LED Services Market To Grow 24% By 2022
The LED display market is set to expand exponentially, achieving a growth rate of 24 per cent between 2017 and 2022.
This is according to the Global LED Services Market Research and Forecast 2017-2022 report, which was released earlier this week.
It highlighted the importance of LED in lighting for both domestic use, such as household appliances, and commercial operations. These include forensics, the entertainment industry, the retail sector, public transport, and display marketing.
The document provided analysis on the biggest players of the LED market, the current trends and developments, and a forecast of the market over the next few years.
It also looked at how LED lights are being utilised in the medical sector for the diagnosis of diseases, such as cancer, as well as geographical locations where LED use is prevalent.
The LED display market appears to be on an upward trajectory for growth, as this is not the first report to be released in recent weeks that suggests major expansion in the sector.
Global Market Insights recently revealed the outdoor LED display market will reach a value of $22.2 billion (£16.6 billion) worldwide by 2024, Broadway World reported.
This is primarily due to the increase in demand for advertising boards, scoreboards, stadium screens, and video walls as part of marketing campaigns. These are regarded as some of the best and most valuable advertising strategies among large-scale companies who are looking for a good return-on-investment.
Another reason why LED boards are proving exceptionally popular these days is for their eco-friendly nature. Businesses want to reduce their carbon footprint and look for energy-efficient technologies, which is why they are increasingly opting for LED displays over more traditional advertising options.