Increasing demand for efficient lighting, fixtures, and display has led to the robust growth of the global LED market. LED or light emitting diodes can be best described as a flat panel display that uses a spectrum of light emitting diodes for a video display. Since these diodes offer incredible brightness, LED displays are increasingly being used by corporate houses to propagate their outdoor promotional activities.
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Owing to the array of benefits and functionalities it offers, the LED display market enjoys application across notebook PCs, handset signals, LCD displays, and others. LEDs are also increasingly being used for outdoor displays such as store signs, digital name plates in vehicles, and bill boards. Since LEDs can also be used to offer illumination apart from visual display, it is also used for other decorative and functional purposes.
Growing Awareness about Energy Conservation to Boost LED Display Market
Growing awareness about energy conservation among end users has led to the expansion of the global LED displays market. With increasing application of LED technology in laptops, LCD television sets, and monitors, the LED displays market is witnessing a surge in investment by leading manufacturers from around the world. Impressive growth opportunities opening up in the global LED display market have also attracted an increasing number of new players to venture into the market. Hence, the competition in the market is further intensified, which has led key players to focus on innovating end-to-end solutions to cater to the specific industrial requirements. As a result of enhanced research and development investment, several improvements are introduced in LED technology.
Trend of Outdoor Advertising to Impel LED Display Market
Among the several factors driving the global LED displays market, increasing demand for LED displays for outdoor advertising is the most crucial factor. LED displays offer enhanced features such as energy efficiency, environment-friendly application, low operational cost, and high durability, owing to which marketers and advertisers have become keener to use LED displays for outdoor campaigns and promotions. Moreover, with the number of live shows, concerts, conferences, and sports events increasing, the demand for LED displays has significantly escalated.
High Initial Cost of LED Displays to Impede Growth
Although manufacturers are capitalizing on widening LED display applications, high initial cost of LED displays is likely to inhibit the market’s growth to an extent. Owing to its high price, the market for LED displays will witness a setback especially in price-sensitive economies such as India and China. However, LED display prices will gradually decline with the introduction of technological advances, thereby reducing the impact of the bottleneck in the near future.
Asia Pacific to Register Fastest Growth in Terms of Demand for LED Displays
The global light emitting diode market can be segmented on the basis of color display, application, types, and geography. In terms of distinct product categories, the LED display market can be classified into surface mounted LED displays and conventional LED displays. Based on application, the market can be segmented into digital signage and backlighting. The backlighting segment includes smartphones, laptops, PC monitors, and television.
The market for LED display in digital signage market is bifurcated into indoor signage and outdoor signage. Additionally, based on color display technology, the LED display market is classified into full color LED displays, tricolor LED displays, and monochrome LED displays. With regard to geography, the key markets for LED display are Europe, Asia Pacific, North America, and Rest of the World.
Among the key geographic segments, North America and Europe collectively hold the lion’s share of the market. However, owing to increasing demand for LED displays across a plethora of end users, the market for LED displays in Asia Pacific is expected to register the fastest growth in the forthcoming years.