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. 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
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.
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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.
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 marekt 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.
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.
Global outdoor LED displays market 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.
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.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.