The Global Outdoor LED Displays Market, By Mounted Technology (Individually Mounted and Surface Mounted) By Color Display (Monochrome ,Tri-color and Full Color), By Application( LED Billboards, Perimeter LED Boards, LED Mobile Screen(1 to 30 sq. m., 31 to 60 sq. m. and 61 and above sq. m.), LED Traffic Lights, LED Video Walls (Indoor Modular Screens and Outdoor Modular Screens) and Other LED Matrix Displays), and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 32,682.6 million by 2027, exhibiting a CAGR of 14.6 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Outdoor LED displays are used to display images, videos, and texts at crowded places, stadiums or retail stores. Outdoor LED displays include LED billboards, mobile LED screens, perimeter LED displays, LED video walls for indoor/outdoor applications, and LED matrix displays. Outdoor LED displays are available in various sizes, resolutions, and color technologies according to consumer demand. These displays feature at TV studios, airports, aboard trains, at bus stations, retail stores & shopping centers, sports stadiums & arenas, for concerts & live events, building facades, and major streets. Outdoor LEDs save more energy than their contemporaries such as plasma and LCD thereby helping to curb carbon emission.
The global outdoor LED displays market was valued for US$ 10,982.1 Mn in 2019 is expected to exhibit a CAGR of 14.6% during the forecast period
Increasing number of high-quality construction projects namely multiplexes and shopping malls is expected to boost the global outdoor LED displays market growth over the forecast period
Rising number of commercial infrastructure construction such as shopping malls, multiplexes, and shopping complexes have increased the deployment of LED display matrix, LED billboards, and LED video walls. Advent of novel technologies has accelerated construction activities of high-end shopping malls and complexes, wherein LED video walls, LED screens, and LED billboards are finding increased application of advertisements of their clients. Moreover, multiplexes are deploying high definition LED screens to project movies and videos as a part of paid advertisements for their clients. Thus, these factors are expected to propel the global outdoor LED displays market growth during the forecast period.
Technological advancements in an LED display can present lucrative growth opportunities for market players
Over the years, research and development activities by key manufacturers in the field of LED display has led to advancements in technology. LED displays are now available with an organic LED (OLED) display, which organically emits light when it makes contact with an electric current. Moreover, there are flexible displays, outdoor 3D screens, tactile or haptic touchscreen, and holographic displays to display or endorse products. Providing technologically advanced products to consumers can provide major business opportunities for market players in the near future.
Growing preference of consumer towards online advertisement is expected hinder the global outdoor LED displays market growth over the forecast period
Online advertising through various social media platforms such as Facebook offers greater reach among target audience for the product. It is far more convenient and effective than outdoor LED displays. Moreover, unlike outdoor LED displays, online advertisement does not require significant amount of investment and is affordable for smalls-sized sellers. Therefore, these products are expected to hamper the global outdoor LED displays market growth in the near future.
Use of LED screens and displays for brand promotions on crowded streets
Many end users are adopting outdoor LED displays to promote their brands and products, especially on crowded streets. This offers greater consumer attention and better advertisement for the product. LED billboards at Time Square are seen by millions of people from around the country and by tourists alike; around 23 million viewers visit Times Square each year. For instance, Google became the first company to rent the world’s largest and most expensive LED billboard at Time Square, New York, which was eight-story high and cost US$ 2.5 Mn for 28 days.
Use of LED billboards on rental basis at luxurious wedding ceremonies in the U.S.
LED billboards and screens are available on rental basis for lavish wedding events in the U.S. LED screens are available on rental basis for US$ 500 – US$ 1,000 for wedding ceremonies and functions. As such screens add flair to these events, they are finding increasing adoption especially in the U.S. For instance, in June 2013, a 2,000-square foot LED screen was erected at Times Square, in order to broadcast the wedding ceremony of an influential couple in the U.S.
Adoption of LED billboards at drive-in theaters
Outdoor LED display billboards are increasingly replacing conventional projectors in drive-in theaters in Latin America. CD screens and projectors are being replaced by LED billboards for undimmed and clear display output at drive-In theaters in Mexico and Brazil. For instance, in May 2015, drive-In theater at Denver Area, Mexico, adopted LED billboards, superseding conventional display technologies such as LCD screens and projectors.
Implementation of LED displays at local playgrounds
Local playgrounds in Brazil are increasingly installing LED screens for football (soccer) matches and other sports events. For instance, the University of Cincinnati, Belo Horizonte, Brazil, installed 30 sq. m. LED billboard at the university playground to screen sports events, school news, and other cultural activities. Many other playgrounds are adopting LED billboards for such purposes.
Key players operating in the global outdoor LED displays market are LG Electronics Inc., Barco N.V., Galaxia Electronics, Daktronics Inc., Toshiba Corporation, Data Display Co. Ltd., Sony Corporation, EKTA Ltd., Electronic Displays Inc., Panasonic Corporation, Leyard Opto-Electronic Company Ltd., Lighthouse Technologies Ltd., and Shenzhen Dicolor Optoelectronics Co. Ltd.