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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.
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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.
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