Due to the high performance requirements often at high temperature, aerospace industry uses particularly expensive materials, for example, Co-alloys, Ni-base super alloys and Ti-alloys. All these materials are used extensively in the turbine engine components and/or landing gears etc. Due to normal wear or accidental damage the components require remanufacturing. However, most of these materials are difficult to weld and thus, remanufacturing is a challenge. Laser Aided Manufacturing (LAM) has played a key role for repair of aerospace components for more than a decade. Recent developments in  Direct Metal Deposition (DMD), a proprietary LAM process originated at University of Michigan and further developed and commercialized by POM Group, Inc. offers a great promise of better microstructure and near net shape control with possibility of significant reduction in cost and lead time.  The DMD process controls the deposition through its close loop system and allows control of heat input and dimension of the part. This effective thermal management system keeps the HAZ to a minimum and also does not recrystalize the parent material, thus maintain fatigue strength as per OEM specifications. This coupled with a five-axis deposition capability of DMD505 machine allows the system to deposit almost any NEAR NET geometry. This reduces the post machining/grinding time and saves material and cost. Besides remanufacturing, DMD allows building of special parts with complicated details such as lattice structures, mirror bases etc. It has been observed that DMD can save up to 70% in material, 90% in process time and 20% in process energy for some of these components. The present work will present an overview of the DMD process and properties of DMD materials. It will then elaborate on the merits and demerits of the process with respect to aerospace industry requirements and illustrate with case studies of some components.