LED Stadium Screens Market: High Cost of Installation Glaring Constraint in Cost-sensitive Markets
Leading players are investing in sustained research and development (R&D) activities in major regional markets and are developing innovative imaging technologies in LED screens for stadiums, in order to gain a competitive edge over others. The leading companies are forming partnerships with sports clubs and are actively engaged in developing customized products for stadium arenas. This is likely to help them reap notable competitive benefits in the coming years. For instance, Daktronics has partnered with the Bucks in the 2017 beginning to develop LED massive and integrated video system, including highly-functional scoreboard for The National Basketball Association.
The global market for LED stadium screens stood at US$1.16 bn in 2014 and is projected to reachUS$1.93 bn by the end of 2022. The market is predicted to rise at a CAGR of 6.6% from 2015 to 2022. The substantial volumes of investment in product innovations is expected to create lucrative growth avenues for market players.
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Regionally, Europe leads the global market. The opportunities in this regional market is anticipated to surge to US$625.8 mn by the end of the forecast period. Based on color display, the major segments are monochrome, tri-color, and full-color. Of these, full-color LED displays for stadium screens held the major share and is anticipated to continue its dominance, mainly attributed to their substantial rate of adoption across stadiums and arenas.
Growing Demand for Multi-functional Scoreboards among Sports Spectators to Bolster Uptake
The growing number of live events and concerts coupled with the increasing need for interactive content displays is a key factor propelling the demand for LED stadium screens. World over, the rising number of stadiums that require integrated LED video systems for their guests and spectators and the need for multi-functional scoreboard displays are the primary factors driving the market. The market is witnessing the prominence of LED display systems equipped with advanced digital technologies that enable stadium operators to display graphics and animations, social media announcements, and a variety of sponsorship messages in and outside of the sports arenas.
The intensifying demand for high-resolution imagery among spectators in various sports arenas and live events is a crucial factor catalyzing the adoption of LED stadium screens. Recent advances in digital technologies have led to products that can offer an extensive horizontal viewing angle to spectators, which is expected to bolster the uptake. Furthermore, the advent of high refresh rate of frequency of images in LED screens is expected to bode well for the market. Several governments, especially in developed nations, are proactive in phasing out conventional lighting system with LED lights. This has brought down the prices of LED lighting technology, thereby boosting their uptake in these markets.
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