My 3 year old silver maple has developed this bumpy growth and only grew...
Please excuse the delay in answering your question - my original answer seems to have gotten lost!
If this young tree has only leaved out 30% of its crown I'm afraid that it may not survive. This was an especially brutal winter and we are seeing lots of damage to hardy trees and shrubs, but most good sized trees can and will survive the loss of leaves and branches. If any size tree loses two-thirds of its crown, however, its life is in danger.
The growths that you are seeing on the limbs indicate some sort of bacterial infection.
Normally the first course of action would be to cut out the infected limb, but if this is one of the limbs that has live growth the tree will surely die. Here is a link that describes the various infections that Silver Maples are subject to. It will give you some idea about the various remedies, as well but these recommendations are made for otherwise healthy trees:
I hope this information is helpful. Please contact AaE again if you have further questions.