Report : North America Advanced Cinema Projector Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Illumination Source (Lamp and RGB Pure Laser), End User (Residential and Commercial), Resolution (2K and 4K), and Lumens (1000–5000, 5001–10000, 10001–30000, and Above 30000)
Charge Point Segment to Dominate North America Advanced Cinema Projector Market during 2020–2028
According to a new market research study on “North America Advanced Cinema Projector Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Illumination Source, End User, Resolution, and Lumens” is expected to reach US$ 321.99 million by 2028 from 207.01 US$ million in 2021. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report provides trends prevailing in the North America advanced cinema projector market along with the drivers and restraints pertaining to the market growth. Growing usage of advanced cinema projectors across residential sector is the major factor driving the growth of the North America advanced cinema projector market. However, issues associated with huge cost of laser projectors hinders the growth of North America advanced cinema projector market.
The North America advanced cinema projector market is segmented on the basis of Illumination Source, end users, resolution, lumens, and country. Based on Illumination Source, the market is segmented into lamp, and RGB pure laser. RGB pure laser segment held the largest market share in 2020. Based on end user, the market is segmented into commercial and residential. Commercial segment held the largest market share in 2020. Based on resolution, the market is segmented into 2K and 4K. 2K segment held the largest market share in 2020. Based on lumens the market is segmented into 1000–5000, 5001–10000, 10001–30000, and Above 30000. 10001–30000 segment held the largest market share in 2020. Based on country, the North America advanced cinema projector market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
North American market suffered huge economic loss in 2020 owing to significantly higher number of COVID-19 patient’s cases, specifically in the US. In order to curb the spread of the virus, the government announced shutdown protocols for all the commercial places, including cinema theatres, outdoor cinema venues, and restaurants and lounges. This reflected havoc loss in revenues among the owners of the cinema theatres, restaurants, outdoor cinema venues, and lounges. The owners of the respective venues mentioned above focused on maintaining their operational costs and refrained themselves from investing on procurement of newer products. This resulted in drop in demand for advanced cinema projectors which affected the advanced cinema projectors. From the supply side perspective, the US and Canada have noteworthy number of advanced cinema projector manufacturers and suppliers across respective borders. However, due to disruption in supply chain across the globe, the supply and sourcing business of the manufacturers and suppliers declined drastically, resulting negatively on the advanced cinema projector growth. Additionally, in order to adhere to governmental norms, the manufacturing facilities of advanced cinema projectors witnessed limited footfall of employees, which resulted in limited production volumes. This is another key hindering factor for the growth of advanced cinema projector market in North America.
Barco NV; BENQ Corporation; Christie Digital; Delta Electronics, Inc.; Hitachi Ltd.; Infocus Corporation; LG Electronics Inc.; Optoma Corporation; Panasonic Corporation; and Sharp Corporation are among the leading companies in the North America advanced cinema projector market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Cinionic (Barco NV) has entered into a partnership with Cine Colombia. The deal is a culmination of ongoing support by Cinionic for Cine Colombia, the largest exhibitor in Colombia, with 339 cinema screens across 46 locations.
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