Report : 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)
According to the new research report titled “Advanced Cinema Projector Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1861.33 million by 2028, registering a CAGR of 7.8% from 2021 to 2028.
The advanced cinema projector for residential application is constantly gaining popularity in the market as customers are curious to have high quality visual experience at home. Additionally, increasing spending capacity and rising disposable income are boosting the adoption of advanced cinema projectors as a home theater application. Also, lockdowns initiated by the governments to prevent the spread of COVID-19 has further propelled the demand for advanced cinema projectors. As a result, the customers are purchasing new home entertainment products such as advanced cinema projectors to enjoy their time indoors amid the pandemic. For instance, in September 2020, BenQ introduced new BenQ TH585, a Full HD Home entertainment projector, in India. This new projector provides high resolution and high picture quality for customers to watch movies and shows on the screen at home.
With the installation of high-quality projector, projector screen and audio equipment, the customer can have an entertainment setup at home which is comparable to cinema halls/theaters. Some of the prominent projector brands used for home theaters are Sony Corporation, Epson, Optoma, Viewsonic Panasonic, JVC, and BenQ, among others. The growing interest toward the adoption of advanced cinema projector for residential application is expected to drive the market during the forecast period.
The advanced cinema projector market is segmented into illumination source, end user, resolution, lumens, and geography. Based on illumination source, the market is further segmented into lamp and RGB pure laser. In 2021, the RGB pure laser segment accounted for a significant share in the global advanced cinema projector market. In terms of end user, the market is categorized into residential and commercial. In 2021, the commercial segment accounted for a significant share in the global advanced cinema projector market. Based on resolution, the market is segmented into 2K and 4K. In 2021, the 2K segment accounted for a significant share in the global advanced cinema projector market. Similarly, in terms of lumens, the market is categorized into 1000 – 5000, 5001 – 10000, 10001 – 30000, and above 30000. In 2021, the 5001 – 10000 segment accounted for a significant share in the global advanced cinema projector market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, Asia Pacific accounted for a significant share in the global advanced cinema projector market.
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 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. 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.
In addition to cinema theatres the cinema projectors are also procured by various restaurants and hotels to entertain their customers. However, the emergence and rapid spread of the COVID-19 pushed the hospitality to temporarily shut their business, which again restricted the purchase of newer or advanced projectors. This ultimately hampered the businesses of advanced cinema projector market players. Apart from demand side, the supply side of the advanced cinema projector market also affected the growth of the market. This pertains to the closure of borders which led to disruption in supply chain of several components/parts. This resulted in reduction in production volumes, thereby, negatively impacting the growth of the market.
Key Findings of Study:
Based on geography, the global advanced cinema projector market is classified into North America, Europe, APAC, MEA, and SAM. APAC region is anticipated to hold the major market share throughout the forecast period. Further, the region is also expected to witness a higher CAGR. The growth in APAC is driven by the rising construction of commercial and infrastructural spaces, particularly in the developing economies such as China, India, Malaysia, and Indonesia, among others. Moreover, the surging media & entertainment are anticipated to influence the market positively. Also, the government of these economies is taking various measures to promote digitalization in film industry vertical and to attract FDIs. Such initiatives are propelling the deployment of advanced cinema projectors across the region.
In the European region, well-established enterprises in the developed economies such as Germany, France, and the UK, are investing in replacing older cinema projectors with new updated technology. The rest of the European region comprises developing economies witnessing growth in both infrastructural development and the emergence of media & entertainment industry, which is bolstering the growth of the advanced cinema projector market. North America is the second-largest market for advanced cinema projectors. The countries, including the US and Canada, are technologically advanced. Organizations in these countries are early adopters of technology, which is expected to create ample opportunities for advanced cinema projector vendors.
In the MEA region, most growth is anticipated from the GCC region as countries are focused on diversifying their economies to reduce their dependency on the oil & gas sector. This has resulted in increased investments in film and media & entertainment industries. Moreover, the initiatives taken by GCC governments for the development of smart cities is another significant factor bolstering the demand for advanced cinema projectors. The market in SAM is in its maturing phase. The region lacks proper infrastructure for digitalization. The global advanced cinema projector market is highly fragmented in nature, and it is expected to continue to be the same as the number of players in the market is consistently increasing over the years.