MARKET OVERVIEW- OUTDOOR LED DISPLAY MARKET
Outdoor LED displays are electronic display screens that are made specifically for outdoor use. They are commonly used for marketing, entertainment, and instructional purposes. Using light-emitting diodes, outdoor LED displays produce vivid, high-contrast images that are visible both during the day and at night (LEDs). To display live commercials, images, promotional films, and other content, large billboards with LED displays are used. It is often placed in open, public areas like parking lots, streets, and malls. Moreover, LEDs, which are semiconductor chips that emit light with a range of colours and visible spectrum wavelengths, are used in the displays. These displays, which are frequently utilised in outdoor applications including billboards, video walls, and live advertising, make use of high-brightness LEDs. Moreover, outdoor LED displays are built using dual in-line package (DIP) technology, which renders them weatherproof and enables viewing of the material both during the day and at night. There is a rising preference for LED display advertising over paper- or poster-based advertising as a result of the swift uptake of it by sponsors in entertainment shows, athletic events, and exhibits. The number of athletic events, exhibits, conferences, ceremonies, and other events that employ outdoor LED displays is rising, which is causing the industry to expand. The increased interest in energy economy is another factor driving the use of these displays because they promise significant cost & power savings.
MARKET DRIVERS
Outdoor LED displays are often used for advertising due to their high visibility and capacity to reach a large audience. The growing demand for advertising is what is driving the market for outdoor LED displays. As outdoor LED display technology advances, better displays with better resolution, brightness, and energy efficiency become available. The advent of new technologies such as 4K and 8K TVs is further boosting the market. Information, advertisements, and other content are increasingly being shown on digital signage in outdoor locations. The growing use of digital signage is what is driving the need for outdoor LED displays. The need for outdoor LED displays is being driven by the growing investments made in sports stadiums and arenas, which are key users of outdoor LED displays. Large-scale displays for events, concerts, and other public gatherings work perfectly with outdoor LED displays. The market for outdoor LED displays is being driven by the rising demand for such displays. Governments all over the world are making investments in projects aimed at creating "smart cities," which usually involve the installation of outdoor LED displays for a variety of uses, including traffic control, public education, and advertising. The demand for outdoor LED displays is being driven by this.
MARKET OPPORTUNITIES
The outdoor LED display market is expected to grow significantly in the coming years due to the increasing demand for digital advertising and the rising trend of sports and entertainment events. Here are some potential opportunities in the outdoor LED display market. Given the growing popularity of digital advertising, outdoor LED displays offer businesses a great chance to market their products and services in a visually appealing way. Billboards, store displays, and digital signage are just a few examples of outdoor LED display applications. Outdoor LED displays for sporting and entertainment events are also very popular. Live scores, replays, and sponsor advertisements can all be shown on LED screens, providing fans with an immersive experience. Outdoor LED displays are becoming more and more prevalent in transportation hubs like airports and train stations in order to display information like departure and arrival times, weather updates, and news updates.
MARKET RESTRAINTS
Some potential consumers might be discouraged from investing in this technology due to the high installation costs associated with outdoor LED displays. To make sure they keep working properly, LED displays need routine maintenance. This may discourage some buyers and raise the overall cost of ownership Outdoor LED displays are subjected to a variety of climatic conditions, including wind, rain, and extremely cold or hot temperatures. The longevity of the screens may be shortened by several reasons.
MARKET GROWTH CHALLENGES
The initial cost of setting up an outdoor LED display can be quite high, making it difficult for small businesses to invest in this technology. This can also be a barrier for new players entering the market. Outdoor LED displays require regular maintenance and upkeep to ensure optimal performance. This can be costly and time-consuming, especially for large displays. Outdoor LED displays are exposed to various environmental factors such as temperature, moisture, and dust. This can affect the performance and longevity of the displays, leading to increased maintenance costs.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of Global Outdoor LED Display Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in outdoor LED display in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
OUTDOOR LED DISPLAY MARKET SEGMENTAL OVERVIEW
Outdoor LED Display market comprises of different market segments like, Technology, Colour Display, application, and geography
OUTDOOR LED DISPLAY MARKET BY TECHNOLOGY
By Technology Outdoor LED Display Market includes key segments like
- Individually Mounted
- Surface Mounted
LED displays are increasingly used in outdoor advertising due to their great brightness, low power consumption, and durability. The market for outdoor LED displays is growing swiftly, and manufacturers are always coming out with new products to meet demand. In terms of expected growth, the outdoor LED display market is projected to continue to grow at a rapid pace over the next few years. The increasing popularity of LED displays in various applications, including advertising, sports events, concerts, and public events, is driving the growth of the market. Additionally, advancements in LED technology, such as the development of high-resolution displays and flexible displays, are expected to further fuel the market's growth.
