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Projectors Market Overview: Analysis & Growth Forecast 2024-2033
Projectors Market Overview
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According to The Business Research Company's, The projectors market size has grown strongly in recent years. It will grow from $10.68 billion in 2023 to $11.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to business presentations and education, corporate sector investments, home entertainment systems, government and public sector usage, cinema projection upgrades.
The projectors market size is expected to see strong growth in the next few years. It will grow to $14.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rise in home office setups, advancements in laser projection, gaming and entertainment, hybrid meetings and collaboration, outdoor events and large gatherings. Major trends in the forecast period include education technology (EdTech) adoption, technological advancements, growth in digital signage, rise of laser projection technology, rapid advancements in LED technology.
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Market Drivers and Trends:
The increase in demand for projector screens in the educational sectors is driving the growth of the projector market going forward. Education is a place where execute advanced teaching techniques to students for a better learning experience. Projectors play a major role in projecting their presentation content to a larger and clear picture than the actual size of the picture, mainly in the education sector. For example, in Jan 2022, according to the report by eLearning Industry, a US-based e-learning journal website, the eLearning industry rose to more than $240 billion. Additionally, the worth of the E-learning market is predicted to hike by $374 Billion by 2026. Therefore, the demand for projector screens in the educational sectors is driving the growth of the projectors market.
Technological advancement is a key trend gaining popularity in the projectors market. Major market players are concentrating their efforts on creating innovative technologies for migrating to provide Home theatre projectors which became one of the most preferred categories. Home theatre set-up became the most suitable and comfortable choice when people were compelled to stay indoors. For instance, in Nov 2022, ViewSonic, a US-based company operating in projectors launched 2 new projectors. These projectors include a third-generation LED technology that provides brighter visuals and a built-in Harman Kardon speaker for an enhanced audio experience, suitable for any home screenings of movies, and video games.
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Major Key Players of the Market:
Mitsubishi Electric Corporation, BenQ Corporation, Dell Technologies Inc., Sony Group Corporation, Hitachi Ltd., LG Technologies Inc., Panasonic Corp, Lenovo Group Ltd., Canon Inc., Sharp Corporation, Fujifilm Holdings Corporation, Texas Instruments Inc., ZTE Corporation, ASUSTeK Computer Inc., Ricoh Company Ltd., GAC Technology Group, Acer Inc., Delta Electronics Inc., Seiko Epson Corporation, JVCKENWOOD Corporation, ViewSonic Corporation, NEC Display Solutions Ltd., InFocus Corporation, Honghe Technology Co Ltd., Optoma Technology Corp, Airtame Inc., EIKI International Inc., Vivitek Corporation, Celluon Inc., MicroVision Inc., Maxell Ltd., Aaxa Technologies Inc., Christie Digital Systems USA Inc., Digital Projection
Projectors Market 2024 Key Insights:
• The projectors market size is expected to see strong growth in the next few years. It will grow to $14.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Education Sector's Increased Embrace Of Projector Screens Fuels Market Expansion
• Technological Innovations Shaping Home Theatre Projectors In The Market
• North America was the largest region in the Projectors market in 2023
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