Laser projectors are illumination devices able to project an image on the screen. The advantages of low maintenance, long brightness, and durability are likely to induce its demand among enterprises and corporations. The global laser projector market report by Market Research Future (MRFR) takes a deeper look at the industry and forecasts its developments from 2018 to 2023 (assessment period). The COVID-19 outbreak and its impact on production are analyzed in detail.
The global laser projector market is expected to reach USD 8.32 billion by the end of the forecast period with a compound annual growth rate (CAGR) of 16.37%. It was valued at USD 2.93 billion in 2018.
The adoption of laser projectors by universities, movie theaters, and home owners owing to their low maintenance can drive the market demand. Rising demand for RGB laser projectors can be opportune for market leaders. Recently, Optoma launched the CinemaX P2 ultra short throw laser projector for delivering images in ultra high-definition (UHD) format. It can also be controlled using a mobile application and compatible with voice assistants such as Google Assistant and Amazon Alexa.
The COVID-19 pandemic has dampened the demand for laser projectors as governments globally declared shutdowns of large businesses and gathering of crowds. It has also halted the demand in the manufacturing sector. However, the ease of lockdown rules and reopening of amusement parks and entertainment venues can drive the demand for laser projectors.
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The global laser projector market has been segmented on the basis of illumination type, resolution, and vertical.
By illumination type, the global laser projector market has been segmented into laser phosphor, hybrid, RGB laser, laser diode, and others.
By resolution, the global laser projector market has been segmented into XGA (1024 x 768 pixels), WXGA (1280 x 800 pixels), HD (1920 x 1080 pixels), 4K (4096 x 2160 pixels), and others.
Based on vertical, the global laser projector market has been segmented into retail, media & entertainment, healthcare, education, industrial, and others. The education vertical is expected to capture a large share of the global laser projector market share owing to its requirement in universities and places of higher learning for imparting knowledge to students.
By region, the global laser projector market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Central & South America.
The APAC region is estimated to dominate the global laser projector market, followed by North America, Europe, and the rest of the world. The demand for laser projectors in stadiums, amusement parks, and public places in China, Japan, and South Korea has attributed to the growth of laser projector market in this region. Moreover, technological advancements such as 4K and 8K quality laser projectors have expedited market demand. Developments in projections and image quality by manufacturers can induce heavy demand for laser projectors.
On the other hand, North America is expected to witness the fastest growth due to the increasing consumer awareness regarding high-brightness laser projectors. In addition to this, the adoption of laser projectors in schools and universities to enhance the learning experience has contributed to the growth of laser projectors in this region.
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Sony Corporation, LG Electronics, Ricoh, Canon Inc., Panasonic Corporation, Seiko Epson Corporation, Optoma, Barco, Dell, NEC Display Solutions, BenQ America Corp., Christie Digital Systems USA, Inc., Delta Electronics, Inc., Xiaomi, and Hitachi Digital Media Group are key players of the global laser projector market.
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