The global pico projector market is expected to reach USD 17.81 billion by 2020, according to a new study by Grand View Research, Inc. High degree of convenience offered by projectors embedded in devices such as mobile phones and laptops is expected to fuel market growth over the next six years. Expected decrease in average selling prices on account of increased production is also expected to drive the global industry during the forecast period.
Demand for pico projectors across application areas such as consumer electronics, healthcare and aerospace is expected to positively impact overall revenue generation. Growing focus on ensuring user friendliness coupled with reducing technology costs is also estimated to give impetus to the industry over the next six years. Resolving speckle issues and enhancing display quality is a challenge for industry participants. Incorporating a wide variety of features and ensuring low power consumption is essential for driving pico projector adoption.
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Further key findings from the study suggest:
- Global pico projector shipments were estimated to be 25.1 million units in 2013, which are estimated to grow at a CAGR of 33.7% from 2014 to 2020.
- USB projectors and embedded projectors together accounted for over 50% of the global market share in 2013. Embedded projectors are very small in size, since they need to be fitted in devices including mobile phones and laptops. Media player projectors include a memory card slot or an onboard memory, and can access files such as images, documents, etc. Standalone projectors were popular in the past few years; however, demand is expected to decrease due to issues such as high cost and low brightness.
- North America accounted for 36.6% of global pico projector shipments in 2013, and is expected to remain the largest market over the forecast period. This can primarily be attributed to growth in purchasing power of the population in the region. Asia Pacific is expected to be the fastest growing market over the forecast period, mainly due to high demand for portable electronics and declining prices.
- Companies operating in the global pico projector market include 3M Co., Microvision Inc., Optoma Technology, and STMicroelectronics NV among others. Production activities are higher in the U.S. as compared to other regional markets. Product innovation is expected to be crucial for differentiation, since users focus on products developed using desired technology and functionalities.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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