According to the new market research report “Projection Mapping Market by Offering (Hardware (Projector, Media Server), Software), Projection Distance (Standard, Short), Dimension (2D, 3D, 4D), Applications (Events, Festival, Large Venue, Retail/Entertainment), and Region – Global Forecast to 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% between 2018 and 2023. Growing investment in product advertising and increasing need for greater audience engagement are boosting the projection mapping market.
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Standard throw projection mapping to hold a major market share during the forecast period
Standard throw projection mapping provides very large images; this type of throw is usually from projectors that are installed away from the projection screen. They require long distance to make an image. Standard throw projectors are mainly used in events and hence are expected to hold a major share of the projection mapping market during the forecast period.
Software market for projection mapping is expected to grow at the highest rate during the forecast period
Mapping software plays a major crucial role in successful projection mapping. Projection mapping software helps in mapping 2-dimensional, 3-dimensional, or 4-dimensional content on any type of surface with any number of edges or curve. The software market is expected to grow with increasing number of companies providing innovative features for projection mapping and rising popularity of projection mapping techniques on 3D surfaces.
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APAC expected to grow at the highest rate between 2018 and 2023
Projection mapping has a growing demand in APAC as it is the fastest-growing region providing ample opportunities for projection mapping with major demand driven by China, Singapore, Japan, and India. Increasing consumer awareness about high-brightness projectors, increasing government investment on tourism, and sporting events are fueling the market for projection mapping in this region.
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 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)