3D Reconstruction Technology Market 2024 reaching US$1,432.6 Mn by the end of the forecast period

According to a new market report published by Transparency Market Research titled “Global 3D Reconstruction Technology Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,” the global 3D reconstruction technology market is expected to reach US$ 1,432.6 Mn by 2027, expanding at a CAGR of 6.7% from 2019 to 2027. Europe held a prominent share of the market in 2018 and is projected to be at the forefront of global demand

3D reconstruction technology include tools that provide a three dimensional framework/prototype of the specific operation or product. These designing tools help project managers, site engineers as well as site laborers to clearly understand the product/ operation in a virtualized environment so that during the actual work process, the risk of error can be minimized and total cost of production can be optimized. 3D reconstruction technology combines traditional computer aided design (CAD) and 3D modelling in order to design, visualize, and simulate digital representation of the physical and functional characteristics of a structure over its life cycle. These tools and services are widely used in various industry verticals including healthcare, manufacturing, retail, and oil and gas. 

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3D scanning based 3D reconstruction technology segment to expand rapidly during the forecast period

TMR believes that 3D scanning based 3D reconstruction technology type is expected to grow at an exponential rate from the year 2019. The reason for this is growing application of 3D scanning based technology in autonomous vehicles.  Demand for 3D scanning technology is expected to surge due to increase in the number of autonomous vehicle projects around the globe. More and more automotive manufacturers are deploying this technology since 3D scanning helps in accurate 3D depth measurement for autonomous vehicles.

Gaming and entertainment application to be a major revenue generating segment by 2027

The major application area of 3D reconstruction technology is expected to be gaming and entertainment. The use of 3D reconstruction technology is growing due to the increased use of 3D animation in mobile applications, games, and movies around the globe. Medical is expected to be the second most attractive application segment for 3D reconstruction technology by 2027.  In medical application, 3D reconstruction technology is used for medical image analysis. In addition, it offers improved accuracy due to multi view aggregation and helps to plan, simulate, and guide medical procedures. Civil engineering is also an important application area of 3D reconstruction technology and it is expected to grow at a CAGR of 7.3% during the forecast period, 2019-2027.

Healthcare industry segment expected to expand at a CAGR of 12.7% during the forecast period, 2019-2027

The healthcare industry segment is expected to create substantial incremental opportunity in the 3D reconstruction technology market over the forecast period. 3D reconstruction technology is used for medical imaging processes. Medical imaging provides diagnosis of cardiovascular disorders, cancer, neurologicaldisorders, gynecological issues, and other conditions.

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North America held substantial share in the overall market in 2017

Based on geography, the global 3D reconstruction technology market has been divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Europe is expected to hold a prominent share and account for more than 35% of the global market by 2027, followed by North America. Government initiatives for preservation of cultural heritage is the driving factor for the 3D reconstruction technology market in Europe. Germany holds the larger market share in the Europe region. Europe is followed by North America that is estimated to hold more than 30% share in the overall market in the year 2019. The market in Asia Pacific is expected to grow at a faster rate globally due to adoption of 3D reconstruction technology in the construction industry. Big construction companies are using 3D reconstruction technology, for instance, CCFEB Civil Engineering Ltd., a subsidiary of China State Construction Engineering Corporation (CSCEC), which is China’s largest construction and real estate company has adopted 3D reconstruction technology techniques. The Middle East is also a prominent contributor to the growth of the market.  Some of the key markets in the Middle East are Saudi Arabia and UAE.

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Major players operating in the global 3D reconstruction technology are Acute3D, Agisoft PhotoScan, Autodesk, Blackboxcv, Elcovision, Photometrix, PhotoModeler, Pix4D, RealityCapture, Realsense (Intel), Skyline Software Systems, and Vi3Dim Technologies. These players are continuously focusing on R&D activity in order to provide the most efficient and affordable solutions to oil and gas companies.