LED Modular Display Market Size, Share & Trends Analysis Report By Type (Indoor Modular Screens, Outdoor Modular Screens), By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2024 - 2030

Report Overview

The global LED modular display market was valued at USD 7.53 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2030. The market growth is driven by the rising use of LED modular displays in various applications such as airports/railways, retail stores, media and advertising, auditoriums, sports and entertainment, and control rooms. Moreover, the growing trend of outdoor events highlighting live video, dynamic content, traditional advertising, and social media advertising, including music concerts, sports events, brand endorsements, product launches, and political assemblies, is anticipated to increase the demand for LED modular screens.

In order to enhance customer interaction, numerous businesses utilize sophisticated technologies such as artificial intelligence, augmented reality, big data, and machine learning. Retail stores use interactive displays that allow customers to try on dresses virtually. Moreover, the technology necessitates a larger budget for research and development activities, leading to a rise in the total cost of the LED modular display. It has encouraged the players to provide LED modular displays for rent. Some market participants, such as PixelFLEX and others, offer rental services for LED screens and innovative LED solutions.

The rising investments by various governments in the research and development activities of technology products are driving the market growth for LED modular display products. For instance, the Ministry of Electronics and & Information Technology (MeitY) approved a project, "Next Generation AMOLED Displays, OLED Lighting and OPV products: Development of Disruptive Technologies to enable cost-effective electronic component manufacturing in India," to be implemented by IIT Madras and a significant budget was granted to the institute for this project. Moreover, the market is driven by the product's thin, light, and easy-to-install properties. LED modular displays are anticipated to attract the attention of more corporate users and businesses in the approaching years.

Type Insights

The indoor modular screens segment dominated the global industry and accounted for a revenue share of 57.1 % in 2023. The rise in the demand for LED video walls to display flight, bus, and train departure and arrival information at airports and stations is predicted to boost the segment's expansion. LED video walls are also regarded as the most reliable and efficient. The increasing inclination towards installing indoor modular screens is attributed to their ability to provide seamless, high-quality images. Therefore, indoor modular screens such as video walls are commonly set up in retail marketplaces and shopping centers, driving market growth.

The outdoor modular screens segment is expected to register a significant CAGR during the forecast period. Outdoor LED screens are specifically developed to provide information in an attractive visual manner, even in severe weather conditions such as extreme dust, heat, and rain. The growth is attributed to the high demand for outdoor LED screens in advanced applications such as stadium screens, perimeter boards, advertising boards, scoreboards, and video walls. Moreover, the market growth is anticipated to be stimulated by the rise in outdoor activities such as music concerts, sports events, brand endorsements, product launches, and political assemblies.

Regional Insights & Trends

Asia Pacific LED modular display market dominated the global market in 2023 with a revenue share of 35.1%. Regional growth is expected to experience growth with the help of ongoing advancements in public spaces and the increasing use of modern display technologies for advertising by numerous leading manufacturers, including Samsung, SHENZHEN ABSEN OPTOELECTRONIC CO., LTD., Sony Corporation and others. Moreover, governments in the region are investing heavily in smart city projects, which often incorporate LED displays for traffic management, information dissemination, and public safety. Technological advancements, increasing adoption for advertising through major cities, growing use by governments and other welfare organizations to display critical information about initiatives and programs are anticipated to drive growth for this regional industry.

China LED Modular Display Market Trends

China LED modular display market accounted for the largest revenue share in 2023. China, is one of the key countries in manufacturing industry, has a well-established ecosystem for LED components and displays. Its large-scale production facilities and competitive labor costs enable manufacturers to offer cost-effective solutions that drive market growth.  The country boasts a robust supply chain network for LED materials, components, and manufacturing equipment, ensuring efficient production and distribution.

