3D scanning market size to Soar at of 15% CAGR to 2024, as per a new research report while Rising adoption of these systems in various industry sectors, namely, quality control, rapid prototyping as well as reverse engineering is expected to propel industry growth over the forecast period, Growing need to obtain precise and quick results with optimum efficiency is also expected to serve as a key driver.
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Latin America 3D scanning market size was valued at over USD 250 million in 2014 and is estimated to grow at a CAGR of 13.9% from 2015 to 2022. Asia Pacific accounted for over 20% of the overall 3D scanning market share in 2014; growing demand can be attributed to technology proliferation across the region.
The industry is expected to experience substantial gains due to mounting prominence in various sectors such as quality archaeology, mechanical dimensional inspection, defense and aerospace. These devices also offer 3D digitization and high resolution over conventional techniques. Surging implementation of this technology in the transport sector for examining the accident scenario by digitizing and simulating the actual event sequence may positively impact the 3D scanning market size over the forecast period.
Complicated installation procedure coupled with high cost of technology is anticipated to hinder the industry over the next seven years. The advent of portable scanners is forecast to present significant growth opportunities.
Key report insights suggest:
3D laser scanning market was valued at over USD 1.5 billion in 2014 and is predicted to be the biggest industry segment. LED is the standard structured lighting technology owing to small size and low heat emissions. Increasing adoption of high performance CMOS sensors against CCD imagers is also expected to favorably impact growth.
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Entertainment and media applications accounted for over 9% of the global 3D scanning market share in 2014. The spur in the application sector is mainly due to escalating need for building 3D models for video games, movies, etc. Rapid surge in 3D content coupled with technological development has led to rapid product launches, high-quality images, and video delivery. Industrial manufacturing is likely to grow at a CAGR of 10.9% from 2015 to 2022.
Increasing application in engineering, construction and architecture sectors should facilitate new project development, as well as maintenance and operations of existing property. The technology also plays a crucial role in performing cultural as well as structural assessments, and also assists in supervision of construction activities. Surging R&D expenditure accompanied by growing innovation is anticipated to fuel 3D scanning market growth over the forecast period.
Short range products are expected to maintain their dominance over the forecast period, and are estimates to continue being the most attractive segment. Medium range 3D scanning market accounted for over 30% of the revenue in 2014 and is expected to witness steady demand over the next few years.
Notable industry participants include 3D Digital Corp., Ametek, Basis Software Inc, Steinbichler, and FARO Technologies. Key players emphasize on R&D investments and new product innovation as a part of their growth strategy.
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