The global 3D technology market 2020 is repositioning itself significantly, as COVID 19 hit stands of many other markets, globally. Now that the global 3D technology is expecting substantial growth during the forecast period (2016-2022) at ~15 % CAGR, it reveals Market Research Future (MRFR). 3D technology has emerged as an essential concept and has simultaneously gained much traction in recent years, which will continue contributing to the market growth with achieving USD ~145 Billion by 2022.
Market Drivers & Challenges
MRFR reveals that there is a mounting demand for 3D technology-based products in various application sectors such as healthcare, entertainment, government aerospace, and defense, automobile, and industrial segments. 3D technology produces highly accurate and precise images of an object. The use of 3D technology in various application segments is helping variedly in saving production time and cost. These factors have been accountable for the market’s outstanding growth in recent past years.
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The 3D technology delivers higher accuracy and precision in the processes, the improved accuracy at every stage of manufacturing help to save time and material. 3D scanning technology used in various application areas such as manufacturing, healthcare, automobile, and higher security areas such as airports is making the market more and more valuable years by years. 3D information provides an in-depth analysis of an image, and with the help of 360-degree evaluation of the image, it becomes is possible for 3D technology to function more efficiently. All these factors drive the global 3D technology market to a great extent.
In fact, in many developed regions, the Government is taking the initiative to devote to future technology to create in-house manufacturing job opportunities. The Government is investing in advanced R&D of 3D printing technology. The efficient use of material with the help of additive manufacturing processes is one of the significant drivers of the 3D technology market.
On the contrary, the global market of 3D technology has been facing a slowdown in recent years, concerning the long-term impact of COVID-19. The factors restraining are cost, availability of raw products, as well as a lack of availability of 3D content.
The segmentation of the 3D technology market, on a global scale, is done over product and application.
In terms of product segment, the market includes 3D glass, 3D camera, 3D scanner, 3D printer, 3D display technology, and 3D image designing. The 3D camera is widely used in several animation movies and advertisements.
In terms of the application segment, the market has included the architecture industry. It has numerous advantages in the automotive, healthcare industry, aerospace, and defense. In the healthcare industry, it is used for carrying out customized implants, complex surgeries, and prosthetics, medical models, and medical devices and revolutionizes the entire traditional medical treatment method.
The North American region is the dominant region for the growth of 3D and 4D technology in terms of revenues.
The market in Europe is witnessing generous growth with the rapid adoption of 3D technology in applications used in education, healthcare, and consumer electronics. Healthcare expenses are on the rise, with more than 80% of it is publicly funded. In health care, 3D technology is used in reconstructive surgery. Throughout the forecast period, the healthcare vertical is anticipated to witness rewarding escalation as more 3D products are readily being used for modeling and proper diagnosis.
German multinational conglomerate company, Siemens is recorded for manufacturing products, such as Orbic 3D with functionality for intra-operative 3D imaging in surgeries. Olympus is offering 3D imaging solutions for clinical surgeries with more light-sensitive images and superior depth of field, along with the purging of manual operating.
The top-most industry players in the 3D technology market are listed as 3D Hubs (Netherland), 3D Systems, Inc. (U.S), Voxel8, Inc. (U.S), WASP 3D (Italy), Hexagon AB (Sweden), Faro Technologies, Inc. (U.S.), Panasonic Corporation (Japan), HP Development Company, L.P. (U.S), Sony Corporation (Japan) and ExOne (U.S).