The market is subject to witness a substantial growth due to the increasing need for wireless data connections for billboards that are ideal for high-volume pedestrian traffic zones, and customizable content availability. In addition, increasing adaptability of LED displays for advertisement and promotional content are expected to favor market growth in the near future. LED display offer advantages such as low power consumption, compact size, reduced weight, portability and superior performance.
These factors are expected to dive market growth in the upcoming years. However, growing competition in the market, complexity involved during manufacturing processes, and introduction of other technologies such as Low Temperature Poly-Silicon (LTPS) and Digital Light Processing (DLP) are restraining market growth to a certain extent. Globally, the outdoor LED display industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
The recent technological advancement in the electronic manufacturing sector coupled with development of novel products & techniques such as compact LED glass substrates with reduced thickness are expected to fuel market demand of outdoor LED displays in the upcoming years. Increasing investment by industry participants for research & development of outdoor LED display modules to gain competitive edge over their counterparts is propelling market growth further.
Adoption of higher image-quality transistor, in which each transistor is assigned to a pixel, is expected to favor market demand as well. This illuminates the display by allowing an easy view within the bright surroundings. These transistors are manufactured by using variety of semiconductor materials. These factors are predicted to foster the expansion of outdoor LED display market in the near future.
The outdoor LED display industry is broadly categorized into five major segments based on the application type such as LED billboards, perimeter LED boards, LED display panel, LED traffic lights, and LED video walls. The LED billboards is considered as one of the fastest growing segment in the outdoor LED display market with substantial revenue generation in the last few years. Growing popularity of the LED billboards segment is attributed to the substantial increase in the advertising campaigns by varied corporate brands. The perimeter LED boards segment has also witnessed substantial growth owing to the higher market penetration.
The outdoor LED display industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, increase in the number of research & development activities in the region in electronic manufacturing sector, shifting trend towards cost effective advertisement solutions, and existence of well-established industrial infrastructure in the region.
Asia-Pacific region is predicted to hold major market share in the outdoor LED display market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rapid industrialization, vast consumer base, strong economic growth, increasing per capita income, and significant investment by leading industry players considering potential growth opportunities in the region.
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