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 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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Laser Projector Market – Segmentations
The global Laser Projector Market has been segmented on the basis of illumination type, resolution, vertical, and region.
The key players in the Laser Projector Market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Sony Corporation (Ticker: 6758) (Japan), Seiko Epson Corporation (Japan), NEC Display Solutions (US), BenQ America Corp. (Taiwan), LG Electronics (South Korea), Ricoh (Ticker: 7752) (Japan), Canon Inc. (Ticker: 7751) (Japan), Panasonic Corporation (Japan), Barco (Belgium), Christie Digital Systems USA, Inc. (US), Dell (US), Hitachi Digital Media Group (England), Xiaomi (China), Delta Electronics, Inc. (Taiwan), and Optoma (Taiwan). The companies are focused on innovating in their existing product portfolio as well as develop new products by investing in research and development to keep up with the changing market trends.
Laser Projector Market – Regional Analysis
The market for laser projector is estimated to witness significant growth during the forecast period from 2019 to 2025. The geographic analysis of laser projector market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. According to MRFR analysis, Asia-Pacific dominated the laser projector market in 2018 and is expected to maintain its dominance during the forecast period. Several factors such as demand for laser projectors in commercial and industrial spaces and rapid adoption of laser projectors in education and media and entertainment segments is fuelling the growth of the laser projector market in this region. Europe is the second dominating region contributing to the growth of the global laser projector market. Companies such as Barco, NEC, and LG among others are developing projectors to attract the customers, thus, contributing to the growth of the European region. However, North American is estimated to witness the fastest growth among all other regions. The educational and government sector of the US is one of the earliest adopters of laser projectors for conferences, seminars, and other applications. Furthermore, this region is expected to witness a major adoption of laser projectors for residential applications. Thus, the aforementioned factors are expected to accelerate the growth of the North American market in the coming years.
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