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.
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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