According to a new report published by Allied Market Research, titled, “Outdoor LED Display Market by Type, and Application: Opportunity Analysis and Industry Forecast, 2019–2027,” the global outdoor LED display market size was valued at $7.42 billion in 2019, and is projected to reach at $11.86 billion by 2027, growing at a CAGR of 9.20% from 2019 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.
Increased digital advertisements majorly drives growth of the global outdoor LED display market, as it enhances customer engagement with an advance pixel displays, mobile integration by using QR codes and others. Moreover, high digital sponsorships and information displays, and power efficiency of these displays are some of the outdoor LED display market trends that is expected to boost the market growth.
Furthermore, alternate LED advertisement designs are expected to provide lucrative growth opportunities for the market. However, high installation and capital cost are expected to hinder the global outdoor LED display 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 screen 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
The global outdoor LED display market has been impacted by the COVID-19 outbreak. New projects throughout the world have been stalled, which, in turn, have affected demand in several industries including manufacturing, industrial, and retail. Although market players faced minimal impact on procuring raw materials, time and shipping costs was still a major concern. Moreover, rise in investments in development of smart cities have gained importance during the pandemic, subsequently, the demand for outdoor LED displays is anticipated to gain momentum post-pandemic.
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
- In 2019, the individually mounted segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 8.9% during the forecast period.
- Traffic lights segment of the global outdoor LED display market is projected to growth at a CAGR of 11.4% during the forecast period.
- The billboards and mobile LED displays segment together accounted for around 50.0 % of the global outdoor LED display market share in 2019.
- Asia-Pacific region contributed major share in global outdoor LED display market, accounting for more than 35.0% share in 2019.
The key players profiled in the report include Barco, Daktronics, Inc., Electronic Displays Inc., Galaxia Electronics, Leyard, LG Electronics., Lighthouse Technologies Limited, Panasonic Corporation, Shenzhen Dicolor Optoelectronics Co., Ltd, and Toshiba Tec Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the outdoor LED display market.