According to a new report published by Allied Market Research, titled,"Outdoor LED Display Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017 - 2023,"the global outdoor led display market accounted for $4 billion in 2016, and is projected to reach $14 billion by 2023, growing at a CAGR of 21.7% from 2017 to 2023. Asia-Pacific accounted for over 40% share of the global market in 2016.
Light-emitting diode (LED) is a semiconductor chip that emits light of different colors with wavelengths in the visible spectrum. This device also emits UV and infrared light owing to the semiconductor material used in the diode. However, an LED display is a flat panel display comprising an array of LEDs used to display graphics in the form of images and videos. These displays use high brightness LEDs, therefore, these are extensively used in outdoor applications such as live advertisements, bill boards, videos walls, and others
Outdoor LED display industry consists of LED manufacturers of different color wavelengths, and are programmed to display multimedia graphics, such as company advertisements, promotions, scoreboards, and traffic signs. These are mounted on buildings, highways, stadiums, and live stages for entertainment shows.
Outdoor LED display market is witnessing increased traction owing to significant technological advancements such as automated LED displays, wireless control systems, better picture quality, and high brightness level. However, factors such as high initial investments and unstable demand are some of the major factors hampering the market growth.
In 2016, the individually mounted segment was the highest contributor to the market growth, and is expected to grow at a CAGR of more than 20% during the forecast period. In addition, in 2016 the billboards segment accounted for the majority of revenue share among outdoor LED display applications.
Asia-Pacific is the dominant region, and is estimated to maintain this trend during the forecast period, owing to the rapid proliferation of the outdoor LED display industry.
Key Findings of the Outdoor LED Display Market:
- In 2016, the individually mounted outdoor LED display market segment generated the highest revenue, accounting for over 55% of the global outdoor LED display market.
- In 2016, billboard application generated the highest revenue, accounting for over one-third of the outdoor LED display market.
- Asia-Pacific accounted for the highest revenue and dominated the market with over 40% of the market share throughout the forecast period from 2017 to 2023.
The key companies profiled in the report include Barco N.V., Daktronics Inc., LG Electronics, Inc., Panasonic Corporation, Toshiba Corporation, Lighthouse Technologies Ltd., Shenzhen Dicolor Optoelectronics Co., Ltd., Leyard, and EKTA, Electronic Displays, Inc.
The key market players have adopted various strategies such as new product launches as its key developmental strategies to increase its geographical presence, enhance its technical expertise, and improve its product portfolio. For instance, in June 2017, Barco N.V. launched X-series LED displays with tear-free images using Infinipix. These displays are widely applicable in the displays of workshops retail, airports, railway stations, and others. Additionally, in the same year, LG launched 88-inch Ultra Stretch Display (88BH7D) and 55–inch LG Ultra-Bright Video Wall Display (55VX1D) for outdoor displays. These systems are expected to possess more resistivity to the blackening caused by the direct sunlight. This strengthened the position of LG in the outdoor LED market. Leading players have also focused on acquisition strategy. For instance, in June 2016, Barco N.V. acquired MTT Innovation Inc., based in Vancouver, Canada. MTT is a developer of next-generation projection technology with expertise in high dynamic range, applied imaging algorithms, advanced color science, and specialized hardware development. Moreover, in November 2015, Leyard Optoelectronic Co., Ltd. acquired Planar Systems, Inc., which specialized in displays and digital signage technology. This provided Leyard with different and advanced technology used by Planar Inc.