Outdoor LED Display Market Size 2022 Growth Research Report by 2024
Category: #energy-and-environment  By Ronak Bora  Date: 2022-06-24
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Outdoor LED Display Market Size 2022 Growth Research Report by 2024

Outdoor LED Display Market size is forecast to exceed USD 22.4 billion by 2024; according to a new research report by Global Market Insights, Inc. On account of companies aiming to use attractive, eye-catchy, bright advertising displays & billboards, outdoor LED display market is set to generate highly lucrative business in the next few years. With an aim to attract the audience and stay on top of the competition, companies are increasingly turning toward LED powered advertising boards, perimeter boards, and scoreboards for marketing themselves and their products and services. The exponentially rising demand for wireless connections for high resolution signs and billboards will also help impel outdoor LED display market, which was worth more than USD 2.5 billion in 2015.

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Recognizing the potential of LED displays and the impact they have on the audience, companies operating in global outdoor LED display industry are striving to develop innovative products that depict the features of longer shelf life and improved capacity. Key companies include Electronic Displays, Panasonic, Barco NV, LG Electronics, Shenzhen Dicolor, Leyard Optoelectronic, Toshiba, Sony, Optoelectronics, Panasonic, Daktronics, and Lighthouse Technologies.  Apart from novel product development, outdoor LED display market players are focusing on investing heavily in research & development activities and diversifying their product portfolio. Additionally, to cut down on the operational costs, companies have begun to rely on automation to update outdoor displays instead of technical personnel making tedious on-site visits.

Outdoor LEDs come in a variety of color displays, namely tri-color, full color, and monochrome models. Undoubtedly, the full color model encompasses the best features and has the ability to depict colorful animations, images, and videos, subject to which full color outdoor LED display market will grow at a significant pace over 2016-2024. Even the tri-color display model is gaining remarkable prominence, pertaining to its rising adoption in scoreboards, digital signage, and perimeter boards. On account of the rapid development of digital signage market, tri-color outdoor LED display industry is expected to register a CAGR of 22.3% over 2016-2024.

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LED screens incorporating interactive visualization technology are forecast to be deployed increasingly across bus stops and train stations, owing to growing trend of utilizing high tech 3D powered interactive imaging. This trend is predicted to contribute heavily toward outdoor LED display market growth.

Outdoor LEDs are used across billboards, matrix boards, perimeter boards, video walls, mobile panels, and traffic signals. Traffic light applications held more than 11.5% of outdoor LED display industry in 2015 and are predicted to be worth more than USD 1.95 billion by 2024, with a CAGR estimation of 19% over 2016-2025. This growth can be primarily attributed to factors such as high energy efficiency, adaptability to varied power supply, and reduced maintenance expenses.

Outdoor LEDs that depict stupendous visibility and cost-efficiency are used by companies to advertise their products and services on billboards and hoardings. On these grounds, outdoor LED market from billboards is projected to grow at a rate of 24.8% over 2016-2024, having accounted for more than 40% of the overall revenue in 2015.

The remarkable growth of digital advertising will propel the demand for outdoor LED display industry. LED billboards, though expensive, are deemed to be highly effective as opposed to printed outdoor ads, with single ads displayed for a duration of 8 seconds. Extensive utilization of these billboards will augment outdoor LED display market in the next few years.

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LED displays are now being increasingly deployed across the globe for sporting events, in stadiums and playground arenas, for advertising big-shot events and products, taxi ads, and even kiosk advertisements. With customer expectations reaching an all-time high, companies are using LEDs to brand themselves across myriad regions. For instance, U.S. outdoor LED display market is anticipated to be worth USD 2.5 billion by 2024, subject to the increasing deployment of LED technology for outdoor advertising in commercial zones such as the Boardwalk and the Times Square. Having held more than 50% of the regional outdoor LED display industry in 2015, this market is expected to grow significantly owing to the huge demand for personalized advertising solutions.

The entertainment sector, in the past few years, has been thriving solely by virtue of outdoor LEDs. These devices are being used for applications such as interactive floor displays and video walls for sports halls, multiplexes, gaming arenas, casinos, hotels, theme parks, and malls. The increasing usage of LED advertising for such popular commercial entertainment zones will impel outdoor LED display industry globally.

Countries forming a part of the APAC region have lately been organizing sporting events on a large scale, pertaining to which Asia Pacific outdoor LED display market will grow at a CAGR of 25% over 2016-2024. Having been valued for around USD 1 billion in 2015, this regional market has also been experiencing an exponential growth in the infrastructural sector, which will lead to widespread product demand in the years to come. China and India will be the key revenue pockets driving APAC outdoor LED display industry.

Individually mounted LED displays will be increasingly adopted by commercial builders in the near future driven by the high demand for large screens and excellent viewability. Having held more than 55% of the overall revenue in 2015, individually mounted outdoor LED display market will grow substantially over 2016-2024, powered by the product’s bright display feature, longer shelf life, and less heat generating capacity. Surface mounted outdoor LED display market, on the other hand, is expected to grow at a CAGR of 26.5% over 2016-2024.

LED displays are a thing of the present and the future, and the demand for outdoor LED displays will continue to rise, owing to various corporate brands opting for high resolution display advertising. With the number of sporting events increasing across the globe and the growing demand for these products in digital advertising, outdoor LED display market is all set to reach greater heights over the coming seven years.

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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