Market For LED Video Walls Set To Expand
Advertising is driving the growing LED video wall market, the latest research from Transparency Market Research (TMR) has suggested.
In fact, as a result of this demand for LED video walls the organisation is predicting that the technology will record a compound annual growth rate (CAGR) of 8.1 per cent between 2017 and 2025.
TMR also noted that, because the initial setup costs of this kind of technology are still high, the rental market for this kind of LED display is doing well and accounts for just over half of the demand for these installations.
Interestingly, businesses in Europe accounted for almost one-third (32 per cent) of the global demand for LED video walls, although North America and the Asia Pacific region are expected to see increasing demand in the coming years - and as a result take a bigger share of the market.
Much of the demand in Europe has been as a result of their use in concerts, sporting venues and corporate exhibitions.
Meanwhile, the number of international sporting events being hosted in the Asia Pacific is set to drive take-up in this area, along with the growing number of regional sports events. LED video walls are most commonly being used for perimeter displays at such events, as well as on mobile panels and scoreboards.
At the end of last year, Global Market Insights predicted that the outdoor LED market as a whole was set for significant growth in the coming years, and will have a predicted value of $22.4 billion by 2024.
In addition to rising demand for video walls, the research highlighted stadium screens, advertising boards and scoreboards as top drivers in the outdoor LED sector.