The global LED Rental Market Growth Accelerated by Increased Demand...

The global LED Rental Market Growth Accelerated by Increased Demand from Live Events and Exhibitions Industry

Posted 2024-02-01 13:27:43

LED rental solutions offer several advantages including high visual impact, low power consumption, flexible installation and ability to be powered through portable generators or battery packs. With events and exhibitions resuming post COVID-19 restrictions being lifted globally, the demand for LED rental solutions has increased substantially to enhance visitor experience through unique lighting effects.

The global LED Rental Market is estimated to be valued at US$ 21.89 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased demand from live events and exhibitions industry is one of the key trends driving the growth of the LED rental market. As social distancing restrictions are being lifted, various live entertainment events, music concerts, exhibitions and corporate events are restarting. Event organizers and production houses are increasingly adopting LED rental solutions to create visually striking and immersive environments for enhanced audience experience. LED walls, video cubes, trussing and intelligent lighting solutions are some of the rental products seeing higher demand. This rising adoption of LED rental products from live events industry is expected to accelerate the market growth over the forecast period.

Segment Analysis
The global LED rental market is dominated by the stage lighting sub segment. This is because stage lighting systems are increasingly adopting high powered LED fixtures as their primary source of illumination. LED fixtures offer several advantages for stage lighting such as energy efficiency, compact size, long life, and the ability to produce different wavelengths for varied lighting effects. With the growing events industry and increasing number of concerts, exhibitions and shows, the demand for advanced stage lighting solutions is driving growth of the LED rental market.

Key Takeaways
The Global LED Rental Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by the increasing adoption of LED lighting across various end use industries. The global LED Rental Market is estimated to be valued at US$ 21.89 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.

Regional analysis indicates that North America accounts for the largest share currently due to strong presence of LED rental companies and early technology adoption in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period backed by rising construction activities, development of smart cities and increasing disposable incomes in developing countries such as China and India.

Key players operating in the LED rental market are BASF S.E., Bayer Cropscience AG, FMC Corporation, DowDuPont, Monsanto Company, Nufarm, SinoHarvest Corporation, Syngenta A.G., Sumitomo Chemical, and United Phosphorus. BASF S.E. offers a wide range of LED fixtures and lighting solutions through its LED rental business. Similarly, Bayer Cropscience AG provides LED lighting panels, beam lights and PAR lights on rent for various live performances and events.

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