According to a recent report published by Allied Market Research, titled, “Outdoor LED Display Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” the global market was valued at $7.4 billion in 2019, and the outdoor LED display market size is projected to reach $17.4 billion by 2027, growing at a CAGR of 11.4% from 2020 to 2027.
Outdoor LED displays use LEDs in display screens installed in the exterior environment. These involve fabrication of LEDs of different color wavelengths on printed circuit boards (PCBs). The packaging type may be either dual-inline-packaging (DIP) or surface mounting device (SMD). These screens are robust & resistant to damages caused by sunlight, pollution, and moisture. High adoption by sponsors in the entertainment shows, sports events, and exhibitions owing to increase in preference of LED display advertising over paper or poster-based advertising boosts the outdoor LED display market growth. However, high initial investments and unstable demand are some of the factors that hamper the market growth.
On the basis of type, the individually mounted segment dominated the outdoor LED display industry in 2019 and is projected to maintain its dominance during the forecast period. The individually mounted LED display provides serval features such as better ultraviolet (UV) protection function, waterproof, higher brightness, better moisture protection, and quality performance of LEDs. This, as result becomes a major growth factor and is expected to grow at a significant CAGR during the forecast period.
By application, the billboards outdoor LED display segment dominated the outdoor LED market in 2019 and is projected to maintain its dominance during the forecast period, as it provides cost-effective designs & advance features for advertisement on outdoor LED displays in the market. Furthermore, the mobile LED displays segment is expected to grow at a significant CAGR during the forecast period. These displays provide a viable option for inexpensive, efficient, and door-to-door advertisement services, thus catering to the increase in demand for portable advertising medium in the market.
By region, the outdoor LED display market was dominated by Asia-Pacific in 2019 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region are large investments for production & consumption of outdoor LED displays and semiconductors, and increased preferences of digital advertisements in the emerging economies.
Key Findings Of The Study
By type, the individually mounted segment led the outdoor LED display market size in terms of revenue in 2019.
By application, the billboard segment accounted for the highest outdoor LED display market share in 2019.
By region, Asia-Pacific generated the highest revenue in 2019.
The key players profiled in the global outdoor LED display market analysis include Barco, Daktronics, Inc., Electronic Displays Inc., Galaxia Electronics, Leyard, LG Electronics, Lighthouse Technologies Limited, Panasonic Corporation, Sony Corporation, and Toshiba Tec Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the outdoor LED display industry.