Digital Out-of-home advertisement (DOOH) has revolutionized advertising methods. Instead of relying on traditional print methods, marketers are investing in outdoor LED displays. Reason being, outdoor LED displays generate effective and efficient results. Over the years, we did see tremendous growth in the outdoor LED display market.
Business people around the world have understood the importance of outdoor LED displays, thus they now use them in order to promote their display products and services. Companies claim an increase of 30 to 150 percent in business after they shifted to digital marketing. Consumers today even prefer a moving object instead of a static print.
The bright and vibrant colors of outdoor LED display are hard to miss. They are bound to grab attention and increase foot traffic. Due to these and several other advantages, the outdoor LED display market is growing exponentially. Over a short period, the digital display market has taken over the print market. In the near future, the digital market will completely eradicate the traditional print market.
In 2016, the global outdoor LED display market was valued at $4 billion and by 2023, the market is bound to reach $14 billion. This means the market is registering a CAGR of 21.7% from the year 2017 until the year 2023.
LED is a semiconductor chip that uses Light Emitting Diode technology in order to emit lights of a different wavelength in a visible spectrum. In addition, it releases infrared and UV light. LED displays are popular among the marketing world as they display multimedia graphics including traffic signs, scoreboards and advertisement promotions. You can see LED mounted on entertainment shows, highways, buildings, and stadiums. The objective of mounting an LED display is to extend the reach to a large population.
The advancement in technology has led to the gaining popularity of outdoor LED in recent years. Instead of high on energy digital displays, we have energy efficient LED displays now. Characteristics such as better picture quality, wireless control systems, automated LED displays and high brightness are ensuring a promising future for outdoor LED displays.
These advancements in the LED technology have fueled the use of them in live events including digital signage, sports stadiums, and concerts and for regular meteorological updates. Nonetheless, there are certain cons that stop investors to invest in LED screen including unstable demand and high initial investment. These two factors are the major restraints in the growth of outdoor LED display market.
LED display uses a wide range of light emitting diodes as pixels in order to generate a video display. LED displays are suitable for outdoors mainly because of their comparatively high brightness. LED billboards, video walls, and perimeter boards are some common example of outdoor LED displays.
The effectiveness of LED displays has made them a popular destination for advertising purpose. In addition, LED signs have replaced the static signs on public transport. There are different segments of the global LED market display, including technology, display type, size, etc.
In 2015, high quality and full color LED displays led the entire market mainly because of their outstanding ability to offer amazing resolutions of videos and animations.
Mounted outdoor LED displays were the most popular digital displays of the technological segment of the LED market. They were accounted for the majority of the market revenues in 2015 and over the years, there has been an increase in their demand.
There are three main segments of outdoor LED displays including full-color display, tri-color display, and monochrome display. Over the years (2016-2024) Tri-Color, outdoor LED display’s market is going to increase at an annual growth rate of 22.3%. The growth is due to high product deployment in perimeter boards and scoreboards.
Likewise, the full-color models are being implemented across myriad sectors. There has been an increase in their demand over the years due to their ability to depict high-quality images, high-quality content and high-quality videos. It seems the size of outdoor full-color LED market will almost double by the end of 2024.
Like LEDs, OLEDs are also becoming excessively popular. They are extensively used across several advertising methodologies and applications. Among these applications, the most popular is the Traffic lights. According to a report, traffic lights contribute to almost 11.5% of the overall outdoor LED displays in the market. The outdoor LED traffic market is going to grow at a CAGR of 19% over 2016-2024. Due to its energy efficient and low maintenance feature. There is a high probability that it will hit revenue of about 1.95 USD billion by 2024.
LED display market is a technology-driven and highly competitive market. The market’s top four players collective account for less than 45 percent of the market share. Among the leading players, we have Sony Corporation, Panasonic Corporation, LG Electronics, Barco NV, Toshiba Corporation, Data Display Co., Ltd., etc. There are some niche players in the market as well. These players account for the trivial market share individually.
To ensure a position in the market, the companies are offering complete turnkey solutions and quality for sales services. Throughout the forecast period of 2016-2023, there is going to be a tremendous increase in the technology-driven, competitive rivalry among LED market player.
According to the report, the outdoor LED billboards account for about 40 percent of the revenue in 2015. Over the next eight years, billboards are estimated to grow at 24.8 percent CAGR. Features like dynamic content viewing, cost-effectiveness, incredible visibility, and outstanding picture quality contribute towards the growth in this particular segment. Outdoor LED billboards are growing popular because they have the ability to generate foot traffic and increase return on investment.
