Additive Manufacturing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
