Outdoor LED displays market to register a massive CAGR of 20% over 2016-2024, billboard applications to remain the key revenue generator
Growing inclination of established corporate brands to advertise products with LED displays will positively boost outdoor LED displays market size. Rising demand for billboards with wireless connections (for regularly changing content) and high resolution displays for scoreboards, hoardings, stadium screens, etc., will fuel the industry trends. Market players often engage in product innovation to be able to cater to corporate demands. For instance, Panasonic, which is already an official partner of the Rio 2016 Olympics and the Rio 2016 Paralympics, recently announced that the company will supply large outdoor LED displays systems to the Live Site, an outdoor entertainment area in Rio de Janeiro, to enhance the audience experience of viewing the Games.
Asia Pacific outdoor LED display market size, by application, 2013-2024 (USD Million)
LED displays are manufactured with the help of PCBs, PBBs, LED tiles, LED lights, data collectors, driver chips, cabinets, and back covers. With advertising gaining high ground for company expansion, corporations are vying with one another to advertise their product offerings in the best ways. This leads to high demand for OLEDs for stadiums, traffic signals, weather forecast, corporate events, cabs, and video walls. According to Global Market Insights, Inc., “Outdoor LED Displays Market will be valued at USD 22.4 billion by 2024, growing at an impressive CAGR of more than 20% over 2016-2024.”
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Technologically, OLEDs can be either individually mounted or surface mounted. Surface mounted outdoor LED displays industry is anticipated to increase at a CAGR of 26.5% over the period of 2016-2024. This technology is gaining popularity over its counterpart due to high density and enhanced mechanical performance, and is slated to exhibit remarkable growth prospects in the coming years.
Individually mounted technology contributed to more than 55% of the overall outdoor LED displays market share in 2015. This technology provides the benefits of bright displays, clarity, reduced heat generation, and longer lifespan, owing to which individually mounted outdoor LED displays industry will exhibit outstanding growth over 2016-2024. High adoption by retailers and builders will further propel this market, which was worth USD 1.46 billion in 2015.
OLEDs are gaining prominence globally due to their increased application scope. North America covered more than 19% of the overall revenue share in 2015, with U.S. being the key contributor, having covered more than 50% of the regional industry share.
U.S. outdoor LED displays market will be valued for more than USD 2.5 billion by 2024, driven by growing implementation of LEDs across prime locations (Times Square and the Broadwalk). The deployment of interactive screens embedded with 3D technology at bus and train stations and the demand for custom-made solutions will also fuel industry growth over 2016-2024.
High infrastructural development coupled with the increased number of sporting events will act as the key drivers for China outdoor LED displays market, which registered a revenue of USD 1.18 billion in 2015.
India is emerging as a global sports hub, which will prompt the usage of outdoor LEDs for sporting events, stadiums, mobile panels, and billboard advertising. This, in turn will impel India outdoor LED displays industry growth over the years to come. Supported by India and China, APAC outdoor LED displays market, having recorded a revenue of more than USD 1 billion in 2015, will grow at a CAGR of 25% over 2016-2024.
Global outdoor LED displays industry is fiercely competitive and leading providers are continuously engaged in imperative strategies to gain an edge over one another. Increasing R&D investments remain a prime growth tactic to enhance displays efficiency and readability. In addition, companies are striving to innovate products by increasing their longevity, internal capacity, and color displays.
Speaking of color displays, outdoor LEDs can be segmented into tri-color, monochrome, and full color displays. Tri-color outdoor LED displays market is projected to increase at an annual growth rate of 22.3% over 2016-2024, driven by the high product deployment in scoreboards and perimeter boards. The full-color displays model depicts animated content, high quality images, and high quality videos. Powered by these excellent features, these models are being increasingly implemented across myriad sectors, thereby fueling full color outdoor LED displays industry size.
OLEDs find extensive usage across numerous applications and advertising methodologies. Traffic lights contributed to more than 11.5% of the overall outdoor LED displays market share in 2015. Driven by enhanced efficiency and low maintenance charges, outdoor LED displays industry from traffic lights is set to grow at a CAGR of 19% over 2016-2024, and will hit a revenue of more than USD 1.95 billion by 2024.
The billboards segment contributed to more than 40% of the overall market share in 2015. Favorable features such as high visibility, cost-effectiveness, and dynamic content will stimulate outdoor LED displays industry from billboards, which is anticipated to exhibit a y-o-y growth of 24.8% over 2016-2024.
Key players operating in outdoor LED displays market include Shenzhen Dicolor Optoelectronics, Leyard Optoelectronic, LG Electronics, Lighthouse Technologies, Barco NV, Sony, Toshiba, Electronic Displays Inc., Panasonic, Optoelectronics Inc., and Daktronics. It is predicted that these conglomerates will also offer solutions for every stage of the process, right from designing to manufacturing to installation, and then the advertising to after-sales services. This strategy is likely to strengthen their global presence and diversify the service offering.
Author Name :Saipriya Iyer