Outdoor LED display market to reach $22.4 bn by 2024

Global Market Insights Inc.’s latest research expects outdoor LED display market to reach $22.4 billion by 2024. The outdoor LED display market will be driven by increased demand for sophisticated applications such as advertising boards, video walls, stadium screens, perimeter boards and scoreboards. Corporate brands opt for these devices owing to various benefits such as brightness, HD resolution, pitch, good pixel, durability, portability and energy efficiency.

Electronic signs used in billboards display multiple messages, and these messages can be changed either remotely or by programming the display on the site. Growing demand for electronic billboards over printed billboards with rising number of advertisements will be responsible for driving outdoor LED display market. As the cost of billboards continues to decrease, growth in developing economies could boost sales significantly.

Surface mounted technology is projected to grow with 26.5% CAGR from 2016 to 2024. Rising prominence of these devices may offer tough competition to conventional systems in the coming years. Advent of projector as well as LCD technology is anticipated to negatively impact demand. However, rising preference for energy efficient device, evolving screen dynamics and low operating costs may fuel outdoor LED display market share for various advertisement and sports events.

Features such as high cost-effectiveness, incredible visibility and dynamic content will drive growth in the billboards segment.

China outdoor LED display market will drive revenue in Asia Pacific, which was estimated at $1.18 billion as of 2015. Regional growth can be credited to swift infrastructural development and increasing sports activities across emerging economies such as China and India. Rising technology implementation in various locations including The Boardwalk and Times Square is anticipated to propel demand through 2024. Bus stops and train stations are set to witness high deployment of interactive screens.