3D Scanner Market Analysis and Forecasts to 2024
by Susan Hill Business ConsultantThe
global 3D Scanner Market is expected to reach
USD 7.4 billion by 2024. It should grow at a CAGR over 11.5 % during 2016
to 2024 (forecast period). Wider adoption of these devices in applications;
such as rapid prototyping, quality control, reverse engineering, etc. will
augment growth of this industry. Software & hardware providers lay stress
on workflow enhancement & usage convenience, thus boding well for the
market and propelling its sales.
The
workflow is generally complicated for those new to 3D scanning. This coupled
with costly scanners hampers the growth of 3D scanners. However, the demand for
accurate, quick, & effective results primarily would drive the 3D scanner
market. In addition to this, scanner properties; like affordability can also
propel the market. ‘Handheld 3D scanner’ & technological expansion are
projected to drive the industry demand in the near future. The market is categorized
into products, ranges, applications, and regions.
Products
include structured light, laser, and optical. Laser scanners led the market in
2013. However, optical and structured light are anticipated to grow rapidly.
Optical scanners should grow at a healthy CAGR (over 11 %) during the
forecast period. Ranges consist of short, medium, and long. Short range
scanners dominated in 2013. They will maintain their dominance till 2024.
Medium is likely to gain considerable shares, at a CAGR of 11 % till 2024.
Long range is said to be growing slowly due to its high costs.
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Applications
in the 3D scanner market are aerospace & defense, industrial manufacturing,
healthcare, entertainment & media, and engineering & architecture.
Industrial manufacturing reigned in 2014, accounting for 30 % shares. 3D
scanning can be a critical component of quality & inspection control across
construction industry.
Entertainment
& media should witness the highest growth. It is estimated to reach USD 600
million by 2024, at a healthy CAGR of 13 %. Rising significance of market
devices in architecture may be attributed to the advent of portable 3D
scanners. 3D scanners help in archiving and preserving architectural pieces
from museums. Engineering & architecture will hold over 12.5 % shares
by 2024.
Geographically,
the worldwide 3D scanner market is fragmented on the basis of Europe, North
America, Latin America, Asia-Pacific, and RoW. North America reigned in 2013
and can lead over the forecast period. Latin America is said to be the most
lucrative region. It is predicted to exceed USD 750 million by 2024, at a CAGR
of 13 % in the near future.
The
same would be attributed to rising adoption of 3D scanners across various
application and end-user industries. Asia-Pacific held over 23% shares in 2014.
This region is expected to grow rapidly, surpassing incomes worth USD 1.5
billion by 2024. Major companies in the global market comprise Basis Software
Inc. (Surphaser); 3D Digital Corp.; Topcon Corp.; and FARO Technologies.
The
industry is marked by strong rivalry and often indulges in mergers &
acquisitions. Firms cater to different sectors; like manufacturing, aerospace,
education & research, and consumer goods. Introduction of ‘quality’ &
‘affordable’ 3D scanners provide future market prospects.
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Created on Oct 17th 2017 05:46. Viewed 269 times.