The advanced cinema projector market was valued at US$ 96.2 Mn in 2018 and expected to grow at a CAGR of 9.9% during the forecast period from 2019 to 2027.
“The rapid growth of technological advancement in cinema projector worldwide boost the advanced cinema projector market”
The worldwide increase in the cinema projector technology and rising global box office will enhance the advanced cinema projector market during the forecast period from 2019-2027. The growing entertainment industry globally along with an increasing preference for new and advanced entertainment devices and equipment anticipated to help in the market growth. Asia Pacific dominates the global advanced cinema projector market backed by North America and Europe in 2018.
Rapidly increasing film industry worldwide expected to enhance the market in years to come. In 2018, the yearly revenue of the global box office has reached around US$ 41 Bn and it is projected to reach nearly US$ 48 Bn yearly by 2020. Increased cinema screens with new technological innovations such as digital, 3D, 4D, 5D and others will also enhance the market growth throughout the forecast period.
The advanced cinema projectors offer high quality and high-definition images as well as 4K viewing accompanied by attractive colors, extensive details and high brightness. Wide application of advanced cinema projectors at cinema halls, residential places, and auditoriums anticipated to enhance the market growth during the forecast period.
Advanced Cinema Projector Market
Major manufacturers of advanced cinema projectors are focusing on launching new products with advanced technology features. New product launch and geographical expansion by merger, acquisitions, partnerships, and collaborations are anticipated to be the key strategy of the market players.
“Rapid increase of digital screens in Asia Pacific will enhance the market in the region”
Asia Pacific dominates the market in 2018 and contributed to over 40% global revenue share in the same year. Asia Pacific dominates the market owing to the rapid increase of digital screens in the region. Asia Pacific has more than 65,000 3D screens in 2018. China and India are the major contributors to this dominance due to the market leader in the global film industry with 1st and 2nd rank. In 2018, China recorded the highest box office revenue valued at around US$ 7.9 Bn. Rising disposable income and an increase in the number of filmgoers in the region are some other factors driving the Asia Pacific advanced cinema projector market.
Further, the growing adoption of advanced cinema projectors at offices, education industry, auditoriums and others is expected to boost the growth in the region. The advent of advanced and new technology and rising investments for the growth of multiplexes in the region are some key factors anticipated to boost the market growth to the market in Asia Pacific.
In October 2018, Canon, Inc. launched a new advanced cinema projector LX-MH502Z. The product is the first single-chip projector with Digital Light Processing and 4K ultra-high-definition technology. The abovementioned projector has four-way pixel shift technology that delivers 4K UHD resolution.
Key Market Movements:
- The global market is growing at a CAGR of 9.9% for the predicted period from 2019 to 2027
- In 2018, Asia Pacific has the highest share in the global market owing to the adoption of advanced technologies along with a growing number of multiplexes and cinema halls. Rapidly growing urbanization and consumer spending on entertainment are some of the other factors responsible for the dominance of the region.
- North America and Europe have a significant share in the global advanced cinema projector market in 2018. The rising entertainment industry in the region is the major factor in driving the market growth.
- Based on technology type, in 2018, the digital light processing (DLP) segment has its dominance on a global scale. The segment has more than 45% of the global market share in the same year. The wide adoption of digital light processing (DLP) projectors at commercial places is the major factor for the dominance of the segment.
- New and advanced product launch will be the key strategy for the market players
List of Companies Covered:
- BenQ Group
- Sony Corporation
- Seiko Epson Corporation
- Barco NV
- Delta Electronics, Inc.
- Canon, Inc.
- Christie Digital Systems USA, Inc.
- LG Electronics
- Hitachi Digital Media Group
- Panasonic Corporation
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