LED Displays Becoming the New Age Communication Medium
LED displays have become an integral part of modern-day communication mediums. With technology advancing at a rapid pace, it is becoming increasingly easier to display information and messages in real-time through different LED display mediums. From traffic signals to large screen displays at public events, LED displays serve as the backbone of communication systems everywhere.
With the rise in popularity of LED displays, the LED display manufacturers and suppliers have also been on the rise globally. These manufacturers produce a range of LED displays that cater to different market demands. The LED displays market has seen consistent growth over the past few years and is expected to continue doing so with market analysts forecasting a growth rate of 14.7% between 2021-2026. The market for LED displays is expected to reach USD 62.4 billion by 2026, compared to just USD 23.6 billion in 2021.
The LED displays market is divided into three segments - indoor, outdoor, and rental. The indoor market accounts for the majority of the market share and is expected to continue leading the market throughout the forecast period. However, the rental LED display market is expected to grow at an impressive CAGR of 18.7% between 2021-2026. This growth can be attributed to the rising demand for rental LED displays in large events, concerts, and sports stadiums.
Emerging markets from countries like China, India, and Bangladesh have also been contributing to the growth of the global LED display market. The manufacturers of LED displays in China have had a considerable impact on the global market, with the country accounting for a larger market share. Leading manufacturers such as Eyeled Lighting Limited from Hong Kong and Shenzhen in China have been producing high-quality LED displays to cater to the growing demand from different markets.
Advancements in LED display technology have also been a significant contributing factor driving the growth of the LED displays market. The shift towards finer pixel pitch displays, which provides high-definition and clearer images, has become a popular choice, especially in the indoor segment of the display market. Apart from that, LED displays with curved and flexible screens have also been gaining traction, catering to various design requirements and market demands.
The LED display market's impact on the global economy is significant, contributing to economic growth and providing employment opportunities globally. The rise in demand for LED displays has also contributed to the growth of the semiconductor, ICT, and electronics industries globally. The LED display industry has opened up new job opportunities in engineering, manufacturing, and research and development sectors. According to market analysts, the LED display industry is expected to create over 20,000 job opportunities globally by 2026.
In conclusion, the growth of the LED displays market is a result of the increased demand for efficient communication mediums in various sectors, advancements in LED display technology, and emerging markets from developing economies. The market is expected to see an upward trend during the forecast period, providing significant growth opportunities for manufacturers and suppliers of LED displays globally. The LED display industry's impact on the world economy is considerable, providing jobs and contributing to the growth of various industries such as ICT, electronics, and semiconductors.