According to a new report published by Allied Market Research, titled,"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.
Outdoor LED displays consists of LED 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 displays have been gaining popularity, 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 electronic manufacturing and telecommunication industries.
KEY FINDINGS OF THE STUDY
- In 2016, the individually mounted outdoor LED display 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 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.