Global Projection Mapping Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Projection Mapping Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Projection Mapping Market is expected to register a CAGR of 20% during the forecast period. Projection mapping has penetrated public events, including concert halls, and product launches, to hype up the audience's excitement level. It plays a crucial role in emotionally engaging the audience, increasing the wow factor, and promoting greater participation.

Key Highlights

• Over the past decade, the projection mapping technology has been experiencing tremendous adoption rates across the world majorly due to its seamless integration of the physical and virtual world by superimposing computer-generated graphics upon real surfaces, unlike the traditional augmentation technologies like VR, thus allowing various users to directly encounter the augmentation without using any peripherals, such as glasses.
• The technical limitations of the conventional projector hardware, including dynamic range, spatial resolution, latency, depth-of-depth, and color gamut, make it challenging to display desired appearances in wanted visual quality, even with computational algorithms' application inducting the adoption of projection mapping.
• The enormous advancements in the technological aspect of projection mapping, including geometric calibration and radiometric compensation, have expanded their applications. For instance, Target hired Chicago Projection-Mapping, a production firm based in Chicago, to design a Halloween theme installation at Nokia Plaza, LA, a live entertainment complex. The building used 11 projectors to enlarge Skeleton Square with animations and choreography.
• Over the past few years, projection mapping has obtained significant popularity, principally due to social media. Festivals such as the Amsterdam Light Festival, Burning Man, Luma Projection Arts Festival, and the Toronto Light Festival have attracted thousands of people with cell phones who are more than happy to share the reverence of the visual spectacle on their social media feeds.
• Typically, this sharing has brought even more people to these events the next time they are staged. Due to this, the demand for creative teams that can accomplish such memorable experiences is rising.
• Additionally, due to the recent COVID-19 contagion and the announcement of lockdowns across the globe, the media business, with all significant events getting canceled, is looming into a recession, translating into devastating losses directly impacting the growth of the market.

Key Market TrendsMapping Software is Expected to Witness the Fastest Market Growth

• The Projection Mapping software is anticipated to witness faster growth than its hardware counterparts owing to the cost, software sustainability, support, ease of use, integration/compatibility with 3rd party hardware, and tailored solutions offered by a few vendors.
• The pure-play mapping software vendors are focused on developing projection mapping tools that make the 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 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, a few software solutions are designed to do real-time projects that are very beneficial for end-users to host events such as live performances. Thereby supporting the better penetration of the market.
• Also, researchers' further developments of algorithms such as high-resolution projection, non-rigid dynamic projection, and local per-pixel radiometric compensation, among others, further elevates the growth.
• The companies leveraging the technology can bring event-goers and customers closer to the brand by engaging with compelling graphical content and images that resonate with the users. Also, Guerrilla marketers consider that having projection mapping creates a long-lasting experience for the audience.
• However, Fitalls, such as high upfront cost that on average price as high as USD 10,000 per one-minute of 3D video content stream through projection mapping added to the server, projectors, and hard drive, hinder the adoption and growth of the market.

Asia Pacific to Witness the Fastest Market Growth

• The Asia Pacific region is anticipated to witness significant growth over the forecast period. The area is leveraging the conduction of major global events, the presence of historical museums, and government bodies focusing on tourism as a source of earning elevates the market's growth.
• The countries in the region, such as Singapore, are home to major festivals, events such as the annual Singapore night festival, I Light marina bay and annual marina bay that relies on technologies such as projection mapping to leverage the growth of the market in the region.
• India' statue of unity, which is accounted as the world's tallest statue standing at the height of 182 meters that as of January 2020, records a total of 91 lakhs tourists 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, the Statue of Unity, 182m tall and located in India. This permanent deployment has 51 Christie crimson WU25 3DLP laser projectors installed to achieve the projection mapping.
• Through projection mapping, the project designer can rely on the power of immersive, unconventional visuals, and sound to convey meaning and message, often foregoing the scripted spoken word that movie filmmakers have at their disposal. Hence, adopting such technologies is expected to increase in tourist places in the region due to a rapid increase in the influx of tourism in the country.

Competitive Landscape

The Global Projection Mapping Market is very competitive. The market is highly concentrated due to various small and large players. The major players in the market are BenQ Corporation, Vivitek Corporation, ViewSonic Corporation, Barco, HeavyM, Green Hippo Ltd, Panasonic Corporation, Seiko Epson Corporation, and many more. The companies are increasing the market share by forming multiple partnerships, investing in projects, and launching new products in the market.

• September 2021 - Barco, the global technology manufacturer and visualization innovator, has expanded the laser projection portfolio with a pair of state-of-the-art RGB projectors, namely XDM, and XDX. The company's XDM and XDX projectors keep in mind the priorities of the location-based entertainment venue owners and operators. With the XDM, and XDX projectors, the company leveraged the strengths of market-leading cinema projectors to bring the same advanced color performances and Hollywood-worthy visuals to theme parks and other entertainment venues.
• August 2021 - Benq partnered with Fly Elise-ng. This partnership enables the partners that benefit from multiple projection systems, as the company's shared expertise offers greater consultancy and integration possibilities. BenQ extended the support of the services for Fly Elise-ng customers on how to integrate projectors into the environment. The BenQ product portfolio was merged with the Fly Elise-ng design pro, auto-alignment, and edge-blending solutions to visualize the display environment.

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