The laser projection market is estimated to be worth
USD 4.57 billion in 2018 and is expected to reach USD 10.53 billion by
2023, at a CAGR of 18.2% between 2018 and 2023. The growth of this
market can be attributed to the growing demand for RGB laser projectors
in cinema and rising demand for high-brightness projectors.
This report segments the laser projection market by
product type, illumination type, resolution, vertical, and region. The
market, by product type, has been segmented into laser projector and CAD
laser projection system. The market for laser projector is expected to
grow at the highest CAGR between 2018 and 2023.
Demand for laser
projectors is increasing owing to their low maintenance cost, less power
consumption, and high picture quality. Demand for high-brightness laser
projectors in cinema and the increasing number of digital cinema
screens in many countries drive the adoption of laser projectors. Major
companies offering laser projectors are Epson (Japan), Barco (Belgium),
Panasonic (Japan), Sony (Japan), and NEC Display Solutions (Japan),
among others.
The market for cinema is expected to grow at the
highest CAGR during the forecast period. The cinema vertical is expected
to create ample opportunities for players in the laser projection
market. The increasing number of cinema screens across the world and
advancements in projection technology with less maintenance cost provide
opportunities for the laser projector market growth. Barco is one of
the major companies offering high-brightness laser projectors for cinema
applications.
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APAC is expected to dominate the laser projection
market. APAC is the leading market for education and cinema segments,
with major demand driven by countries such as China and India. APAC is
expected to provide ample opportunities for the market growth during the
forecast period due to increasing consumer awareness about
high-brightness laser projectors, increased government spending from
emerging economies on the education sector, and the development of the
education sector to provide smart education to students. Also, the
increasing number of cinema screens and rising penetration of laser
projectors in cinema drive the growth of the market.
High initial cost of laser projectors for higher lumen restrains the growth of the market.
Key players in this market include Panasonic (Japan),
Sony (Japan), Epson (Japan), Barco (Belgium), NEC Display Solutions
(Japan), BenQ (Taiwan), Casio (Japan), Optoma (US), Delta Electronics
(Taiwan), and Ricoh Company (Japan).
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