North America LED Modular Display Market Trends

North America LED modular display market was identified as a lucrative region in 2023. The region has a strong culture of research and development, driving innovation in LED technology. Moreover, a well-developed manufacturing infrastructure and strong supply chains ensure a steady flow of components and raw materials and facilitate the production of high-quality LED modular displays. The strong economy and increasing disposable income increase demand for LED modular displays in various applications. In addition, businesses in North America are more likely to invest in advanced technologies such as LED displays to improve their operations.

The U.S. LED modular display market dominated the regional market due to various applications for LED modular displays, including entertainment, advertising, and corporate communications. Moreover, continuous advancements in LED technology, including lower power consumption, higher brightness, and improved color accuracy, made LED modular displays more attractive for various applications. The growing trend of digital signage in the entertainment, retail, and corporate sectors is driving demand for LED modular displays, offering versatile and high-impact visual solutions. In addition, large-scale events and concerts rely heavily on LED modular displays for immersive visual experiences, contributing significantly to market growth.

Europe LED Modular Display Market Trends

Europe LED modular display market is anticipated to grow significantly during the forecast period. The area commands a large portion due to the strong demand from digital-out-of-home (DOOH) advertising initiatives and the increasing use of technologies in countries such as the U.K., Germany, Italy, and Belgium. The growing presence of corporate trade shows, sports events, and live music performances is also predicted to boost the need for LED modular displays in Europe. For instance, Panasonic Connect Co., Ltd. collaborated with the Olympic Broadcasting Services (OBS), the Paris Organizing Committee for the Olympic Games, and the International Olympic Committee (IOC) to provide cutting-edge AV solutions and offer strong assistance for event operations. This includes broadcast production gear, professional displays, and projection systems for the Olympic Games Paris 2024 in France, held from July 26 to August 11, as well as the Paris 2024 Paralympic Games, from August 28 to September 8.

The UK LED modular display market held a substantial market share in 2023. Government initiatives to promote smart cities and digital transformation are anticipated to create opportunities for LED displays in transportation, public spaces, and infrastructure. Continuous innovation and technology adoption are expected to attract new LED display products and applications, driving the market during the forecast period. In addition, the growing retail industry in the country is expected to encourage maximum adoption of LED modular displays in retail spaces to enhance customer experience.

Key Company & Market Share

Some of the key companies in the LED modular display market include Barco, Daktronics, Mitsubishi Electric Corporation, NEC Display Solutions (SHARP CORPORATION), Panasonic Corporation, PixelFLEX, and others. To address the growing competition, the key market participants are adopting strategies such as collaborations, product portfolio expansion, vast distribution, innovation based new product launches and more.

• Panasonic Corporation, one of the prominent players in the consumer electronics industry, specializes in a wide range of products, including industrial solutions, consumer electronics, home appliances, and automotive systems. The company offers large-scale LED modulator video walls, LED displays such as LH-55QM1KD and LH-75QM5VS, and more.

• Daktronics, a major market participant in designing, manufacturing, and installing electronic scoreboards and displays for various sports venues, including stadiums, arenas, and fields; large-format LED video displays, scoreboards, and control systems. The company offers LED displays for various purposes such as Platform displays, message displays, space availability displays, dynamic message signs, vanguard control software, and more.

Recent Developments

• In May 2024, Planar introduced a new range of Leyard LED display solutions to augment the company's product offerings specifically supporting outdoor, standard pitch, and high demand for staging and rental uses. The company is excited to grow Planar's presence in these areas and to enhance its customer service for their varied requirements.
• In May 2024, Daktronics launched the new LED display technology Flip-Chip COB (Chip On Board) in global market. A recent release from the company in the Narrow Pixel Pitch (NPP) product line includes enhanced reliability, durability, and lower power usage, resulting in a better customer experience. With the launch of this product, the company aims to align with the latest technology trends in the LED industry.

LED Modular Display Market Report Scope

Global LED Modular Display Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the LED modular display market report based on type, and region.

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Indoor Modular Screens

  • Outdoor Modular Screens

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • UAE

    • South Africa