Laser projectors deliver highly precise images with superior 2D and 3D brightness, color, uniformity, and contrast. Thus, these projectors are highly preferred for applications in education, home entertainment, digital signage, and various live events. Since the lifespan of these projectors is comparatively better than conventional lamp-based projectors, the market is witnessing a rapid shift in the adoption of these projectors. In addition to this, laser projectors do not need to be pre-heated before projection. This enables the projector to instantly project an image with vivid colors and brightness. Technological advancements along with consumer preferences are encouraging the manufacturers to develop laser projectors with better quality and longer life.
The global laser projector market has been segmented on the basis of illumination type, resolution, vertical, and region.
The market for laser projector is estimated to witness significant growth during the forecast period from 2019 to 2025. The geographic analysis of laser projector market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. According to MRFR analysis, Asia-Pacific dominated the laser projector market in 2018 and is expected to maintain its dominance during the forecast period. Several factors such as demand for laser projectors in commercial and industrial spaces and rapid adoption of laser projectors in education and media and entertainment segments is fuelling the growth of the laser projector market in this region.
Europe is the second dominating region contributing to the growth of the global laser projector market. Companies such as Barco, NEC, and LG among others are developing projectors to attract the customers, thus, contributing to the growth of the European region. However, North American is estimated to witness the fastest growth among all other regions. The educational and government sector of the US is one of the earliest adopters of laser projectors for conferences, seminars, and other applications. Furthermore, this region is expected to witness a major adoption of laser projectors for residential applications. Thus, the aforementioned factors are expected to accelerate the growth of the North American market in the coming years.
Based on vertical, the global laser projector market has been segmented into retail, media & entertainment, healthcare, education, industrial, and others. The media & entertainment segment is expected to dominate the global market since the segment has witnessed rapid adoption of RGB laser projectors. On the other hand, the education segment is expected to grow at the highest CAGR during the forecast period owing to the adoption of laser projectors in several educational institutes to promote smart education.
The key players in the laser projector market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Sony Corporation (Japan), Seiko Epson Corporation (Japan), NEC Display Solutions (US), BenQ America Corp. (Taiwan), LG Electronics (South Korea), Ricoh (Japan), Canon Inc. (Japan), Panasonic Corporation (Japan), Barco (Belgium), Christie Digital Systems USA, Inc. (US), Dell (US), Hitachi Digital Media Group (England), Xiaomi (China), Delta Electronics, Inc. (Taiwan), and Optoma (Taiwan). The companies are focused on innovating in their existing product portfolio as well as develop new products by investing in research and development to keep up with the changing market trends.
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