According to a new market report published by Transparency Market Research titled “Global 3D Modeling, 3D Visualization, and 3D Data Capture Market 2018-2026,” the global 3D Modeling, 3D Visualization, and 3D Data Capture market is expected to reach US$ 1,077.1 Mn by 2026, expanding at a CAGR of 3.8% from 2018 to 2026. North America held a prominent share of the market in 2017 and is projected to be at the forefront of global demand
3D Modeling, 3D Visualization, and 3D Data Capture solutions include both software as well as services offered by software and service providers to the upstream, mid-stream, and downstream oil and gas industry. 3D modeling solutions are modeling and designing software used for 3D designing of refinery plants, piping systems, grid systems etc. These solutions include both CAD and BIM software. 3D visualization solutions are mainly rendering tools and solutions that help the engineers with better visualization of a plant or infrastructure.3D data capturing solution help in capturing and analyzing the data released from sensors, laser scanners etc. These solutions help oil and gas companies to minimize risks and errors which in turn positively impacts the oil and gas projects by reducing overall time and cost of a project
AR/VR based application segment to expand rapidly during the forecast period
TMR believes that AR/VR based applications that largely include training and marketing activities is expected to grow at an exponential rate from the year 2019. The reason for this is investment in new technologies by oil and gas companies as well as need to reduce or minimize the fatality rate in the oil and gas industry.
3D data capturing solution segment to be a major revenue generating segment by2026
3D data capturing solutions are expected to be deployed/used across all major oil and gas companies in the coming years. The operators use a number of sensors across the upstream, mid-stream, and downstream industry. These sensors generate lot of data that can be beneficial for the company to take effective decisions and thus reduce mismanagement in the project. In order to effectively use these data, data capturing solutions are being used that can capture and analyze the real-time data (generated from various installed sensors) and can therefore help the operators (oil and gas company) to take efficient decisions related to upgrading and replacement of plant equipment. 3D data capturing solutions are offered both as a software that can be directly deployed by the oil and gas company or as a service that the oil and gas company can avail from service providers.
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North America held substantial share in the overall market in 2017
Based on geography, the global 3D Modeling, 3D Visualization, and 3D Data Capture market has been divided into North America, South America, Europe, Asia Pacific, the Middle East, and Africa. North America is expected to hold a prominent share and account for more than 30% of the global market in 2026, followed by Europe. The growth in the North America market is due to greater adoption of these solutions to effectively conduct exploration, development, production, and transportation of oil and gas. The U.S holds the larger market share in the North America region due to substantial drilling activity as well expected increase in CAPEX. The market in Asia Pacific is expected to grow at a faster rate globally due to digital transformation in Thailand, India, Australia, Vietnam, and Malaysia among others. The Middle East is also a prominent contributor to the growth of the market. Some of the key Middle East countries are Saudi Arabia, UAE, Kuwait, and Oman. Also, after privatization in Brazil’s oil and gas industry, big oil and gas private players are investing in the country, thus driving the growth of the market in Brazil.
Major players operating in the global 3D Modeling, 3D Visualization, and 3D Data Capture market are AAM Pty Ltd., AVEVA Group plc, Bentley Systems, Incorporated, EON Reality Inc., Esri Canada, Goontech, ImageMaker Advertising Inc., Intergraph Corporation, Josen Premium, Mechdyne Corporation, and Solid Terrain Modeling, Inc. These players are continuously focusing on R&D activity in order to provide the most efficient and affordable solutions to oil and gas companies.
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