OUTDOOR LED DISPLAY MARKET BY COLOUR DISPLAY
By Colour Display, Outdoor LED Market includes key segments like
- Monochrome Display
- Tri-Color Display
- Full-Color Display
The market is divided into monochrome, tri-colour, and full-colour displays when it comes to colour displays. Since it can show colourful, high-quality images and videos, which are perfect for advertising and digital signage applications, full-colour displays are predicted to increase at the fastest rate during the forecast period. However, monochrome displays are also anticipated to experience substantial growth because of their low cost and great durability, making them ideal for applications that need for the simple display of text and graphics. Due to their capacity to display multiple colours at a relatively lower cost when compared to full-color displays, tri-color displays are predicted to experience moderate development. This makes them ideal for applications like scoreboards and traffic signs.
OUTDOOR LED DISPLAY MARKET BY APPLICATION
The Outdoor LED Display Market Finds major applications in
- LED Billboards
- Perimeter LED Boards
- LED Mobile Panel
- LED Traffic Lights
- LED Video Walls
- Other LED Matrix Boards
The LED billboards segment is expected to hold the largest share of the market, as these displays are widely used for advertising and promotional activities in various industries such as retail, sports, and entertainment. The increasing adoption of digital advertising and the growing trend of programmatic advertising are expected to drive the growth of this segment. The LED video walls market is also expected to expand significantly over the course of the projection period due to the fact that these displays are used for a range of purposes, including sporting events, concerts, and corporate events. The appeal of these displays for both indoor and outdoor events is predicted to drive this market's expansion. Governments all over the world are investing in intelligent traffic management systems to reduce traffic congestion and enhance road safety, hence it is estimated that the LED traffic lights market would expand moderately throughout the forecasted period. The demand for digital advertising, the trend towards smart cities, and other factors are all projected to have an impact on the growth of the market for outdoor LED displays.
OUTDOOR LED DISPLAY MARKET BY REGION
The Outdoor LED Display Market is studied for the following region
- North America
- Asia Pacific
- Europe
- RoW
In terms of regional growth, the Asia Pacific region is expected to dominate the outdoor LED display market due to the increasing demand for outdoor advertising and government initiatives to promote sports events and public gatherings. China, India, and Japan are the major countries contributing to the growth of the outdoor LED display market in the Asia Pacific region. The market for outdoor LED displays is anticipated to expand significantly in North America and Europe as well due to the rising demand for high-resolution LED displays for outdoor advertising and events. Due to the rising need for high-quality digital displays for advertising and events as well as developments in LED display technology, the outdoor LED display market is anticipated to expand rapidly across all regions.
COVID-19 IMPACT ANALYSIS ON THE OUTDOOR LED DISPLAY MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Outdoor LED Display Market. In addition, a complete analysis of changes on the Outdoor LED Display Market expenditure, and economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of a pandemic on Global economies, international trade, business investments, and GDP and marketing strategies of key players present in the market.
The COVID-19 pandemic has had a significant impact on the outdoor LED display market. With the outbreak of the pandemic, there has been a decline in demand for outdoor LED displays due to the closure of public spaces, cancellation of events, and the overall decrease in consumer spending. However, as the world adapts to the new normal, the outdoor LED display market is slowly recovering, and there is an increase in demand for outdoor LED displays for various applications. The impact of COVID-19 on the outdoor LED display market has been felt in several ways. First, the pandemic has led to a decrease in demand for outdoor LED displays due to the closure of public spaces such as malls, stadiums, and event venues. The pandemic has also led to the cancellation of events and the postponement of projects that would have required outdoor LED displays. As a result, many companies have reported a decline in revenue due to the decrease in demand for outdoor LED displays.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Outdoor LED Display Market is majorly focused on expanding the Global growth of the Outdoor LED Display industry with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the Outdoor LED sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in market are
- Barco
- Daktronics Inc.
- Electronic Displays Inc.
- LG Electronics
- Panasonic Holdings Corporation
- Sony Corporation
- Toshiba Corporation
- LEYARD
- Lighthouse Technologies Limited
- Shenzhen Dicolor
- Optoelectronics Co. Ltd
