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The projection mapping market share is expected to rise to USD 5.27 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 22.53%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The projection mapping market vendors studied and compiled in this report include AV Stumpfl GmbH, Barco NV, Blue Pony, Delta Electronics Inc., DIGITAL ESSENCE SAS, Digital Projection Ltd., Disguise Technologies Ltd., GarageCube SA, Lightform Inc., Lumitrix s.r.o., Panasonic Corp., Pixel Rain Digital, PROIETTA srl, Qisda Corp., Resolume BV, Seiko Epson Corp., Sharp NEC Display Solutions of America Inc., Showtech Productions, Ushio Inc., ViewSonic Corp., and VIOSO GmbH among others. Furthermore, this projection mapping market research report extensively covers market segmentation by product (hardware and software) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
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The growing demand for building projection is notably driving the projection mapping market growth, although factors such as high cost of projection mapping may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the projection mapping industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Projection Mapping Market Driver
One of the key factors driving the global projection mapping industry growth is the growing demand for building projection. Building projection is gaining traction owing to increasing application in weddings, festivals, guerrilla marketing, advertising, and birthday events. Some of the recent events are:
Thus, the growing adoption of projection mapping in various such events is expected to drive the growth of the market during the forecast period.
Key Projection Mapping Market Trend
Growing number of product launches is one of the key projection mapping market trends that is expected to impact the industry positively in the forecast period. Vendors are trying to expand their market by focusing on the less penetrated entertainment industry. Below are some innovative product launches:
Key Projection Mapping Market Challenge
One of the key challenges to the global projection mapping industry growth is the high cost of projection mapping. According to ON Services, an audio-visual service provider, the average cost of 3D projection mapping services is USD 10,000 per minute. This is attributed to rentals of high-quality projectors and the cost of additional media technicians. Besides video projection, the cost of projectors, servers, and other hardware is taken into account for the cost of projection mapping. In addition, the nature of the projecting surface can increase the projection mapping cost. For instance, more projectors will be required on complex facades, which may not be a feasible option for consumers due to budget constraints. Such factors can limit the growth of the market during the forecast period.
This projection mapping market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global projection mapping market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the projection mapping market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the projection mapping market encompasses successful business strategies deployed by the key vendors. The projection mapping market is fragmented and the vendors are deploying growth strategies such as product development and manufacturing R&D to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The projection mapping market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the projection mapping market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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33% of the market's growth will originate from North America during the forecast period. The US is the key market for projection mapping in North America. However, market growth in this region will be slower than the growth of the market in other regions.
The significant increase in the investments in promotional events and the rise in the number of commercial events and shows in the entertainment industry will facilitate the projection mapping market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely impacted the growth of the projection mapping market in the region. The outbreak compelled governments of various countries in the region to impose nationwide lockdowns to contain the spread of the disease. This led to the closure of educational institutions and corporate offices. However, the introduction of COVID-19 vaccines led to a decline in the number of COVID-19 cases. This has resulted in the lifting of lockdowns and the resumption of manufacturing operations, which has helped the market recover significantly from 2022 onward. Thus, the growing number of product launches and the introduction of projectors with high resolution will fuel the growth of the regional market during the forecast period.
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The projection mapping market share growth by the hardware segment will be significant during the forecast period. The growing popularity of projection mapping in developing economies is expected to drive the growth of the market through this segment in the forecast years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the projection mapping market size and actionable market insights on post COVID-19 impact on each segment.
Projection Mapping Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.53% |
Market growth 2022-2026 |
$ 5.27 billion |
Market structure |
Fragmented |
YoY growth (%) |
21.33 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key consumer countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AV Stumpfl GmbH, Barco NV, Blue Pony, Delta Electronics Inc., DIGITAL ESSENCE SAS, Digital Projection Ltd., Disguise Technologies Ltd., GarageCube SA, Lightform Inc., Lumitrix s.r.o., Panasonic Corp., Pixel Rain Digital, PROIETTA srl, Qisda Corp., Resolume BV, Seiko Epson Corp., Sharp NEC Display Solutions of America Inc., Showtech Productions, Ushio Inc., ViewSonic Corp., and VIOSO GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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