Global LED Rental Market Is Estimated To Witness High Growth Owing...

Global LED Rental Market Is Estimated To Witness High Growth Owing To Increasing Demand in Advertising and Entertainment Industries

Blogs IT, Cloud, Software and Technology

Posted 2023-09-12 10:50:44

The LED Rental Market is estimated to be valued at US$ 19.00 billion in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The LED Rental Market offers businesses and event organizers the opportunity to rent LED display screens for various applications, such as advertising, live events, concerts, and sports. LED rental screens are highly versatile and can be customized to fit different sizes and resolutions, making them suitable for both indoor and outdoor events. These displays provide high-quality visuals and vibrant colors, creating an immersive experience for audiences. LED rental screens have gained popularity in the advertising and entertainment industries due to their flexibility, cost-effectiveness, and ability to capture audience attention.

Market Dynamics:
The market dynamics driving the growth of the LED Rental Market include the increasing demand for digital advertising solutions and advancements in LED display technology. The advertising industry is shifting towards digital platforms, and LED rental screens offer an effective medium for advertisers to reach their target audience. Additionally, the entertainment industry is embracing LED displays for live events, concerts, and sports, enhancing the overall experience for attendees. The advancements in LED display technology, such as higher resolutions, improved color accuracy, and slim form factors, further contribute to the market growth. These factors are expected to fuel the high growth of the LED Rental Market over the forecast period.

SWOT Analysis:

Strength:
LED Rental Market is expected to witness high growth from 2023 to 2030 with a CAGR of 23%, driven by the increasing demand for LED displays in various industries such as advertising, sports, and events. Some key players in this market include Barco, Absen, and Lighthouse Technologies.

Weakness:
Two weaknesses of the LED Rental Market are the high initial investment required for purchasing LED displays and the need for regular maintenance and upgrades, which can be cost-intensive for businesses.

Opportunity:
There are two opportunities for the LED Rental Market. Firstly, the increasing adoption of LED displays in sectors like retail and transportation provides growth prospects. Secondly, the advancements in LED technology, such as flexible and transparent LED screens, open up new avenues for market expansion.

Threats:
Two threats for the LED Rental Market include the availability of substitute technologies like LCD screens and the potential impact of economic downturns on the advertising and events industry, which may result in reduced demand for LED displays.

Key Takeaways:

The global LED Rental Market Share is expected to witness substantial growth, exhibiting a CAGR of 23% over the forecast period, driven by factors such as the increasing use of LED displays for advertising and events. The market size is projected to reach US$ 19.00 billion in 2023.

In terms of regional analysis, the Asia Pacific region is expected to be the fastest-growing and dominating region in the LED Rental Market. The region's strong economic growth, coupled with the increasing adoption of LED displays in countries like China and India, contribute to its market dominance.

Key players operating in the LED Rental Market include Barco, Absen, Lighthouse Technologies, ROE Visual, Unilumin, PixelFLEX, LianTronics, Daktronics, NEC Display Solutions, Sony Corporation, Christie Digital Systems, Planar Systems, Yestech Optoelectronic, Galaxy LED Display, and Mitsubishi Electric Corporation. These players offer a wide range of LED rental solutions and contribute to the market's growth and innovation.