According to the research report on "Laser Projection Market by Product Type (Laser Projector and CAD Laser Projection System), Illumination Type (Laser Phosphor, Hybrid, RGB Laser, Laser Diode), Vertical (Enterprise, Public Places, Cinema, Education), and Geography - Global Forecast to 2023", the laser projection market, the overall 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. Significant advantages of laser projectors over traditional lamp projectors and increasing adoption of laser projection technology for various applications are the major drivers for the growth of the laser projection market.
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).
Laser phosphor projector expected to hold major market share during forecast period
Laser phosphor projector is expected to lead the market in 2018. The long life and low maintenance of laser phosphor projectors make them ideal for high-use settings, such as boardrooms, classrooms, houses of worship, museums, and location-based entertainment venues. A major benefit of using laser phosphor is reduced total cost of ownership (TCO). The increasing adoption of laser phosphor-based projectors for various applications is expected to drive the market during the forecast period.
Laser projection market for cinema to grow at highest CAGR between 2018 and 2023
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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