July 22, 2024

Increasing use of digital signage to boost the growth of Outdoor LED Display Market

 

The global Outdoor LED Display Market is estimated to be valued at US$ 18.98 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Outdoor LED displays are large advertising display screens used for digital signage applications outside. These displays are bright, durable, energy efficient and have high clarity, making them suitable for outdoor use even in direct sunlight. Compared to traditional billboards, outdoor LED displays offer enhanced video and graphic capabilities, allowing brands to display complex and dynamic content. They are widely adopted by sports arenas, retail outlets, public transport stations, commercial complexes and other public spaces for communicating real-time information and promotional messages to customers. The ability to target audiences through customizable content at outdoor locations is driving the demand for these displays globally.

Market key trends:

One of the major trends in the outdoor LED display market is the increasing adoption of technologically advanced formats such as tri-chrome, P3/P4 and direct view fine pixel LED displays. These new formats offer superior color reproduction, clarity and high definition performance important for outdoor signage applications. Another key trend is the integration of IoT and sensors with LED displays. This allows displays to detect environmental conditions, get real-time data inputs and provide contextual messaging. For example, weather-linked displays can change content based on current weather. Growth in smart city projects worldwide focusing on outdoor digital transit solutions is also providing impetus to the market. Many cities are employing outdoor LED displays at bus stops for departure schedules and civic announcements.
Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the outdoor LED display market requires significant investments in infrastructure, technology and maintenance.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative display solutions such as LED billboards, video walls and digital signage.

Bargaining power of suppliers: A few major players dominate the supply of LED display components globally. This gives them significant bargaining power over buyers.

Threat of new substitutes: Substitutes such as digital billboards and online advertising pose a medium threat to traditional outdoor displays.

Competitive rivalry: The market is highly competitive due rising demand and presence of numerous international and regional players.

Key Takeaways

The global Outdoor LED Display Market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing investments in digitalization of outdoor media by governments and private organizations. The market size for 2023 is projected to reach US$ 18.98 Bn.

Regional analysis: The Asia Pacific region dominates the outdoor LED display market currently due to rapid urbanization and growing real estate sector in China and India. The North American market is also expanding considerably driven by large-scale adoption in the sports and entertainment industry.

Key players: Key players operating in the outdoor LED display market are LG Electronics Inc., Barco N.V., Galaxia Electronics, Daktronics Inc., Toshiba Corporation, Data Display Co. Ltd., Sony Corporation, EKTA Ltd., Electronic Displays Inc., Panasonic Corporation, Leyard Opto-Electronic Company Ltd., Lighthouse Technologies Ltd., Shenzhen Dicolor Optoelectronics Co. Ltd. Major players are focusing on innovative product launches and mergers & acquisitions to strengthen their market presence.