Advanced Cinema Projector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Illumination Source (Lamp and RGB Pure Laser), End User (Residential and Commercial), Resolution (2K and 4K), Lumens (1000–5000, 5001–10000, 10001–30000, and Above 30000)
The global advanced cinema projector market is expected to grow from US$ 1,100.69 million in 2021 to US$ 1,861.33 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028.
Rising demand for 3D projectors for commercial and residential applications with the growing implementation of digital technologies and increasing adoption of advanced technologies in cinema projectors are the significant factors driving the market. The market players are robustly concentrating on developing 3D advanced projectors that integrate laser phosphor and RGB laser technology. The advantages of these 3D laser projectors include low to no replacement or maintenance costs; precision color accuracy and stability; higher consistency brightness with an average laser source life of 20,000 h; greater energy efficiency; and consistent brightness over their life cycle. Some of the prominent market players who are indulged in developing these 3D advanced laser projectors are BenQ, Barco, Sony, and NEC. Thus, the rising adoption of advanced 3D laser projectors in cinema applications is expected to be a major trend during the forecast period. For instance, the production houses are concentrating on releasing the 3D versions of films entirely for China due to the emerging interest of the audience toward 3D movies. As per the State Administration of Press, Publication, Radio, Film, and Television (SAPPRFT), the Chinese government intends to have over 60,000 cinema screens in the country. Therefore, this increase in the interest of viewers in 3D movies, along with the growing number of movie screens, is one of the new trends witnessed by the market in APAC.
Impact of COVID-19 Pandemic on Advanced Cinema Projector Market
The COVID-19 pandemic has hit hard on several industries across the globe, thereby, decimating the demand for various electronics industry products. The electronics industry players have observed steep decline in their revenues in 2020, however, since the beginning of 2021, the companies have been witnessing notable positive growth in their product among certain countries. The cinema projector manufacturers also experienced decline in their revenues as the demand dropped substantially as majority of the cinema theatres were shut down by the governments to curb the spread of COVID-19 virus. This resulted in revenue loss among the cinema theatre owner, which in turn restricted them to opt for advanced projection solutions to enhance the customer experience. This parameter hindered the growth of advanced cinema projector market in 2020.
The overall advanced cinema projectors market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the segments. It also provides the overview and forecast for the global advanced cinema projectors market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the advanced cinema projectors market.
A few major players operating in the market are Barco NV; BENQ Corporation; Christie Digital; Delta Electronics, Inc.; Hitachi Ltd.; Infocus Corporation; LG Electronics Inc.; Optoma Corporation (Coretronic Corporation); Panasonic Corporation; and Sharp Corporation.
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