Additive manufacturing refers to the production process which involves layered deposition of material as per the desired structure thereby material requirement with is otherwise wasted in material removal production processes. Additive manufacturing techniques such as VAT polymerization, material jetting, binder jetting, material extrusion, power bed fusion, sheet lamination, directed energy deposition and so on are witnessing gradual adoption in the prototyping phase at present. As per recent estimates these production processes are set to gain prominent traction for mass production as well, in the upcoming years.
The target towards achieving higher volume products with uncompromised quality in the tier 1 and tier 2 supplier spaces in the automotive market ecosystem is driving the adoption of factory automation especially in the APAC region, followed by Americas and Europe. The prominent advantages of additive manufacturing systems such as ease of producing complex parts, low material usage, high precision and so on; high speed production capability by implementation of factory automation is set to avail new horizons towards the achievement of high volume and high quality products. This is further set to drive the factory automation mechanical component market during the forecast period for new installations, retrofitting the existing additive manufacturing systems with factory automation systems to proceed towards higher volume production from batch production.
The automotive factory automation mechanical component market is estimated to reach $119 billion by 2021 growing at a healthy rate of CAGR 5.25%. The growing demand for light weight internal combustion engine vehicles to reduce the emission and fuel consumption is one of the major factors set to drive the additive manufacturing technologies for producing light weight automotive parts. The upcoming wave of electric cars in the future is also poised to drive the adoption of additive manufacturing technologies for light weight auto parts for higher mileage per charge. This is further estimated to avail prominent growth opportunity to the factory automation mechanical component market in the OEM as well as the component suppliers’ in the automotive market ecosystem to meet the increasing demands.
IndustryARC is a global market research and business consulting firm based out of India. We have research centers across Asia and Europe with consultants experienced in the following verticals – Agriculture, Automotive, Chemicals and Materials, Energy and Power, Food and Beverages, ICT, Electronics, Life sciences and Healthcare, Automation and Instrumentation.
For More Details Contact:
Mr. Venkateshwar Reddy
Business Development Manager
Contact Sales: 1-614-588-8538 (Ext-101)
Connect with us on LinkedIn@ http://www.linkedin.com/company/industryarc