The global 3D Modeling, 3D Visualization, and 3D Data Capture market was valued at US$ 775.3 Mn in 2017 and is expected to expand at a CAGR of 3.8% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “3D Modeling, 3D Visualization, and 3D Data Capture Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” North America is expected to hold the dominant revenue share, with the market in the region expanding at a CAGR of above 3.5%. The global 3D Modeling, 3D Visualization, and 3D Data Capture market is mainly driven by growing drilling activities as well as digitization of the oil and gas industry.
Growing drilling activities and digitization of the oil and gas industry driving the demand for 3D Modeling, 3D Visualization, and 3D Data Capture
The 3D Modeling, 3D Visualization, and 3D Data Capture market is expected to expand at a CAGR of 3.8% during the forecast period 2018-2026. The 3D Modeling market includes both software as well as services offered by software providers and service providers. Software vendors operating in the market of 3D modeling solutions include providers of various computer aided design (CAD) software and building information modeling (BIM) software. These software are used across the upstream, mid-stream, and downstream oil and gas industry for pipeline designing and refinery plant designing. Service providers operating in this market largely provide readymade design (designed by their team) based on client requirement. The 3D visualization market also includes software as well as services offered to oil and gas companies.
3D visualization tools are essentially the rendering design software which is created after modeling the product/ infrastructure. The 3D data capture market includes data capturing solutions as well as services offered in the market. 3D data capture solutions help oil and gas companies to capture as well as analyze data in real-time. The data released from various sensors and laser scanning tools are efficiently analyzed which in turn helps the oil and gas companies to take effective decisions.
Increasing drilling activity, improving oil and gas processes, and digital transformation of the oil and gas industry expected to play an important role in the expansion of the 3D Modeling, 3D Visualization, and 3D Data Capture market
The 3D Modeling, 3D Visualization, and 3D Data Capture market is driven by improvement in global oil and gas prices as well as expected improvement in capital expenditure (CAPEX) of major oil and gas companies. Also, oil and gas companies are undergoing digital transformation that includes investment in AR/ VR technology, use of Big Data analytics for efficient decision making, and investment in cyber-security solutions.
The 3D visualization market is divided on the basis of its application areas. These application areas include AR & VR (training, marketing etc.), safety and training, marketing& sales animation, post production, product and process, and transportation. The product and process application is further bifurcated into operation procedure for drilling wells, casing installation, cementation process, and oil and gas extraction and refining process.