COVID-19 Impact on the Global Projection Mapping Market

[246 Pages Report] The projection mapping market is estimated to be worth USD 2.8 billion in 2021 and is projected to reach USD 7.9 billion by 2026, at a CAGR of 23.4%. The increasing adoption of projection mapping in media events, rise in advertising expenditure and increasing demand for high brightness projectors are some of the prominent factors for the growth of the projection mapping market globally.

Due to the COVID-19 pandemic, lockdowns and restriction measures have been imposed in many parts of the world and various events that comprised of massive crowd gatherings had been cancelled or postponed until the situation improves. The projection mapping market has witnessed a dip in the first three-quarters of FY 20-21 and various key players of the projection mapping market such as Panasonic (Japan), Epson (Japan) and Barco (Belgium) have experienced a slowdown in their operations during this period. However, the market has also witnessed a steady recovery in the last quarter of FY 20-21. New opportunities for the projection mapping market have been created for indoor applications and smaller venues and technologies such as spatial augmented reality and projected AR is being extensively used to facilitate projection mapping while maintaining social distancing. The projection mapping market is expected to recover in 2021 due to the steady increase in the number of media events and sporting events globally and the rise in advertising expenditure globally.

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Projection Mapping Market Dynamics

Driver: Increasing demand for high brightness projectors

The size of the venue, throw distance and the ambient lighting at the venue are the key factors to be considered for selecting the projector suitable for the application. The light processing components in a projector consist of a projector lamp which determines the brightness delivered and the color wheel which regulates the color output. Technically, higher brightness can be produced with the use of a higher wattage lamp.

Brightness is one of the most important specifications to be considered while selecting a projector. It is expressed in lumens or ANSI lumens. Lumens measure the strength of the light source in the projectors. Projectors for auditoriums or large venues begin at 7,000 lumens but if the venue is very large or brightly lit, projectors with 25,000 lumens or greater might be needed. A few industry experts have stated that for large screens or canvases, projectors up to 75,000 lumens are the most appropriate as installing one projector is easier than installing and aligning many as per the required needs, reducing the chances of failure.

In 2020, six of the nine new projector series launched by Epson were high brightness projectors. Projectors with higher lumen ratings produce clearer images, especially when there is ambient lighting along with the projection. High lumen-count is also necessary when projectors are being used for applications on large screen sizes or at large venues. According to a few industry experts, projectors up to 4,000 lumens can be used for smaller settings, up to 5,000 lumens can be used for mid-size settings, and projectors above 5,000 lumens can be used for larger settings.

Restraint: Projection Mapping incurs high cost

There have been several advancements in projectors and in the field of projection mapping over time. To render 3D content in resolutions such as 4K incurs significantly high costs. Processes such as capturing the content and creating a 3D model as per the mapping surface and buying the projector with the required amount of throw with high brightness and high resolution is expected to incur high costs.

Cost is one of the parameters affecting consumer buying behavior and is a key factor for projection mapping product and service providers. In the current market, most projection mapping products and services are highly priced, which only the affluent can afford. The average projection mapping service costs approximately USD 10,000 per one minute of 3D video content for large venue applications. In addition to the cost of the development of the video which is based on time, projectors, media servers, and hard drives are other costs incurred for projection mapping.

Opportunity: Rising use of augmented and virtual reality

Augmented Reality (AR) and Virtual Reality (VR) offer significant potential in creating content for a wide range of audiences along with enhanced user experience. Though AR or mixed reality applications are growing at a very fast pace due to the rising familiarity with these technologies, their potential can be leveraged further when these technologies are combined with projection mapping.

Projected AR is a technology that directly overlays digital projections onto the physical world. Unlike smartphones and conventional wearable devices that are required for AR, projected AR facilitates projection without the requirement for any intermediate device. Projection mapping can be combined with AR with the help of light cameras combined with 3D sensing systems such as depth cameras. By combining technologies such as AR and projection mapping, an enhanced physical and digital experience can be created, particularly with the interactions involving the sensation of touch, bridging the gap between the online and offline worlds.

The integration of VR and AR along with projection mapping can assist companies in building strong brand value, thereby facilitating a higher reach and highly interactive campaigns. Using AR and projection mapping, beautiful landmarks can be converted into brand experiences. For instance, tourism companies were among the first to adopt AR and VR as it is a fantastic way for consumers to experience their dream destinations. Automotive companies have also started using AR and VR to build an experience to satisfy the changing preferences of their target audiences. Hence, the growth in the projection mapping market can be enhanced by integrating the technique with technologies such as AR, mixed reality, or VR.