3D Scanning Market Growth, Forecast Report 2024 | Key Industry Players are Steinbichler, 3D Digital Corp., Ametek, Basis Software Inc., Hexagon AB, 3D Systems, Autodesk Inc., and Creaform

3D Scanning Market is estimated to surpass USD 10 billion by 2024. Wide range of application in areas such as automobiles, construction, aerospace, and engineering is expected to be one of the major driving factors. The need to optimize overall requirement of resources including time, efforts, and cost by first modelling the objects using the technology is growing rapidly. Generating models and prototypes before the actual production in defense and consumer goods is increasing the demand. The technology is becoming a crucial component in manufacturing industries for inspection and quality control.

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High volatility of prices is expected to challenge the suppliers in the 3D scanning market. To combat this issue, the suppliers are entering into annual or bi-annual contracts with the manufacturers relating to the supply of raw materials used. This ensures the locking of prices for the period of contract, thus enabling the suppliers to ensure business for that timespan and increasing price-profitability for the manufacturers. A low degree of backward integration is observed in the 3D scanning market, with manufacturers adopting this strategy to gain cost-advantage over the competitors.

The short-range segment in the 3D scanning market is expected to grow drastically, owing to the low cost and high portability of these devices. Moreover, they are increasingly used by the small and medium businesses due to their affordability. These devices can be classified into contact or non-contact categories. The coordinate measuring machines form a part of contact type scanners and are commonly used where the object is probed through physical touch. The main drawback of these devices is rigidity that hampers the adoption.

3D scanning market is expected to witness high demand from the entertainment industry, owing to the increasing applications in gaming sector. EA Sports is the first gaming company to use this technology to laser scan every hole featured in the game at Augusta National Golf Club. It enables the players to gain knowledge about the authentic digital presentation of the tournament. In 2015, FIFA also used this technology to capture faces of the players and information about the stadium. Use of character doubles created using this technology is a growing trend in the industry, owing to its ability for quick creation of replicas and high accuracy compared to modelling from photographs.

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The North America 3D scanning market is expected witness remarkable growth over the forecast timespan, due to growing construction sector and increasing application in automobile industry. Increasing number of refurbishment projects are providing growth opportunities for the software manufacturers to develop customized products. The manufacturers and technology providers in the 3D scanning market are leveraging the advancements in technology to gain competitive advantage. For instance, Autodesk, Inc. is developing software to integrate the data captured by unmanned aerial vehicles (UAVs) with 3D scanning technology to gain more insights.

The industry participants comprise Steinbichler, 3D Digital Corp., Basis Software Inc, 3D Systems, Hexagon AB, Ametek, Creaform, Autodesk Inc. and FARO Technologies, Inc. Manufactures are implementing advanced technologies in the products to distinguish their products. The 3D scanning market is facing numerous challenges owing to intense competition among competitors, growing end-user preferences, and other related risks.

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