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3. Product Launches & Developments were the Key Strategies Adopted by the Market Players to Increase their Share in the 3D Scanner Market

The 3D scanner market is expected to be valued at 5.90 Billion by 2023, growing at a CAGR of 7.8% between 2017 and 2023. The major factors driving the growth of the market include the increasing need to capture large volumes of 3D data for modelling and analysis, increasing focus on quality control, rise in the deployment of product lifecycle management (PLM) solutions, and reduced hardware complexity in 3D scanning.

Product launches & developments were the key strategies adopted by the market players to increase their share in the 3D scanner market in 2016. These strategies, collectively, accounted for a share of 69.23% of the overall growth strategies adopted by the market players between 2014 and 2017. Hexagon AB (Sweden), FARO Technologies, Inc. (US), and Nikon Metrology NV (Belgium) are the key manufacturers of 3D scanners. Partnerships, contracts, joint ventures, agreements, and collaborations were other key strategies adopted by the players in the 3D scanner market during the same period. Partnerships, contracts, joint ventures, agreements, and collaborations, collectively, accounted for a share of 17.30% of the overall growth strategies adopted by the market players between 2014 and 2017.

Hexagon AB (Sweden) held the leading position in the overall 3D scanner market in 2016. The company offers products and services for various end-user industries, such as aerospace, agriculture, automotive, infrastructure & construction, metals & mining, power, and safety & surveying. Hexagon AB operates through two business segments: Geospatial Enterprise Solutions and Industrial Enterprise Solutions. Its Geospatial Enterprise Solutions segment has been further segmented into geosystems, safety and infrastructure, and positioning intelligence. The company’s Industrial Enterprise Solutions segment has also been further divided into three subsegments: Manufacturing Intelligence & Process, Power, and Marine. The company has a wide portfolio of 3D scanners. It focuses on product and technology innovation. For instance, the company offers an ultra-portable laser tracker system, which ensures excellent portable metrology performance and presents significant improvements in terms of speed and ease of measurement. Hexagon’s products have applications in the aerospace, automotive, power & energy, and medical industries. Moreover, with a wide geographical coverage and strong focus on R&D, the company has managed to obtain the first position in the market.

Faro Technologies Inc., (US) held the second position in the market in 2016. The company mainly focuses on metrology products. It has adopted acquisitions and product launches as its key strategies to grow in the market. For instance, in April 2017, the company acquired MWF-technology GmbH (Germany), a leading provider of augmented reality solutions for the BIM/CIM and metrology industries. This acquisition would help the company provide innovative software tools for converting 3D CAD data into a mobile format that delivers immersive and interactive 3D simulated images. Faro has adopted product launches to ensure growth, increase its product offerings, and enhance its market share. In April 2017, Faro launched PointSense 18.0 Suite, which is used in the construction and architecture industry for the seamless integration of 3D scanner data with Autodesk 2018 design tools.

Related Reports:

3D Scanner Market by Offering (Hardware & Software, Aftermarket Service), Type (Laser, Structured Light), Range, Product (Tripod Mounted, Fixed CMM Based, Portable CMM Based, Desktop), Application, Industry, and Geography - Global Forecast to 2023

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