Home Industry 3D Scanning Market to Reach $ 11.1 Billion by 2020

3D Scanning Market to Reach $ 11.1 Billion by 2020

India-based research and consulting company IndustryARC released a report predicting a 4.7% compound annual growth rate for the 3D scanning market through 2020, resulting an an estimated $ 11.1 billion value by that year. 

The manufacturing industry followed by the aerospace segment account for the largest share of 3D scanning technology in 2014. The growing demand for rapid prototyping and 3D scanning in inspection applications in these industries is driving adoption of 3D scanning devices in order to improve the cost and time to market. Education is predicted to result in the highest growth due to 3D scanning technology used in medical, engineering, art and architectural education fields.

IndustryARC sees risk mitigation in the execution of projects as a major field of implementation for 3D scanning in large scale industrial plants: “Laser Scanning has been instrumental in reducing the installation costs by 6-8% and schedule contraction by 10%. Apart from containing such costs and schedule factors, 3D scanning has become a vital aspect in analysing the design and engineering plans to evaluate conflicts in the existing conditions along with better alternatives.”

In 2014, the largest market revenue wise was America ($ 3.12 billion), followed by the Asia-Pacific region. The report predicts a slower growth for Europe due to economic uncertainty and a low growth rate in manufacturing and automotive sectors.

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