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Global Three-Dimensional (3D) Technology Market Projected to Attain $581.91 Billion with a 16.2% CAGR by 2028, Fueled by Key Growth Drivers
Three-Dimensional (3D) Technology Market
According to The Business Research Company's, the 3D technology market size has grown rapidly in recent years. It will grow from $273.55 billion in 2023 to $318.85 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to widespread use of 3d technology for designing and prototyping in the automotive sector, enhanced gaming experiences, rise in virtual reality (VR) and augmented reality (AR) demand, architectural visualization, rise in entertainment and consumer electronics.
The 3D technology market size is expected to see rapid growth in the next few years. It will grow to $581.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to growing use of 3D technology for medical imaging, surgical planning, and custom implants, automotive design and prototyping , evolving entertainment industry, increased product development speed, ongoing developments, such as continuous liquid interface production (CLIP). Major trends in the forecast period include technological innovation, the evolving consumer preferences across the globe, e-commerce integration, advancements in 3D printing materials, technological convergence.
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Market Drivers and Trends:
The rise in the entertainment industry is expected to propel the growth of the 3D technology market going forward. The entertainment industry refers to a group of sub-industries devoted to entertainment, including theater, film, fine art, dance, opera, music, literary publishing, television, and radio. 3D technology enhances the viewing experience by providing depth and realism, making movies, TV shows, and games more immersive. This technology creates a sense of depth perception, allowing viewers to feel like they are part of the action. For instance, in December 2022, according to Ontario Creates, a US-based government administration, in 2022, domestic film and television production maintained its strength, contributing $1.20 billion, representing a 25% rise from the previous year. Therefore, the rise in the entertainment industry is driving the growth of the 3D technology market.
Major companies operating in the 3D technology market are developing innovative products with advanced technologies such as Metal Jet S100 Solution to drive innovation, improve efficiency, enhance product customization. The Metal Jet S100 Solution refers to a specific 3D printing technology that utilizes a process called binder jetting, where layers of metal powder are selectively deposited and bonded together using a binding agent. For instance, in September 2022, Hewlett-Packard Development Company, a US-based technology company launched Metal Jet S100 Solution, a digitally driven industrial metal 3D printing solution designed for mass production of high-quality complex metal 3D parts. It is known for its high precision, speed, and ability to produce complex geometries, making it suitable for a wide range of industrial applications. The Metal Jet S100 Solution's unique features make it a versatile and efficient option for producing high-quality metal parts with complex designs and tight tolerances.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
BASF SE, Hewlett-Packard Development Company LP, Dassault Systèmes SE, Autodesk Inc., EOS GmbH, Stratasys Ltd., Siemens AG, Renishaw plc, 3D Systems Corporation, Proto Labs Inc., Materialise NV, Desktop Metal Inc., Carbon Inc., SLM Solutions Group AG, Markforged Inc., Formlabs Inc., Arcam AB , EnvisionTEC Inc., Nano Dimension Ltd., Shapeways Inc., Voxeljet AG, Optomec Inc., ExOne Co., XYZprinting Inc., Mcor Technologies Ltd.
Three-Dimensional (3D) Technology Market 2024 Key Insights:
• The three-dimensional (3d) technology market is expected to grow to $581.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%.
• 3D Technology Market Thrives On The Surge In Entertainment Industry Demand
• HP's Metal Jet S100 Solution Revolutionizing Industrial Metal 3D Printing
• North America was the largest region in the three-dimensional (3D) technology market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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