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Upcoming Growth in the Outdoor LED Screen Market
In 2016, the global outdoor LED Screen 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 the Light Emitting Diode technology to emit lights in a visible range of a different wavelength. This also emits infrared and ultraviolet radiation. LED screens are common in the marketing world because they display multimedia graphics including traffic signs, scoreboards and promotional advertising. You will see LED mounted on exhibits, roads, homes, and stadiums for entertainment. Mounting an LED screen is meant to expand scope to a wide population.
The progress in technology has in recent years contributed to the increasing popularity of outdoor LEDs. We now have energy efficient LED screens instead of high on energy video displays. Features such as improved image quality, wireless control systems, automatic LED screens and high luminosity mean a bright future for outdoor LED screens.
Such advancements in LED technology have driven their use in live events, including digital signage, sports stadiums, and concerts, as well as daily weather updates. There are, however, other drawbacks that deter investors from investing in LED screens like unpredictable demand and high initial investment. These two factors are major constraints on the growth of the demand for outdoor LED screens.
LED Screen uses a wide range of light emitting diodes as pixels in order to generate a video display. LED Screens 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 Screens.
The effectiveness of LED Screens 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 Screens led the entire market mainly because of their outstanding ability to offer amazing resolutions of videos and animations.
Mounted outdoor LED Screens 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.
Monochrome, Tri-Color and Full Color Display
There are three main segments of outdoor LED Screens including full-color display, tri-color display, and monochrome display. Over the years (2016-2024) Tri-Color, outdoor LED Screen’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 Screens 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.