New York, US, March 14, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Pico Projector Market Research Report: By Component, Type, and Technology - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 8.9 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 4.80% during the assessment timeframe.
Pico Projector Market Key Players
Eminent players profiled in the global pico projector market report include
- Lenovo Group Limited (U.S.),
- LG Electronics Inc. (South Korea),
- Microvision Inc. (U.S.),
- Sony Corporation (Japan),
- Aaxa Technologies Inc. (U.S.),
- Texas Instruments Inc. (U.S.),
- ZTE Corporation (China),
- Koninklijke Philips N.V. (Netherlands),
- Cremotech Co. Ltd. (South Korea), and
- Aiptek Corporation (Taiwan), among others.
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|Revenue forecast in 2030||USD 8.9 Billion|
|Growth Rate||CAGR of 4.80% from 2022 to 2030|
|Key Market Opportunities||Improving the quality of education|
|Key Market Drivers||Increasing demand for consumer electronics|
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Pico Projector Market Drivers
Growing Use of DLP Technology to Boost Market Growth
Digital Light Processing or (DLP) technology adoption is the main element propelling the market's expansion. DLP projectors effectively project the content on a screen by utilizing a range of light sources, including powerful LEDs and lasers. The ability of these projectors to produce high-quality images is helping to increase consumer demand for the item.
Pico Projector Market Opportunities
Preference for Pico Projectors over Standard Commercial Projectors to offer Robust Opportunities
Pico projectors are comparatively smaller and lighter than conventional commercial projectors that are large projectors. Also, they are flexible & may be connected into a wide range of gadgets, such as cell phones, laptops, desktops, and DVD players. Thus, the user can transfer it easily. Hence, the preference for pico projectors over standard commercial projectors will offer robust opportunities for the market over the forecast period.
Pico Projector Market Restraints
Limited Battery Life to act as Market Restraint
The limited battery life, low brightness, and need for manual adjustment may act as market restraints over the forecast period.
Lack of Features to act as Market Challenge
The lack of features and fierce competition from the flat panel display may act as market challenges over the forecast period.
Pico Projector Market Segmentation
The global pico projector market is bifurcated based on component, type, and technology.
By component, projection lens will lead the market in the assessment period because of the rising use of high-quality picture projection technologies in automobiles.
By type, embedded pico projectors will domineer the market over the forecast period because portable consumer electronics use it so frequently. Another element fueling development throughout the anticipated period is the spread of smartphones.
By technology, digital light processing will spearhead the market over the forecast period. DLP projectors employ tiny mirrors to reflect light on a screen. It has a rotating wheel with color filters that it uses to produce a spectrum of colors. Strong light output from DLP projectors makes them suitable for environments with ambient light, such as schools and conference rooms. Moreover, DLP processors operate faster, and DLP projectors often provide a high natural contrast. As a result, these characteristics encourage the use of pico projectors based on DLP.
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Since China is one of the key producers of both raw materials & finished goods, the COVID-19 epidemic has possessed a substantial impact on the sale of electronics. The industry experienced changes in prices, supply chain disruptions, and decreased production.
Pico Projector Market Regional Analysis
North America to Head Pico Projector Market
In 2021, North America held the majority of the market share. In North America, there has been an increase in demand for pico projectors for usage in commerce, education, and entertainment. As more individuals choose to utilize small wireless devices for entertainment purposes like streaming movies, gaming, and sports, the pico projectors market for consumer electronics is expected to grow. Also, the ability of pico projectors to give large-screen visualization and generate high-quality 3D pictures has enhanced their demand.
With regards to technology and advancements, North America is among the early adopters. The region has seen a significant increase in consumer electronics spending. In the US and Canada, sales of pico projectors are rapidly rising because of their compact design and cutting-edge Wi-Fi and HDMI interface compatibility. The market for pico projectors in the region is also likely to increase due to the anticipated introduction of new applications of this technology, particularly in the fields of intelligent traffic systems, life sciences, and vision-guided robotics. The market has expanded and these projectors' essential properties, such as mobility and portability, have been improved thanks to the region's extensive IT infrastructure.
Businesses are heavily investing in the development of pico projector-based automobile HUDs. A MEMS-based vehicle laser pico projector design was recently made public by US-based Maxin Integrated. It is constructed around a pico laser drive and is created with a pico projector system of triple laser-diode on chip (SoC). This makes it possible to have limitless focus, sunshine readability, and great color. The expanding investments in the consumer electronics market as well as the significant need from the healthcare, automotive, and education & research sectors are the main factors influencing the size and growth of pico projectors in North America.
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APAC to Have Admirable Growth in Pico Projector Market
Due to reasons related to technical development and the rise in consumer electronics innovations, Asia-Pacific had the market's quickest growth rate in 2021. In these areas, the technical sectors have significantly improved. India's market for Pico projectors is anticipated to increase rapidly. The increased demand for consumer goods that include a Pico projector is to blame for this quick rise. Consumer electronics are thought to be supplied primarily from the APAC region. Moreover, the maximum Pico projector producers hail from this area. As a result, the Asia-Pacific area has greatly contributed to the expansion of the market in India as both a supplier of consumer electronics and a producer of these projectors.
The pico projector market is fragmented and competitive as a result of the presence of numerous national and international industry players. These players have used a range of innovative strategies, including agreements, partnerships, joint ventures, collaborations, the launch of new products, geographic expansions, and more, in order to accommodate the growing client, need while still being on the cutting edge. They also support numerous research and development initiatives.
August 2022- One can carry around a pico projector the size of a phone thanks to Yaber that has launched its newest and smallest model, the Pico T1.
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