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Projection Mapping Market estimated to be worth $3.56 billion by 2023

 



(IT-NEWSWIRE.COM, February 16, 2019 ) 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.



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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.



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.



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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. There is a growing demand for 4-dimensional content projection as it creates more attentive environments for all the applications during the forecast period.



Key restraining factor is the high cost of projection mapping technique compared to traditional techniques. Lack of awareness and knowledge about the projection mapping technology is acting as a major challenge for the growth of the projection mapping market.



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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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