Hybrid Additive-Manufacturing Machines Market to Reach Around US $6750 Mn by 2026
Hybrid Additive Manufacturing Machines Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWire) -- 04/30/2018 --Increasing adoption of hybrid additive-manufacturing machines across a wide range of industry verticals such as heavy industry, automotive, aerospace, and medical
The hybrid additive-manufacturing machines (HAM) market is primarily driven by the increasing adoption of hybrid additive-manufacturing machines across a wide range of industry verticals such as heavy industry, automotive, aerospace, and medical. HAM machines utilize additive and subtractive manufacturing in tandem for the manufacturing of complex components that have complex geometries, which are difficult to manufacture by traditional manufacturing. Additionally, HAM machines combine the advantages of both laser cladding as well as CNC milling for the manufacturing of functional products. The manufacturing of components by HAM machines results into savings of the material being used for the manufacturing, reduced lead time, and reduced time to market for the product being manufactured. Rising awareness among the OEMs of various industry verticals regarding the advantages associated with HAM machines is further driving the hybrid additive-manufacturing machines market. HAM machines can be utilized for manufacturing of various automotive components such as axles, engine pistons, shafts, and automotive body parts. The aerospace sector requires precision manufacturing of complex components that are light in weight and robust in nature. Various components can be manufactured for this sector with the help of HAM machines. The aerospace sector is regarded as a major adopter of additive manufacturing for manufacturing of its functional components. HAM machines can be used for the manufacturing of orthopedic implants, dental fixtures, and prosthetic limbs for the amputees, in the medical sector. Additionally, they can also be employed for manufacturing tools and industry components that are utilized by medical professionals. However, the high cost of HAM machines is expected to hamper the market. However, the production of components by means of HAM machines is likely to bring down the prices of HAM machines in the near future.
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Launching of new product models by key players operating in the hybrid additive-manufacturing machines market is a prevalent trend across the regions
The key trends prevalent in the hybrid additive-manufacturing machines market is the launching of new product models into the market in a bid to gain a competitive edge over competitors. For instance, in June 2016, Matsuura Machinery Corporation Ltd launched its HAM model LUMEX Avance-25. This new model is expected to take Matsuura's hybrid 3D metal printing and milling technology into new markets. Moreover, major players in the additive manufacturing space are focusing on innovation and development of technologically advanced products and cost-effective products so that the machines are affordable to a majority of industries and not just large industries.
Production segment is expected to expand at a rapid pace during the forecast period
Based on the application, the global hybrid additive-manufacturing machines market has been segmented into repair, production, and prototype. In terms of revenue, the repair segment is expected to hold a major share of the market in 2018. Hybrid additive-manufacturing machines are increasingly being utilized for the production of fully functional parts that are complex in design and are difficult to manufacture by conventional manufacturing methods. However, production is yet to be the mainstream application, as HAM machines are expensive. The production segment is expected to expand at a significant CAGR of around 24% during the forecast period.
Aerospace segment is expected to hold a major share of the market, in terms of revenue, by 2026
Based on the verticals, the market has been divided into heavy industry, automotive, aerospace, medical, electronics, energy, and others. The others segment includes consumer goods, education and research, food, architecture, and construction. In 2017, aerospace was the leading segment of the market, in terms of revenue. The aerospace sector involves the manufacturing of customized and components with complex geometries. The parts need to be robust in nature and light in weight. HAM machines can manufacture these parts economically with a high level of accuracy and in significantly less amount of time, as compared to the conventional manufacturing methods. Furthermore, the aerospace segment is expected to expand at a significant CAGR of 23.67% from 2018 to 2026.
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