Global Outdoor LED Display Market Strongest in Europe
Outdoor LED displays are used for a wide variety of purposes and locations, including digital walls, traffic signal, stadium scoreboards, billboards, etc. LEDs (light-emitting diodes) work on a principle of electroluminescence, wherein electrons receive an energy boost when joined to an electric current and they seek out 'electron holes' in the diode. This jump releases excess energy in the form of light.LED technology has quickly gained a sizeable share around the world owing to the higher intensity of light produced in LEDs with minimal loss of energy in the form of heat and with consumption of less energy than conventional lighting options. Due to the absence of tungsten, which is a rare metal, and heat generation in LED lighting, it is also kinder to the environment than conventional incandescent lighting. Outdoor LED displays are gaining popularity due to their lack of heat generation, which makes them more convenient than conventional lighting options in public places, and energy efficiency. According to U.S.-based business intelligence firm Transparency Market Research, the global outdoor LED displays market was worth US$4.8 billion in 2013 and is expected to almost triple in value by 2020, reaching US$12.54 billion.
Perimeter LED Boards Gaining in Demand due to Rise in Sports Stadia
Sports stadia employ outdoor LED displays in the form of scoreboards and to display other information about the game in progress. The growing popularity of various spectator sports around the world has resulted in a growing demand for outdoor LED display options, particularly in the form of perimeter LED boards.
The popularity of sports such as soccer, baseball, basketball, and hockey in North America, soccer, tennis, and basketball in the EU, and cricket in the Commonwealth shows no sign of slowing down, leading to construction of new stadia and upgrades in existing ones. This will result in strong and consistent demand for perimeter LED boards, overturning the current hierarchy of the outdoor LED display market with LED billboards the leading application. Other applications of outdoor LED display are video walls, LED mobile display, traffic lights, and other LED matrix displays.
Due to demand for high sophistication in even the most basic consumer-oriented product, the demand for full-color LED leads the outdoor LED displays market in terms of color technology. Other color display categories, monochrome and tri-color, can't match full-color LED displays when it comes to diversity of displayed content that can be achieved with the latter. Full-color outdoor LED displays can project regular images in better resolution and color combinations, in addition to animations and high-quality videos. The demand for full-color outdoor LED displays is expected to remain high in the ongoing decade, thanks to growing demand from sports arenas as well as for advertising.
Europe, North America Lead Global Market, APAC Hamstrung by High Prices
The various environmental and technological benefits of outdoor LED displays naturally come at a higher cost than simpler conventional lighting technology. This is not a problem in the global market's leading regional segments, Europe and North America. However, the rising markets in Asia Pacific and Rest of the World are hampered by the high initial costs of outdoor LED display technology.
Europe and North America lead demand due to the customization offered by LED lighting technology and use of the same by the region's strong corporate sector for advertising. Growing popularity of sports in Asia Pacific has the potential to boost the outdoor LED display market in the region in the coming years.
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