Laser projection market is valued at USD 7.5 billion in 2022 and projected to have a value of USD 17.34 billion by 2028, with a CAGR of 16.98% during 2023-2028.
Laser projection is a process of changing the laser beam on the screen to create a moving image with the use of a projector for entertainment or professional purpose. The projector contains various components, such as lasers, galvanometer scanners, and some optical components. Depending on the type of color projection, it may have single or three sources of laser light. The features of laser projection are high brightness, low maintenance, long lifespan, and high-quality image. It has a wide range of applications in the government, public, industrial, and educational sectors. Laser projectors have increased efficiency and durability than lamp-based projectors. These can be used in heavy-use applications and in all-day use.
The longer lifespan of the product acts as a market driver.
The brightness and image quality of the laser projection is important decision-making factor that decides its usage in various applications. When compared to the lamp projector, the laser light source is used in the laser projection to project the image on the screen. This results in the longer lifespan of the device. Over the years of the laser projector, there has been a consistency in the picture quality due to the use of laser light as a source which helps maintain the brightness. Epson, Panasonic, Sony, and others are some market players who produce high-brightness laser projectors. The longer lifespan of the device attracts more users to adopt the laser projectors resulting in the increased demand for the laser projection market.
The associated advantages with the laser projections increase the market demand.
There is a positive influence on the market growth rate with the increased adoption of laser projection by a variety of industries and resulting in the increasing demand for laser projection technology. The advantages offered by laser projectors are even at low temperatures, it functions easily. When compared to the traditional lamp-based projector, a laser projector has a long lifespan, high contrast and with, clear images, high brightness, and others. These advantages drive the laser projection market by increasing its application and usage in various industries, businesses, educational institutions, and retail sectors.
Laser Projection Market Restraints
The high cost of the laser projection will act as a market restraint resulting in a negative impact on the market growth rate.
The more expensive nature of the laser projectors and laser projection systems is as they are the latest innovations in the market. The charge for the projectors having a high lumen will generally be high. Additionally, the cost of the projector depends on the lumens level, and there is a positive relation between the price of the laser projector and the lumen level. The high cost could make the laser projector reach a smaller number of users. The adoption and expansion of the market into various sectors and new markets become difficult.
Laser Projection Market Opportunities
The development of innovations in the product in accordance with user requirements will be an optimistic opportunity for the market. The continuous upgradation of the product by the key market players in terms of the technology with the growing demand for laser projection systems from the end users. One of the main growth-promoting market opportunities is the laser phosphor-based projectors’ increasing adoption and use in a variety of the applications, such as in classrooms, boardrooms, museums, worship places, and entertainment locations. The low-maintenance and cost-effective feature of the laser projectors will be an added advantage and will be a great opportunity for the laser projection market to expand its market into various verticals and regions across the world.
COVID-19 Impact on the Laser Projection Market
COVID-19 has shown a combined impact on the laser projection market. The implementation of the lockdown and travel restrictions has caused a negative impact on market sales. The media & entertainment sector is the major market share holder and has seen a downfall with the decreased travel restrictions and public entertainment activities. The supply chain had been affected by the pandemic as the travel restrictions caused the delayed delivery of the components and projects. The supply and demand of the market had been affected. The only high-end user category is the one among other groups who can be able to purchase the laser projectors resulting in the decreased sale of the projectors. The industrial meetings and government meetings are changed to virtual mode causing the downfall in the requirement of laser projectors during the meetings. The post-pandemic market could regain negative market growth.
Key developments in the market
In 2019, the world’s smallest LCD laser projectors (EPSON EF-100B and EF-100W) were manufactured by Epson in Malaysia. The main features of this projector are having a brightness of 2000 lumens, and a footage projection size is up to 150 inches.
In 2019, a Pico laser projector was launched by the Nebra with the name Nebra AnyBeaam. It has the feature of creating image size up to 150 inches & are efficient, affordable, and tiny. It is built on the Raspberry Pi.
By Product Type
CAD Laser Projection System
The laser projector segment leads the laser projection market during the forecast period. The application is in a wide range of the sectors like education, cinema, public places, industries, enterprise, and retail. The increasing popularity of laser projectors is due to their features, such as low maintenance, less power consumption, and good picture quality. The high demand can be seen in enterprises. Cinemas are more popular in many countries resulting in the need for high-brightness projectors, and there is a rise in the number of digital cinema screens contributing to the adoption of more laser projectors.
By Illumination Type
Hybrid (Laser and LED)
The laser phosphor segment is expected to hold a high market share in the laser projection market during the forecast period. The features like long lifespan, low maintenance cost, and low downtime are the benefits of the usage of the laser phosphor projector over traditional projectors. For high-use settings, laser phosphor projectors act ideal. The various range of applications in a wide range of industries drives market growth.
Media & Entertainment
The media & entertainment segment is expected to dominate the market with a high CAGR in the laser projection market. The laser projectors will be helpful in the need for supplementary information in certain sectors like government, public administration, and meetings. The usage of laser projections is high when there is a requirement for the presentation of high-quality images, and the entertainment vertical has a requirement for a high-quality display that drives the market.
Middle East & Africa
Based on the region, the Asia-Pacific is expected to have a high market growth due to the presence of huge opportunities for the laser projection market. China is the most important nation for this market as the leading user of cinema laser projectors. The market expansion is high in the region with the increasing number of cinema screens. The region is also focusing on providing a great cinema experience to the users by projecting high-quality images with high brightness. In recent years the digital cinema sector is seeing huge demand and will propel the laser projection market.
NEC Display Solutions
Hutchinson Manufacturing Inc.
Christie digital system
Epson Ricoh Company.
Asia-pacific region is expected to have dominant market shares.
The expected CAGR during 2023-2028 is 16.98%.
The laser phosphor segment in the illumination type has the highest share in the market.
NEC Display Solutions, Casio, Delta Electronics, Hutchinson Manufacturing Inc., Christie digital system, and Dell are a few key market players in the laser projection market.
The expected market size is USD 17.34 billion by 2028.
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