Is it possible to install Android KitKat or newers versions to Samsung Galaxy Beam i8530? I couldn't find any answer on how to install any android version higher than JellyBean on Galaxy Beam, do I need to buy a new phone?
The phone uses a NovaThor U8500 SoC, the manufacturer of which, ST-Ericsson was dissolved in 2013, not long after its release, thus cutting support for it. Although there are devices with the same SoC having higher Android version and third-party ROMs (namely Galaxy S Advanced and Xperia P/U/Sola), your device appeals to a much more niche market and therefore doesn't enjoy a large enough user base for developers to come and develop for it.

So the definitive answer is, yes, go for something new. And no gimmicks like those projectors - more gimmicks means less possibility for the community to support it.