3D Imaging Market Creates Lucrative Opportunities From Growing Appeal of Virtual Reality
With the advent of inexpensive processors and high performance imagers, a large number of industries have recognized the benefits of adopting 3D imaging technology. 3D imaging is being adopted across industry verticals for better visualization and enhanced imaging. This technology is widely adopted in the medical sector for augmented patient diagnosis. This is encouraging market players to develop advanced imaging solutions that meet the specific requirements of the healthcare industry. The media and entertainment, automotive, and defense sectors are also making extensive use of 3D imaging systems, thus driving their demand. 3D imaging systems are also being used for civil engineering applications for creating models of buildings.
Industrial sectors as diverse as media and entertainment, advertising, architecture and engineering, construction, and healthcare have incorporated a plethora of 3D visualization technologies into their design, development, and production process. The impressively expanding library of 3D modeling tools and 3D content has made design more affordable and has significantly boosted the product-to-market process.
Demand for Industrial Automation and Effective Imaging Modalities in Healthcare Industry
The major driving forces behind the vast growth prospects of the 3D imaging technology is its increased usage in the healthcare and industry automation applications. The healthcare industry, especially, has presented manifold growth opportunities for 3D imaging in areas such as diagnosis, surgery, and research. With the rising demand for effective diagnosis technologies in medical disciplines such as oncology, dentistry, cardiology, and gynecology, the 3D imaging market is expected to gain a major share in its overall revenues from applications across the healthcare industries in the near future.
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The rising usage of 3D imaging in machine vision applications across the field of industrial automation is also providing significant growth opportunities for the global 3D imaging market. The use of 3D imaging has enabled significant expansion of automation across manufacturing facilities in the past few years. In the next few years, applications of 3D imaging such as 3D depth perception and non-contacting detection will empower machine vision techniques and thus have a major impact on industrial automation. Industrial applications of 3D imaging accounted for an 18.7% share in the global market’s overall revenues in 2014 and is expected to expand at a massive 27.4% CAGR over the period between 2015 and 2021.
Elaborate upon the opportunities of growth in the 3D imaging market
The growing appeal of virtual reality is offering huge potential for the 3D imaging technology. The modern day virtual reality artificially creates sensory experiences of smell, touch, hearing, and sight. Key players in the field of virtual reality have developed technologically advanced products for customers. For instance, Apple has filed a patent for a virtual reality headset, designed to use the iPhone as a processing unit. Technologies such as Google Cardboard and Oculus Rift headsets are also trying to bring virtual reality to the mass market. Moreover, companies are attempting to capture 3D content for virtual reality from the real, existing world. A case in point would be Marriott Hotels. This technology is being used by Marriott for giving people tours of distant destinations.
On a whole, the global market for 3D imaging is expected to witness expansion at a strong 26.8% CAGR over the period between 2015 and 2021, rising from a valuation of US$3.51 bn in 2014 to US$17.99 bn by 2021.This review of the market is based on a report published by Transparency Market Research, titled “3D Imaging Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
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Some of the major players in the market are: Infineon Technologies (Germany), Lockheed Martin Corporation (U.S.), Google Inc.(U.S.), Hewlett-Packard Corporation (U.S.), Microsoft Corporation (U.S.), Panasonic Corporation (Japan), GE Healthcare (U.K.), Konica Minolta, Inc. (Japan), Stemmer Imaging Ltd. (Germany) and Zebra Imaging Inc. (U.S.) among others.
Healthcare industry to be the leading revenue generator
Rising demand across consumer electronics products to drive positive developments in 3D imaging cameras
High population base and increased receptiveness to technological advancements in Asia Pacific to prove beneficial for market
North America to Continue Being Most Influential Regional Market,Nevertheless, the markets for 3D imaging in Europe and Asia Pacific are expected to emerge as tough contenders to the North America 3D imaging market