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
Laser projection market to grow at a CAGR of 18.2% between 2018 and 2023
The laser projection market is expected to be worth USD 4.57 billion in 2018 and is projected 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, increasing adoption of laser projection technology for various applications, and less maintenance cost are some of the driving factors for the growth of the laser projection market. However, high initial cost of laser projectors for higher lumen restrains the growth of the laser projection market.
Market for laser phosphor projector to grow at highest CAGR during forecast period
The market for laser phosphor projector is expected to grow at the highest CAGR between 2018 and 2023. Laser phosphor projectors have several advantages over lamp-based projectors; some of these are longer lifespan, reduced downtime, and lower maintenance costs. 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. Also, there is an increasing adoption of RGB laser projectors, especially in the large-screen professional cinema application.
Enterprise to hold largest share of laser projection market in 2018
The enterprise vertical is expected to hold the largest share of the laser projection market in 2018. Laser projectors are widely used in conference rooms, boardrooms, executive briefing rooms or meeting rooms, and government offices, among others. Public organizations and government bodies use laser projectors for briefing and providing people ancillary information at meetings. Enterprises require laser projectors in training rooms, conference rooms, meeting rooms, etc., to provide information to employees.
Laser projection market in APAC to grow at highest CAGR during forecast period
The laser projection market in APAC is expected to grow at the highest CAGR between 2018 and 2023. APAC is the leading laser projection market for education and cinema segments, with major demand driven by countries such as China and India. Growing number of cinema screens and increasing penetration of laser projectors in cinema; increasing spending on consumer electronics; and the introduction of low-cost projectors in China drive the laser projection market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profiles of primary participants is given below:
By Company Type: Tier 1 - 40%, Tier 2 - 36%, and Tier 3 - 24%
By Designation: C-Level Executives - 42%, Directors - 32%, and Others - 26%
By Region: North America - 32%, Europe - 17%, APAC - 43%, and RoW - 8%
Major players operating in the laser projection market and profiled in this report are Panasonic Corporation (Japan), Sony Corporation (Japan), Seiko Epson Corporation (Japan), Barco NV (Belgium), NEC Display Solutions (Japan), BenQ Corporation (Taiwan), Casio Computer Co., Ltd. (Japan), Delta Electronics Industry Co., Ltd. (Taiwan), Optoma Corporation (US), and Ricoh Company, Ltd. (Japan). The report also includes the profiles of companies such as Canon Inc. (Japan), Christie Digital Systems (US), Digital Projection (UK), Dell (US), FARO Technologies, Inc. (US), Hitachi Digital Media Group (UK), LAP GmbH Laser Applikationen (Germany), LG (South Korea), ViewSonic Corporation (US), and Xiaomi Inc. (China).
The report defines, describes, and forecasts the laser projection market on the basis of product type, illumination type, resolution, vertical, and geography. It provides detailed information regarding major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the laser projection market. It also analyzes competitive developments such as product launches and developments; and collaborations/agreements/contracts/partnerships carried out by key players to achieve growth in the market.
Reasons to Buy This Report:
Illustrative segmentation, analysis, and forecast pertaining to the laser projection market based on product type, illumination type, resolution, vertical, and geography have been conducted to provide an overall view of the market.
Major drivers, restraints, opportunities, and challenges pertaining to the laser projection market have been detailed in this report.
A detailed competitive landscape of key players in the market, along with their revenues, has been included.