According to a comprehensive research report by Market Research Future (MRFR), “3D Technology Market Analysis by Product Type (3D Camera, 3D Scanner, 3D Printer, 3D Image Designing, 3D Display Technology), By Application (Healthcare, Media Entertainment, Government, Aerospace Defense, Manufacturing, Architecture and Others)- Forecast 2030” valuation is poised to reach USD 707.4 Billion by 2030, registering an 16.3% CAGR throughout the forecast period (2021–2030).
3D Technology Market Overview
3D technology utilizes the three-dimensional image to offer insight into the depth and reality of an image. Pictures displayed using 3D technology are developed to seem interactive and natural and advantage the user to get engaged in the scene and seem as if it is real. The concept of these images in the 3D technology industry is an entire process of rendering, tessellation, and geometry.
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3D Technology Market Competitive Analysis
Dominant Key Players on 3D Technology Market Covered are:
- Hexagon AB (Sweden)
- WASP 3D (Italy)
- ExOne (U.S)
- 3D Systems Inc. (U.S)
- Faro Technologies Inc. (U.S.)
- H.P. Development Company
- L.P. (U.S)
- Panasonic Corporation (Japan)
- 3D Hubs (Netherland)
- Voxel8 Inc. (U.S)
- Sony Corporation (Japan)
Market USP Covered
Market Drivers
The global 3D technology market has registered an enormous rise in the growth rate in the last few years. The market's growth is primarily attributed to the growth of the deployment of 3D technology not only in gaming but also in other fields. Its use has expanded from gaming to corporate representation, personal entertainment, and product design, which is likely to cause a boost in demand for the market. The growing technology adoption is proving to be brilliant for architectural design and application. Furthermore, the factors such as the advantageous features of the 3D technology, consistent innovations, and cheap rates are also anticipated to boost the growth of the 3D technology market over the forecasted timeframe.
Market Restraints
Although several aspects boost the growth of the 3D technology market, certain parameters restrict the growth of the market. The factors such as the complex operations and lack of awareness about the 3D technology are likely to restrict the market's growth over the forecasted era.
3D Technology Market Segments
Among all, the 3D imaging solution segment is projected to account for the largest share across the global 3D technology market over the assessment timeframe. The major aspect causing an upsurge in the segment's growth is the growing consumption of 3D imaging solutions across several consumer electronics products, such as televisions, cameras, and smartphones. Furthermore, the growth in demand for innovative consumer electronics devices, automobiles, and smartphones, is another crucial parameter anticipated to boost the segment's growth over the assessment timeframe.
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Out of all the application areas, the 3D gaming segment led the global 3D technology market in 2019. 3D games add a thrilling element of reality to the experience of video games. The segment's growth is attributed mainly to people choosing to game over other forms of entertainment. Moreover, the easy accessibility to broadband internet and growing penetration are also likely to boost the growth of the 3D gaming market over the assessment timeframe.
Among all the end-user segments, the military and defense segments are anticipated to record the fastest growth rate over the forecast period. The growth of the segment is mainly credited to the rising demand for head-mounted displays to trace the opponent's actions and detect their exact location. In addition, the 3D technology-based navigation and metrological solutions guide the forces suitably during their journey.
3D Technology Market Regional Analysis
The 3D technology market is analyzed across the five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East Africa.
As per the Market Research Future (MRFR) analysis reports, the North American region will secure the top position across the global 3D technology market over the assessment timeframe. The regional market's growth is mainly attributed to the growing investments in various verticals like media entertainment, medical fields, forensic labs, architecture, and defense.
The 3D technology market for the European region is likely to register substantial growth over the forecasted era. The fact that startups and big enterprises are gaining awareness of the technology benefits and investing a massive amount into it is the major aspect causing an upsurge in the growth of the regional 3D technology market.
The Asia-Pacific regional 3D technology market is anticipated to grow rapidly over the forecasted era. The regional market's growth is primarily attributed to the growing investments by key players in the healthcare industry across the region.
COVID-19 Impact
The global COVID19 pandemic has had a mass impact on the majority of the market sectors across the globe. The global health crisis has affected the global economy and has extremely lowered the economic growth rate. The health and financial disaster resulting from the pandemic is disrupting the whole world. Businesses and the working sector became incapable of performing their day-to-day activities and faced major financial losses. During the pandemic, the production units and industrial activities were confined to performing regular functions, which harshly disrupted the entire supply chain. The imposition of partial or complete lockdowns across several regions worldwide made the market players face unexpected challenges. On the other hand, the market sustained these serious circumstances and was capable of maintaining a steady growth rate. During the pandemic period, people across the globe switched to using advanced technologies and adopted 3D technology to have a better experience which caused a rise in demand for the market.
The expansion of the technology from gaming to other sectors boosts the demand for the global market. The adoption of 3D technology across the automotive, healthcare industry, and aviation sectors is likely to catalyze the market's growth over the coming years.
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