Global Pico Projector Market - Segmented by Product Type, by End User Industry, by Technology, by Application, by Component, and by Region - Growth, Trends and Forecasts (2018 - 2023)
In 2017, the global pico projector market was valued at USD 1.97 billion and is expected to reach nearly USD 3.95 billion by 2023, registering a CAGR of about 14.86% during 2018 - 2023 (the forecast period). North America is dominating the global pico projector market. Recent developments in the pico projector technology have made personal projectors viable for the consumer market. The pico projector market is further driven by the capability of optoelectronic systems and these projector are used in various industries, like automotive, aerospace & defense, consumer electronics, healthcare, media & entertainment, marketing agencies, and ‘others’. Pico projectors can make bared eyes 3D motion pictures with high resolution, where viewers can watch movies and play games with the glass-free environment. South Korea and Japan are among the promising markets for the VR gaming technology.
Currently, standalone, media player, and USB pico projectors have a higher demand than embedded projectors, as they are yet to capture the market. Technologies incorporated in pico projectors are Liquid Crystal-on-Silicon (LCoS), Laser-Beam-Steering (LBS), and Digital Light Processing (DLP). The major components that comprise a pico projector are optics, batteries, and a lighting source. The manufacturing sector of pico projector systems market has seen a slight decline in the last few years because of the plunging cost of electronic goods. The general market outlook remains fairly positive, although the degree of the competitive rivalry has grown substantially over the last few years. The market can be characterized by high levels of fragmentation, moderate to high-product differentiation, increased rate of adoption of display gadgets in the Asia-Pacific.
Increased Adaption of the Digital Light Processing (DLP) Technology
DLP projectors rely primarily on a DLP chip, or digital micromirror device (DMD), which comprises of up to two million tiny mirrors, where each mirror is one-fifth the width of a human hair. A DLP projector with three-chip architecture can project up to 35 trillion colors. Being light-source agnostic, DLP technology can effectively use a variety of light sources. Typically, the main DLP light source is a replaceable high-pressure xenon arc lamp unit. Alternatively, pico DLP projectors use high-power LEDs or lasers.
Evolving consumer choices are leading to the introduction of product variants, addition of product specifications, and the incorporation of new sources. A typical projector works on the principle of the source on which image is projected. The light source is of several distinct technologies, such as optics, sensors, digital electronics, communications, and industrial engineering. For effective functioning, the hardware and software components need to work in a close tandem. The change of production lines may cause a difference in lighting, capture angles, and the position that may require changes in the placement of lighting source. This has been a major challenge for pico projector vendors as the most end-user applications are expected to demonstrate dynamic changes during the forecast period. The incorporation of new technologies into the automotive sector is expected to pose a positive effect on the pico projector market, as many automotive manufactures are employing high-quality image projection systems in their vehicles. With pico DLP projector that can produce high-quality images, the advancements in the autonomous car technology are fueling the growth of the overall pico DLP projector systems market.
Investments and Demand Have Made North America the Biggest Market
North America is likely to dominate the global pico projector market, during the forecast period. The major factors driving the scale and growth of the North American market are the investments in the consumer market, as well as the strong domestic consumption in the automotive, healthcare, and education and research markets. Also, a lot of discussions have surrounded the new applications of this technology, particularly in life sciences, intelligent traffic systems, and vision-guided robotics. The region with a vast IT infrastructure has boosted the smart devices market, regarding the enhancement of factors, like mobility and making high-speed internet available to users. However, this can affect the data storage and efficiency of these devices. Pico projector systems provide effective solutions for data presentation and analysis, thereby improving the efficiency of the existing technologies.
The United States remains a major market for pico projectors in North America. Improvement in the economy is likely to fuel up investments in the R&D activities for advanced technologies while affecting the growth of the pico projector market. Being the biggest economy in the world, with the presence of some large enterprises and highly informed customers, the United States is one of the most favorable destinations for vendors to invest.
Key Developments in the Market