3D Scanning Market Expected To Surpass $11 Billion By 2020

The market will improve at a 4.7 percent compound annual growth rate through 2020.

The worldwide 3D scanning market will reach an estimated $11.1 billion value by 2020, according to a recent market research report.

Indian research and consulting firm IndustryARC found that the 3D scanning market created $8.8 billion in revenue in 2015, and will improve at a 4.7 percent compound annual growth rate through 2020.

The manufacturing industry has greatly aided the 3D scanning market, accounting for the largest share of the technology in 2014, followed by the aerospace segment. IndustryARC said the increased need for rapid prototyping and 3D scanning in inspection applications in the manufacturing and aerospace industries will help improve adoption, and as a result, lower cost and time to market.

According to the report, the greatest influence on the improving 3D scanning market will be expanding applications and technological advancements within the aerospace segment. The firm expects that education will experience the greatest growth in 3D scanning use between now and 2020. Supporting this improvement is the desire to immerse students in the engineering, medical, architectural, and art fields with 3D scanning technologies, enabling them to learn in a more interactive manner.

Industry ARC expects 3D scanning to be continuously assimilated into large scale industry plants because of the risk mitigation it presents during a variety of projects. The technology helps to lessen the likelihood of poor control procedures and documentation, which cause projects to take longer and cost more to complete than expected. Laser scanning also reduces installation costs by 6 to 8 percent and schedule contraction by 10 percent. Plants can also use 3D scanning to evaluate design and engineering plans to forecast potential conflicts, and to ensure that projects meet safety standards.

The report found that America provided the greatest geographical market for 3D scanning in 2014, accounting for $3.1 billion in revenue. The Asian-Pacific region, which encompasses China, Japan, Singapore, India, and other countries, according to IndustryARC’s criteria, provided the second greatest market. The firm expects the 3D scanning market within the region to grow vastly in coming years due to the assimilation of laser scanners for consumer products designing. Unlike in the previous two regions, the European 3D scanning market is expected to grow at a slow rate. The report said the slow rate of improvements is likely to occur due to doubts relating to the region’s economy, as well as poor growth in the manufacturing and automotive industries.

The 3D printing companies that are expected to succeed the most through 2020 are Carl Zeiss, of Germany; Hexagon AB, Sweden; Ametek, the United States; Mitutoyo, Japan; and Faro, the United States. The five companies nearly held a 75 percent share of the 3D scanning market in 2014.

IndustryARC’s report can be accessed here.

More in Industry 4.0