3D Technology Market Expected to Reach $703.4 Billion By 2030

According to a new report published by Allied Market Research titled, “3D Technology Market By Product and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global 3D technology market size was valued at $171.4 billion in 2020, and is projected to reach $703.4 billion by 2030, registering a CAGR of 16.3% during the period of 2021 to 2030. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Europe, and Asia-Pacific.

3D technology is an emerging sector that is being embraced by business nowadays, to improve the shopping experience as well as to simplify the working process, the demand for 3D technology has increased. The applications of 3D technologies include 3D modeling, 3D printing, 3D visualization, 3D display, and others. Increase in adoption of 3D technologies in various application areas such as healthcare, aerospace, entertainment, and architecture, drives the growth of the 3D technology market. The global market is experiencing high growth rate due to adoption of 3D technology in various application areas.

In addition, higher level of accuracy and precision in data is achieved with the help of 3D technology; this is a major driving force for various application segments to adopt 3D technology based products.Government is taking initiatives to invest in the R&D of 3D printing technology to create future in-house opportunities.

The prominent factors that impact the 3D technology market growth are 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. However, high maintenance costs of 3D devices restricts the market growth. On the contrary, high adoption of 3D cameras, scanners, sensors, printers, and displays in military and defense is expected to create lucrative opportunities for the market. Therefore, these factors are expected to affect the growth of the global 3D technology industry during the forecast period.

Region-wise, the 3D technology market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA.North Americacontributed maximum revenue in 2020. However, between 2021 and 2030, themarket in Asia-Pacificregion is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, and South Korea. The overall 3D technology market analysis is determined to understand the profitable trends to gain a stronger foothold.

COVID-19 Impact Analysis

The outbreak and the spread of COVID-19 have significantly impacted players operating in the 3D technology market. The increased global demand for automotive is one of the key factors fueling the growth of the market. However, as the sales of automotive have decreased significantly worldwide owing to lockdowns imposed by different governments to contain the spread of the COVID-19, it has impacted the growth of the 3D technology market share. Moreover, these lockdowns have also impacted the GDP of countries and the per capita income of individuals across the world.

The slowdown in productions by OEMs and reduction in demand for 3D devices and other electronics devices has slightly pulled down the market for 3D technology. Shortages of components and materials have significantly impacted the global supply chains. In addition, reductions in various capital budgets and delay in planned projects in various industries have hampered the global economy.

Key Findings of the Study

• By product, in 2020, the 3D display segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 16.5% during the forecast period.
• By product, the 3D printing segment is expected to witness the highest growth rate during the forecast period.
• Germany was the major shareholder in the Europe 3D technology market revenue, accounting for approximately 25% share in 2020.

The key players profiled in the report include 3D Systems Corporation, American Paper Optics, Autodesk Inc., ExOne Company, Panasonic Corporation, Stratasys Ltd., TomTec Imaging Systems GmbH, Hexagon AB, and Vicon Motion Systems Ltd., These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch, to expand their foothold in the market.