Projection Mapping Market Is Expected To Reach USD 3.56 Billion by 2023
The overall Projection Mapping Market is estimated at USD 1.37 billion in 2018 and is expected to reach USD 3.56 billion by 2023, at a CAGR of 21.10% during 2018–2023. The growth of this market is being fueled by the increasing adoption of projection mapping in media events over the last few years.
The report covers the global projection mapping market on the basis of offering, dimension, throw distance, application, and geography. The projection mapping market based on application is expected to be led by large venues during the forecast period. Growing spending on amusement and theme parks is expected to boost the projection mapping market for large venue application as projection mapping is commonly being used in this application.
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The software market for projection mapping is expected to grow at a higher rate than hardware as hardware devices sustain over a long term, while software licenses have to be updated frequently. This in turn increases the revenue of the software market, and the software market is expected to grow rapidly in the projection mapping market during the forecast period.
North America is expected to hold the largest share of the projection mapping market by 2023. The projection mapping market in North America is estimated to grow considerably in the coming years as North America is major hub for corporate events, shows, and sports events. The growing availability of 3D and 4D content and increasing use of augmented and virtual reality are expected to boost the projection mapping market by creating opportunities during the forecast period.
Events include corporate events, concerts, sports events, product launches/promotions, and government-sponsored events. Generally, high-brightness projectors based on the three-chip model are used for these applications. They can project large images depending on the requirement of the content. A large number of upcoming sports events such as the 9th FIFA U-20 Women’s World Cup (France), 33rd Winter Olympics  (Korea), and others offer great opportunities for projection mapping during opening and closing ceremonies of the events.
Large venues mainly imply museums, houses of worship, and large amusement and theme parks. There is a growing demand for projection mapping in theme and amusement parks across the world. For instance, many amusement and theme parks are expected to be opened in the coming years (2018–2020). Demand for large venue projection mapping applications is, thus, expected to grow in future. Projection mapping is also being used in museums to create 3D environment with visual effects.
Projection mapping has a growing demand for retail application because of its use in the retail sector to engage customers by providing information (using visual effects) regarding the use and benefits of products or services. Projection mapping can be effectively deployed in many ways to increase the revenue of companies in the retail sector. Thus, there is growing demand for projection mapping in retail and entertainment applications.
Critical questions would be:
- Where will all these developments take the industry in the mid- to long-term?
- Will the suppliers continue to explore new avenues for projection mapping?
- What are the upcoming applications for projection mapping?
Some of the major companies operating in the projection mapping market are Panasonic Corporation (Japan), Seiko Epson Corporation (Japan), Barco NV (Belgium), Christie Digital Systems (US), and BenQ Corporation (Taiwan). The report also includes companies such as Digital Projection (UK), Optoma Corporation (US), NEC Display Solutions (Japan), Vivitek (Taiwan), Green Hippo (UK), AV STUMPFL (Australia), Resolume (the Netherlands), HeavyM (UK), GarageCube (Switzerland), Bluepony (US), Lumitrix (Czech Republic), ViewSonic (US), and NuFormer (the Netherlands).
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