Outdoor LED Display Market Set For Growth
The outdoor LED display market is expected to grow considerably in the coming years, reaching a value of $22.4 billion (£16.6 billion) by 2024.
Broadway World highlighted research from Global Market Insights, which revealed that there is set to be growth in demand for video walls, advertising boards, stadium screens, scoreboards and much more in the next few years.
Although there will be challenges to LED displays from other technology, the website noted that the energy efficiency credentials of LEDs, as well as their low operating costs and “evolving screen dynamics” will help them stay a popular option in many settings.
Demand for customisable LED displays in place of traditional print billboards will also help fuel the rise of this technology, as brands demand more from their outdoor advertising platforms, the site asserted.
“Features such as high cost effectiveness, incredible visibility and dynamic content will drive growth in the billboards segment,” Broadway World stated. Another area that makes up a significant part of the LED display market is traffic lights, the research revealed.
11.5 per cent of the global outdoor LED display market share was accounted for by traffic lights, indicating that practical uses of this technology are just as important as those utilised for advertising.
If the forecast from Global Market Insights is correct, it outstrips a prediction made earlier this year by Allied Market Research, which anticipates the global outdoor LED display market to grow to $14 billion by 2023. According to this research, the sector brought in $4 billion in 2016.