- Rapid growth of technological advancements in cinema projectors boosts the advanced cinema projector market.
- Increased cinema screens with new technological innovations such as digital, 3D, 4D, 5D and others will enhance the market growth
- Wide application of advanced cinema projectors at cinema halls, residential places, and auditoriums is anticipated to enhance market growth.
In the latest market report published by Credence Research, Inc., the advanced cinema projector market was valued at $96.2 Mn in 2018 and expected to grow at a CAGR of 9.9% during the forecast period from 2019 to 2027.
Rapid growth of technological advancements in cinema projectors boosts the advanced cinema projector market.
The worldwide increase in the cinema projector technology and rising global box office returns will enhance the advanced cinema projector market during the forecast period from 2019-2027. The growing entertainment industry, along with an increasing preference for new and advanced entertainment devices and equipment, is anticipated to spur market growth. Asia Pacific dominates the global advanced cinema projector market backed by North America and Europe in 2018.
Rapidly increasing film industry is expected to enhance the market in years to come. In 2018, the yearly revenue of the global box office has reached around $41 Bn and it is projected to reach nearly $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.
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 is anticipated to enhance market growth during the forecast period.
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.
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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. This 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 launches will be the key strategy for the market players
Companies Covered in the report: 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