New York, USA, March 15, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global 3D cinema screen market. According to the report, the global market is projected to surpass $548.3 million and grow with a CAGR of 15.8% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the 3D Cinema Screen Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global 3D cinema screen market. During the pandemic, demand for 3D cinema screens greatly decreased. Also, 3D cinema screen installation and production processes were significantly hampered. Furthermore, many people preferred watching movies and TV shows at home rather than going to the theatre because of the change in consumer preferences towards home entertainment amidst the pandemic. As a result, the 3D cinema screen market faced severe downfall during the pandemic crisis.
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Factors Impacting the 3D Cinema Screen Market Growth
The key factor boosting the growth of the market is a significant increase in the cost-effectiveness of 3D content as well as the rising implementation of virtual and augmented reality in movies. Furthermore, the increasing use of digital projection technology and the rising interest in 3D films are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the price of upgrading to a 3D cinema screen, which includes a significant investment in unique equipment such as 3D glasses, 3D projectors, and specialized sound systems is anticipated to deter the market’s growth.
The report segments the global 3D cinema screen market into type, application, and region.
Large Screen Sub-Segment to Grab a Foremost Share of the Market
The large screen sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because of the rising demand for large screens in theatres, conference rooms, or other similar environments.
Commercial Sub-Segment to Witness Rapid Growth
The commercial sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly due to the widespread usage of large screens in commercial locations, like malls and airports, where 3D commercials are displayed.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global 3D cinema screen market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the increasing disposable income, growing need for an immersive movie-watching experience, and rising popularity of 3D movies in this region.
Key Players of the Market
The report states some of the foremost players operating in the global 3D cinema screen market including
- Galalite Screens
- Harkness Screen
- EKRAN
- Samsung
- Severtson Screen
- Ballantyne Strong
- Sony
- RealID Inc
- IMAX
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in March 2023, PVR Limited, the biggest and most esteemed movie theatre chain in India, after the merger with INOX Leisure Limited, announced the opening of Lucknow's largest cinema at Lulu Mall, the city's biggest shopping center.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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