The global 3D Technology Market is predicted to reach USD 455.11 billion in 2024 and USD 1,021 billion by 2029, growing at a CAGR of 17.54% during the forecast period.
The growing games and entertainment industry is one of the factors driving the development of the global 3D technology market. 3D technology is a three-dimensional image that provides a deeper perception of any picture. The 3D images are created interactively so that users can join and find the actual scene. There is a growing demand for products based on 3D technology in various applications such as the health, entertainment, government and defense, entertainment, aerospace, automotive, and industrial sectors. 3D technology produces very accurate and precise images of objects. Using 3D technology in various applications can save time and money in production. Designers get ready-made tools at an early stage that allow them to understand any product's feasibility intuitively. The 3D technology market will experience growth primarily due to rising disposable income in developed and developing countries, accelerating technological advancement, and increasing demand in comprehensive sectors such as consumer electronics, education, and Medical care. 3D technology has been integrated into almost every aspect of technology worldwide. The latest developments in additive manufacturing, commonly called 3D printing, are primarily used to create complex shapes using existing manufacturing techniques.
Global 3D Technology Market Drivers:
The increasing demand for 3D technology in various sectors, continuous technological advancement, and the increasing adoption of digital technology in the healthcare sector are currently key factors driving the growth of the global 3D technology market. The demand for advanced 3D technology is expected to grow globally as the use of 3D technology increases significantly in fields such as media and entertainment, medicine, aerospace, and defense. The increasing use and ease of availability of technologies with features such as high precision are also expected to drive the demand for 3D technology in the global market between the forecast period. Also, the digitization of various sectors and the significant increase in the adoption of 3D scanning in the healthcare sector are other factors that are supposed to drive the demand significantly. The popularity of 3D technology is growing significantly due to the high precision of images captured with available 3D technology. This factor will drive demand for 3D technology for applications in healthcare, media and entertainment, aerospace, and defense. In addition, the cost reduction of 3D printers drives the 3D technology market by increasing the adoption of printers in education and government sectors. The growing games and entertainment industry are contributing to the development of the 3D technology market. The creation of 3D movies generates revenue in the worldwide market.
The number of movie and game releases has steadily increased and attracted consumers' attention for the past few years, boosting the global 3D technology market in the review period. In addition, the increasing popularity of 3D content, the high availability of 3D display devices, and technological innovation in 3D acquisition devices are key factors that have caused this technology to grow significantly in the global market. 3D imaging solutions and 3D cameras are expected to rise to a healthy CAGR over the envisioned period. Extensive investment in R&D to improve technology and increase the application of 3D input devices is an essential factor in the growth of the global 3D technology market. The rise of 3D games and visual effects will also affect the growth of the 3D technology business. The rise of 3D printing applications in the automotive and aerospace sectors and increased investments in this technology will drive the market. As the ease and usability of this technology increase, market revenue is supposed to increase.
Global 3D Technology Market Restraints:
The high cost of 3D technology is likely to be one of the main factors limiting adoption due to economic problems for consumers in some developing countries. Furthermore, factors such as the unavailability of 3D technology content and raw materials are anticipated to limit the global 3D technology market demand.
Impact of COVID-19 on the global 3D technology market:
The spread of COVID-19 has significantly impacted the players operating in the 3D technology value chain. The growing demand for automobiles is one of the key features driving the growth of the 3D technology market. However, it has impacted the growth as car sales have declined significantly worldwide due to blockades imposed by other governments to slow the spread of Coronavirus. Also, these blockades affected the GDP and the per capita income of people worldwide. Low disposable income led to a decline in the purchasing power of the public, resulting in a year-on-year decline in overall market growth. However, in the second half of the year, inventory levels are expected to normalize due to the stabilization of the automotive, home appliance, and healthcare industries, and demand for 3D technology should increase. The spread of Coronavirus has affected the production of 3D I/O devices, as manufacturing facilities worldwide are temporarily closed, and demand is declining to prevent the spread of infections.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2029 |
|
Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
|
CAGR |
17.54% |
|
Segments Covered |
By Product, Applications, and Region. |
|
Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Cognex Corporation, Faro Technologies Inc., Autodesk Inc., Samsung, Vicon Motion Systems Ltd, Stratasys Ltd, 3D Systems Inc., Dassault Systèmes, Hexagon, Barco and Others. |
This research report on the global 3D technology market has been segmented and sub-segmented based on the product, applications, and region.
Global 3D Technology Market - By Product:
The 3D printing segment currently has the largest share of sales and is foreseen to dominate during the forecast period. This is due to increased demand and applications in the medical, media, and entertainment industries.
Global 3D Technology Market - By Applications:
The healthcare sector currently has the largest revenue share and is believed to continue throughout the outlook period.
Global 3D Technology Market - By Region:
The North American market for 3D technology is at the forefront due to investments in various industries, including civil and architecture, media and entertainment, medical and forensic laboratories, and industrial manufacturing. The 3D technology market in Europe is growing faster as startups and large corporations invest more and recognize potential future markets. The Asia-Pacific 3D technology market will be one of the second most prominent markets after North America. The region comprises giants with high investments in the health sector; several global companies are in the region, and other regional companies are also in the market because you are gaining traction. The Asia Pacific region has a fast-growing market, and India, China, and Japan are the leading countries with high potential for the application of 3D technology in the area. Additionally, the adoption of 3D technology is increasing in applications such as consumer electronics, education, and healthcare. Also, increased healthy disposable income, intensive lifestyle changes, and a preference for faster manufacturing with the right technology are estimated to create a demand for 3D-enabled devices, helping the Asian market for 3D technology.
KEY MARKET PARTICIPANTS:
The major companies operating in the global 3D technology market include Cognex Corporation, Faro Technologies Inc., Autodesk Inc., Samsung, Vicon Motion Systems Ltd., Stratasys Ltd., 3D Systems Inc., Dassault Systèmes, Hexagon, and Barco.
Frequently Asked Questions
Virtual Reality is a significant contributor, particularly in gaming and entertainment, with an expected CAGR of over 30% due to the increasing demand for immersive experiences.
The healthcare sector is a key driver, with applications such as 3D printing of medical devices, customized implants, and anatomical models, contributing to the market's expansion.
The growth is primarily driven by increased adoption in industries such as healthcare, entertainment, and manufacturing, coupled with advancements in 3D printing and imaging technologies.
Some challenges include high initial costs, limited consumer awareness, and concerns related to intellectual property rights and copyright issues.
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