3D Technology Market To Show Greater Maturity

by CXOtoday News Desk    Feb 17, 2014

3dassets

The 3D technology market that has gradually evolved as primary technique for modeling, prototyping and imaging in various applications over the past few years is expected to evolve at a much greater pace over the next few years, says a new market research. The global 3D technology market was valued at $46.0 billion in 2013, and is estimated to reach $175.1 billion, by the end of 2020, growing at a CAGR of 21% during 2013-2020, said the Allied Market Research study.

Growth drivers

The study reveals that some of the key factors responsible for this growth are high quality of service provided by 3D devices in terms of resolution, accuracy, depth perception, enhanced display capabilities and lowered risk of piracy.

The ever increasing adoption of 3D technologies in various application segments such as healthcare, aerospace, entertainment, and architecture is compounding the growth of the 3D technology market. Among various applications, entertainment industry generated the maximum revenue in 2013, followed by the healthcare segment.

Entertainment in fact remains the largest application segment, as the industry accounted for about 39% percent of the global market and the market is expected to grow at CAGR of 22.3 percent during 2013-2020. 3D printing application is expected to exhibit the fastest growth during the forecast period, said the study. In addition, 3D printing industry is projected to be the most attractive segment in the overall application market, accounting for about 5.3 percent of 3D technology market revenue in 2020. Aerospace would be the segment of focus for 3D printing industry during forecast period, whereas, healthcare would also render growth prospects for 3D printing.

Challenges ahead

In a recent Gartner report, the research firm points out that from an enterprise perspective, current uses of 3D technology is confined to only small-run models for product design and industrial prototyping, jigs and fixtures used in manufacturing processes and mass customization of finished goods. As advances in 3D printers, scanners, design tools and materials reduce the cost and complexity of creating 3D printed items, the applications of 3D print technology will continue to expand to include areas such as architecture, defense, medical products and jewelry design.

Researchers also point out that despite higher level of accuracy, lower privacy risk, precision in data, easier reverse engineering, and better communication platform, driving the growth of the 3D technology market, factors such as higher cost, lower awareness and lack of infrastructure are hindering the market growth.

At present, North America is the largest geographical segment for the 3D technology market in 2013, accounting for over 40% revenue. Other regions of the world will eventually show a more mature adoption of this technology in the coming years.