LONDON, June 21, 2016 /PRNewswire/ -- The global outdoor LED display market is expected to reach USD 12.43 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for wireless data connections for billboards which are ideal for high-volume pedestrian traffic zones, and customizable content availability are expected to revolutionize the digital display industry over the next seven years.
Rising trend towards interactive media with 3D format support is also expected to positively impact growth over the forecast period. Interactive visualization technology presents data using interactive images. Interactive screens are expected to be deployed at various public places such as train stations and bus stops over the forecast period.
Electronic signage has completely energized static displays and its counterparts. Technology used in sign programming has become customizable with different demographics such as weather conditons, inventory data and calendar events, which are being marketed over these displays. Hence, the development of high resolution signboards is expected to drive demand over the forecast period.
Further key findings from the report suggest:
LED mobile panel market is expected to witness robust demand by 2022. These can be easily setup or teardowned along with a ready to use control room; it also minimizes cabling and display With the rising number of events such as live concerts, exhibitions, brand promotion activities, and sports events on the rise, the LED mobile panels segment is expected to show high growth over the forecast period.
Billboards segment accounted for over 40% of the revenue in 2014 and is anticipated to exhibit high growth over the next seven years. Growing demand for electronic billboards with decline in prices is expected to drive demand. Billboards are mainly used for weather updates, scores and streaming live news, however, there are possibilities for LED billboards to go beyond advertising over the next few years.
Asia Pacific dominated the outdoor LED display market in 2014, and is expected to grow at a CAGR of over 25% from 2015 to 2022.
The industry is majorly driven by the presence of several key distributors and manufacturers in China, Japan, and Korea. Increasing demand for cost effective tri-color and monochrome solutions on streets, pedestrian walks and public places is expected to boost sales in the region.
Outdoor LED display market share is occupied by companies such as Daktronics, Shenzhen Dicolor Optoelectronics Co Ltd, Electronic Displays, Sony, LG Electronics, and Barco NV. Companies such as Toshiba Corporation, LG Electronics, Panasonic, and Sony Corporation partake in strong networking and enjoy high degree of brand recall.
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