There is no doubt that the initial cost of traditional print outdoor shows is less in comparison to purchasing and installing a digital LED display. For example, the owner of a digital LED board rents it out by minutes. Every ad is projected for about eight seconds. For two days, the ad would cost you about USD 50,000.
This amount can be a lot especially when you are already low on budget. However, the price varies on the meter variant. For instance, the average cost of 3x2 meter variant varies from USD 15,000 to USD 25,000. The technological advancement is going to add to the appeal of digital signs. The outdoor LED market will progress due to advancement in technology.
In 2015, 55 percent of the outdoor LED display market share is of individually mounted technology segment. In order to make the outdoor LED displays more appealing to the retailers and commercial builders, they need to have higher viewing distance and bigger screens. Both these elements will contribute towards the growth of LED market shares.
LED displays are not only cost-efficient, but they are energy efficient as well. When you compare LED billboards to conventional billboards, they are bound to generate better results and have a longer life. The surface mounted technology will exhibit tremendous growth prospect.
It seems the growth of surface mounted technology is going to give a tough competition to the individually mounted technology in the coming 8-10 years.
We already did provide you with a brief introduction of Color display market segment in the Market insights; however, here we will provide you with a complete analysis and upcoming trends.
The full-color models have the ability to generate outstanding video, images and animation qualities. They are attractive and retain attention. Due to these characteristics, full color outdoor LED screens are the future of advertisement. These features will drive the LED display market size of the full-color outdoor LED display to the next level.
The full color LED displays now come with interactive visualization technology. The technology uses data in order to display interactive images. In the near future, you will see the deployment of these screen at bus stops, train stations, etc.
The rising trend of 3D interactive media is going to have a positive impact on the growth of outdoor LED screens. The big shots in the market are already working towards developing an HD 3D system. For example, Sony has come up with 1,136 square feet HD 3D system that has a viewing angle of 120 degrees, it uses 345 tiles, and every tile is of nine squares.
In 2015, the Asia Pacific outdoor LED display market size was over 1 billion USD. According to the forecast, there is going to be a growth of nearly 25% CAGR from the year 2016 to 2024. The reason behind this tremendous growth is infrastructural development and growing sport activities.
The outdoor LED displays market share of US was account for more than 50 percent of the regional revenue. By 2024, there is going to be a promising increase in growth. The market is likely to be valued over 2.5 billion US dollars.
The reason for this amazing growth is customer awareness regarding upcoming technologies, customized solutions, and advancement in the technology. The interactive floor displays are also going to witness considerable demand. These displays are designed for commercial entertainment sectors. The floors are readily available for sports halls, malls, parks, or theme parks. The interactive floors are effective; they generate better results and increase business smartly. Thus, more and more people are becoming inclined towards the idea of using them.
Better shelf life and improved brightness capabilities are the reason due to which consumers now prefer outdoor LED screens instead of outdoor LCD screens. To expand market presence and increase customer base, the top-notch market players have invested in the brand promotions via outdoor LED screens.
The technological advancement also boosted the market growth. Outdoor LED screens have become brighter, smarter and vibrant. They are attractive and thus they generate attractive results. Consumers now prefer LED in big as well as small spaces including outdoor functions, billboards, mobile LED display, etc.
The Light Emitting Diodes have become increasingly popular over the years. The outdoor LED screens now contribute to a massive amount of LED market shares. The outdoor LED screens are vibrant and they offer high visibility, thus they are becoming the consumer’s first choice. In addition, these displays are low on energy and they have a long shelf life.
Advancement in technology is leading to enhanced outdoor LED screens. Besides offering high quality, full-color pictures, videos, and animation, the outdoor LED screen now incorporate interactive technology. This technology has the ability to engage the customer in an effective manner. Despite the fact, that the outdoor LED’s are expensive to purchase and install, yet their market is growing exponentially.
Their benefits triumph their disadvantages, thus the rapid growth in the market. The future of advertisement is indoor as well as outdoor LED screens. They generate results and business that incorporate outdoor LED screen claim an increase in their business. They say that LED displays are effective and they have the ability to not only catch a consumer’s attention but to change a potential consumer into a permanent client.
Outdoor LEDs have become imperative, as the clients today are more inclined towards digital advertisement instead of a static one. These reasons are making LED screen popular and boosting market revenues