Global Laser Projector Market Scope
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.
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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 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.
The global laser projector market has been segmented on the basis of illumination type, resolution, and vertical.
By illumination type,
Based on vertical,
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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