3D technology is the three-dimensional representation, modeling, printing, projection, and rendering of objects to provide in depth perception, which is closer to being real in a two-dimension plane. The global 3D technology market is anticipated to grow at a 15 % CAGR between the forecast period of 2016 and 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.
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.
To gain a 360-degree view of the global 3D technology market growth, the report is segmented based on product type, application, and region.
Based on the product type, the market is segregated into the 3D printer, 3D scanner, 3D glasses, 3D camera, 3D image designing, and 3D display technology.
Based on the applications, the market is segregated into healthcare, media and entertainment, government, aerospace & defense, manufacturing, architecture, and others
Based on regions, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
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).