Dublin, July 29, 2021 (GLOBE NEWSWIRE) -- The "Projection Mapping Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for the projection mapping market is expected to register a CAGR of 20% over the forecast period (2021 - 2026).
Over the last decade, projection mapping has been experiencing tremendous adoption rates across the world majorly due to its seamless integration the physical and virtual world by superimposing computer-generated graphics onto real surfaces unlike the traditional augmentation technologies such as VR is that it allows many users to directly experience the augmentation without using any peripherals such as glasses.
The technical limitations of the traditional projector hardware including dynamic range, latency, spatial resolution, depth-of-depth, and color gamut make it difficult to display desired appearances in wanted visual quality even with the application of computational algorithms has initiated the adoption of projection mapping.
The tremendous advancements in the technological aspect of projection mapping including geometric calibration, radiometric compensation have allowed the expansion of its applications For instance, Target hired Chicago Projection Mapping, a production firm based in Chicago to design Halloween theme installation at Nokia Plaza, LA live entertainment complex. The installation used 11 projectors to augment the Skeleton Square with animations and choreography
Projection mapping now permeates public events including concert halls, product launches to hype up the excitement level of audience and also plays the key role by emotionally engaging the audience, increasing the wow factor and promoting greater participation.
The companies leveraging the technology are now able to bring event-goers and customer further closer to the brand by providing them engaging experience with compelling graphical content and images that resonate the users. Also, Guerrilla marketers believe that having projection mapping creates long-lasting experience on the audience.
However, Fitalls such as high upfront cost that on average cost as high as USD 10,000 per one-minute of 3D video content stream through projection mapping added to server, projectors, and hard drive hinder the adoption and growth of the market.
Additionally, due to the recent outbreak of COVID-19 contagion and announcement of lockdowns across the globe, the media businesses with all major events getting canceled is looming into recession which evidently is translating into devastating losses directly impacts the growth of the market.
Key Market Trends
Mapping Software is Expected to Witness the Fastest Market Growth
The Projection Mapping software is anticipated to witness faster growth as compared to its hardware counterparts owing to the cost, the sustainability of software, support, ease of use, integration/compatibility with 3rd party hardware and tailored solutions offered by few vendors
The pure-play mapping software vendors are focused on developing projection mapping tools that make deployment of projects easier and optimized for viewing the audience. For instance, The Mapping software solution provided by HeavyM is a ready-to-use solution that requires prior no animation skills to create projection mapping effects
Furthermore, many other vendors offer solutions that manage complexities such as s imaging warping and soft-edge blending which is a very time-consuming process of aligning the projections and stacking projectors.
Additionally, few software solutions also are designed to make real-time projects that is very beneficial for end-users to host events such as live performances. Thereby supports the better penetration of the market.
Also, further developments of algorithms uch as High Resolution Projection, Non-Rigid Dynamic Projection,Local Per-Pixel Radiometric Compensation among others by researchers further elevates the growth.
Asia-Pacific to Witness the Fastest Market Growth
The Asia Pacific region is anticipated to witness major growth over the forecast period, as the region is leveraging the conduction of major global events, presence of historical museums and government bodies focusing on tourism as a source of earning elevates the growth of the market
The countries in the region such as Singapore is home to major festivals, events such as the annual Singapore night festival, i Light marina bay, annual marina bay that relay on technologies such as projection mapping leverage the growth of the market in the region
As with India' statue of unity which is accounted as world' tallest statue standing at the height of 182 meters that as of January 2020 records total of 91 lakhs tourist since the beginning and has generated INR 85.57 crores from entrance fees has adopted projection mapping as a mean to enhance tourist attraction and engagement.
For instance, Pyramid Technologies Collaborated with HD-Laser, a german laser show producer to design, install and integrate the crimson projectors on the world's tallest statue named Statue of Unity which is 182m tall and located in India. This permanent deployment has 51 Christie crimson WU25 3DLP laser projectors installed to achieve the projection mapping.
The Projection Mapping market is moderately fragmented and consists of several major players owing to similar portfolio offerings, accounting as the threat of substitutes. The vendors are enhancing the product line leveraging strategic collaborative initiatives, acquisitions as a competitive advantage to further expand their customer base and gain market share.
February 2020 - Seiko Epson Corporation announced that it will be unveiling its laser projection and smart glasses at ISE 2020, Amsterdam. The product to be launched at ISE 2020 include 30,000-lumen laser projector, ELPLX03 ultra-short-throw lens, Epson Pro L30000U, and Moverio AR Smart Glasses.
July 2019- Panasonic Corporation announced its real-time tracking and projection mapping compatible projector. This projector was deployed for video performance during the "one year to go" ceremony held at Tokyo International Forum.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.6 Assesment of COVID 19 on the Industry
5 MARKET SEGMENTATION
5.1.1 Hardware ( Projector, Media Server)
5.2.1 2 Dimension
5.2.2 3 Dimension
5.2.3 4 Dimension
5.3 Throw distance
5.4.1 Large Venue
5.4.5 Other Applications
5.5.1 North America
184.108.40.206 Rest of Europe
5.5.3 Asia Pacific
220.127.116.11 Rest of Asia Pacific
5.5.4 Latin America
18.104.22.168 Rest of Latin America
5.5.5 Middle East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Investment Analysis
6.3 Company Profiles
6.3.1 Panasonic Corporation
6.3.2 Seiko Epson Corporation
6.3.3 BenQ Corporation
6.3.4 Vivitek Corporation
6.3.5 ViewSonic Corporation
6.3.6 Barco NV
6.3.7 Digital Projection
6.3.8 NEC Display Solutions
6.3.10 Green Hippo Ltd.
6.3.11 Pixel Rain Digital
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/h865no
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900