Rise in demand for 3D technology in the entertainment industry, surge in demand for 3D technology-based devices in consumer electronics, and government initiatives toward the use of 3D product drive the growth of the global 3D technology market.
Allied Market Research published a report, titled, “3D Technology Market By Product (3D Printing, 3D Glasses, 3D Display, 3D Imaging, 3D Camera, and 3D Scanner), Application (Media & Entertainment, Automotive, Industrial, Healthcare, Military & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global 3D technology industry generated $171.4 billion in 2020, and is anticipated to generate $703.4 billion by 2030, witnessing a CAGR of 16.3% from 2021 to 2030.
Prime Determinants of Growth
Rise in demand for 3D technology in the entertainment industry, surge in demand for 3D technology-based devices in consumer electronics, and government initiatives toward the use of 3D product drive the growth of the global 3D technology market. However, high maintenance cost of 3D devices hinders the market growth. On the other hand, high adoption of 3D cameras, scanners, sensors, printers, and displays in military and defense present new opportunities in the coming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global 3D technology market.
- The implementation of global lockdown led to temporary closure of manufacturing facilities around the world, which hampered the growth of the global 3D technology market.
- In addition, the supply chain disruptions, unavailability of raw materials, low labor force created several challenges for the manufacturers.
The 3D Display Segment to maintain its leadership status throughout the forecast period
Based on product, the 3D display segment held the highest market share in 2020, accounting for more than two-fifths of the global 3D technology market, and is estimated to maintain its leadership status throughout the forecast period. This is because 3D display technology is mainly used in TV sets manufacturing and this product is volume driven so adoption of stereoscopic and auto-stereoscopic technology will be higher as compare to other technology. Moreover, the 3D printing segment is projected to manifest the highest CAGR of 18.1% from 2021 to 2030, owing to reduction of cost associated to 3D printing.
The Military & Defense segment to maintain its lead position during the forecast period
Based on application, the military & defense segment accounted for the largest share in 2020, contributing to nearly one-third of the global 3D technology market, and is projected to maintain its lead position during the forecast period. This is due to ultra-detailed prototypes printing with the help of flexible materials that are used during war. However, the automotive segment is expected to portray the largest CAGR of 17.4% from 2021 to 2030.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global 3D technology market. Increasing demand for advance technology based products that helps to reduce the processing time is major driving force to adopt 3D technology into many application areas in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.7% during the forecast period. Increasing income level of emerging countries like India, and customer inclination towards the adoption of higher technology based products is the major driving force to adopt 3D technology in the region.
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Leading Market Players
- 3D Systems Corporation
- American Paper Optics
- Autodesk Inc.
- ExOne Company
- Panasonic Corporation
- Stratasys Ltd.
- TomTec Imaging Systems GmbH
- Hexagon AB
- Vicon Motion Systems Ltd.
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