The outdoor LED display market was estimated at over USD 1.6 billion in 2014. Increasing demand for better resolution and affordable solutions is expected to drive the industry over the forecast period. The industry is characterized by rising trend towards interactive media. The technology enables end-users to carry out uninterrupted advertising, thereby, growing deployment in real estate offices, car showrooms, retail outlets, and shopping malls.
Key features such as environmental friendliness, durability, impact resistance, and energy efficiency are expected to fuel outdoor LED display industry growth. Further, growing number of sports activities combined with increasing promotional activities of corporate brands have encouraged promoters to advertise their applications, which is projected to boost growth over the next seven years.
Europe outdoor LED display market, by application, 2012-2022, (USD Million)
Varied government initiatives and stringent norms regarding emissions are anticipated to offer prominent growth opportunities by 2022. For instance, the Government of India has initiated varied pilot programs for encouraging the usage of LED streetlights for local civic bodies and municipalities for parks, roads, and parking areas. However, higher cost as compared to traditional LCDs and lack of availability of raw materials can act as a restraint for the industry.
Applications analyzed in the study include perimeter boards, billboards, mobile panel, video walls, traffic lights, and other matrix boards. LED billboard market accounted for over 40% of the overall demand in 2014. The rise in advertising campaigns by varied corporate brands is estimated to boost the segment growth.
Growing popularity of sports has led to the construction of several new stadiums and upgrade of the existing ones, which is estimated to drive perimeter board market demand.
The industry can be bifurcated by technology into individual and surface mounted technology. Surface-mounted technology is expected to grow at a CAGR of over 20% by 2022. The increase in demand for large screens with high viewing distance is encouraging commercial builders and retailers to adopt the individually mounted technology. They have a longer lifespan and generate less heat as compared to traditional devices resulting in reduced energy loss. Additionally, it produces brighter illuminated displays that offer greater readability than conventional billboards and signs.
The market includes monochrome, tri, and full-color displays. Full-color outdoor LED display market size exceeded USD 900 million in 2014 and is expected to grow at a significant rate owing to its ability to present videos, images, and animation of superior quality.
It finds application across various end-use industries such as sports, entertainment, textile, automobile, FMCG, and food and beverages. Further, growing demand for high sophistication even in basic consumer-oriented applications is expected to propel demand.
Asia Pacific outdoor LED display market is expected to emerge as a prominent region due to the rise in investments by established companies for improving viewer experience and surge in promotional and sports activities.
North America market is estimated to exhibit growth owing to its high demand for customized solutions and use of the technology across various prominent streets including Times Square in New York, The Boardwalk in Atlantic City, and The Strip in Las Vegas.
Notable companies operating in the industry include Sony, LG Electronics, Toshiba, Panasonic, Daktronics, Electronic Displays, Shenzhen Dicolor Optoelectronics Co Ltd, Barco NV, Leyard Optoelectronic Co Ltd, Lighthouse Technologies Ltd, and Barco NV.
Improving product life and increasing application capacity are few of the key strategies adopted by industry participants in order to provide product differentiation. The vendors operating in the industry are offering end-to-end solutions to their customers from manufacturing to installation at the site along with after-sales services.
Industry vendors are investing in R&D to invent new technologies for improving efficiency and reducing losses & emissions. Strategic acquisitions and partnerships are being adopted for business expansion. For instance, Barco NV introduced an advanced range for advertising applications and outdoor branding and promotion.
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The ongoing COVID-19 outbreak has adversely affected the display industry with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. Major manufacturers including Samsung, LG Display, and Xiaomi among others have suspended their manufacturing operations in China, India, South Korea, and European countries. In addition to having an impact on the production, the ongoing pandemic has taken a toll on the consumer demand for display integrated devices, likely exacerbated by the lockdown imposed across major countries. Uncertainty regarding the possible length of lockdown makes it difficult to anticipate how and when a resurgence in the display industry will occur. On the flip side, increased demand for displays in medical equipment including ventilators and respirators is expected to keep the demand for displays afloat in the coming months. The report will account for Covid19 as a key market contributor.