October 29, 2019 by Market-NewsFlash
Inceasing Adoption of Laser Projection Technology for various applications is Anticipated to Fuel the Growth of the Global Laser Projector Market during the Forecast Period 2019–2025
Laser projectors deliver highly precise images with superior 2D and 3D brightness, color, uniformity, and contrast. Thus, these projectors are highly preferred for applications in education, home entertainment, digital signage, and various live events. Since the lifespan of these projectors is comparatively better than conventional lamp-based projectors, the market is witnessing a rapid shift in the adoption of these projectors. In addition to this, laser projectors do not need to be pre-heated before projection. This enables the projector to instantly project an image with vivid colors and brightness. Technological advancements along with consumer preferences are encouraging the manufacturers to develop laser projectors with better quality and longer life.
By illumination type, the global laser projector market has been segmented into laser phosphor, hybrid, RGB laser, laser diode, and others. The laser phosphor segment is expected to dominate the global laser projector market since this type of projectors provides illumination of approximately 15,000–25,000 lumens which is ideal for applications in museums, educational events, government departments, and movie theaters. On the other hand, the RGB laser segment is expected to witness the highest CAGR during the forecast period owing to the demand for high resolution and high-quality images by the media and entertainment industry.
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. The HD segment is expected to dominate the global market as the maintenance costs of these projectors is less and hence, is highly preferred by consumers. Moreover, the 4K segment is anticipated to witness the fastest growth during the forecast period since the market is experiencing several technological advancements to offer better resolution and image quality
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The global laser projector market has been segmented on the basis of illumination type, resolution, vertical, and region.
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.
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 (Japan), Seiko Epson Corporation (Japan), NEC Display Solutions (US), BenQ America Corp. (Taiwan), LG Electronics (South Korea), Ricoh (Japan), Canon Inc. (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.
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