Advanced Cinema Projector Market to Grow at a CAGR of 7.8% to reach US$ 1,861.33 million from 2021 to 2028

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.

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Also, rise in outdoor screening events such as sports matches, musical events, and outdoor movie is generating new customer base for advanced cinema projectors. Additionally, the increasing development in projectors with enhanced brightness for clearer pictures is accelerating the market growth. To meet the emerging demand for advanced cinema projectors across commercial places, market players are launching different products of different price range. For instance, in April 2019, Epson introduced 2 new Home Cinema projectors - wireless Home Cinema 5050UBe 4K PRO-UHD and Home Cinema 5050UB projectors. Similarly, in June 2021, BenQ announced GS2 Wireless Mini Portable Projector for enhanced picture performance and bleak smart features. Thus, increasing demand for advanced cinema projectors, along with growing development of such projectors, is driving the market across the globe. Furthermore, with the rising advancements in technology, almost every operation in the end-to-end industrial and manufacturing environment is becoming connected, intelligent, and smart. There are new forms of discrete and process manufacturing-sensors, connected objects and smart machines-that are evolving and changing the ecosystem of how exchange and collaboration between people, machines, data, and technologies were done earlier. Today's digital plant of smart manufacturing heavily relies on collecting, sorting, and analyzing the data and information, and turning them into business values. The automation of cranes helps end users to gain sustainable competitive advantage, by enabling them with the ability to alter or change the material handling process with respect to market change on a real-time basis. The Advanced Cinema Projectors consist of a hoist and a trolley connected to a support structure which is also called a girder. The girder attached with the cranes permits the trolley and the hoist to travel from side-to-side along the length of the crane. The overhead cranes used in the manufacturing industry are distinguished into two main types - single girder crane and double girder crane. They have applications in manufacturing units of automotive, shipyards, aerospace, utility, and other industries. The rising adoption of automation in manufacturing industries is anticipated to drive the overhead cranes industry. The growing advancements in manufacturing processes support in creating high requirement for advanced machinery such as Advanced Cinema Projectors.

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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 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.

LG Electronics, Panasonic Corporation, Barco NV, Epson Seiko, and Acer Inc. are some of the key market players operating in the global Advanced Cinema Projector market. The listing of key players is derived by considering multiple factors such as overall revenue, current Advanced Cinema Projector product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the Advanced Cinema Projector ecosystems which were studies analyzed during the course of this market research study, such as BENQ Corporation, Christie Digital, Delta Electronics, Inc., Hitachi Ltd., Infocus Corporation, Optoma Corporation (Coretronic Corporation), and Sharp Corporation.

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