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What's Driving the Outdoor LED Displays Market Trends? Daktronics, LG Electronics, Panasonic, Sony, Toshiba, BCHI Labortechnik AG
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Outdoor LEDs come in a variety of color displays, namely tri-color, full color, and monochrome models. Undoubtedly, the full color model encompasses the best features and has the ability to depict colorful animations, images, and videos, subject to which full color outdoor LED display market will grow at a significant pace over 2016-2024. Even the tri-color display model is gaining remarkable prominence, pertaining to its rising adoption in scoreboards, digital signage, and perimeter boards. On account of the rapid development of digital signage market, tri-color outdoor LED display industry is expected to register a CAGR of 22.3% over 2016-2024.
LED screens incorporating interactive visualization technology are forecast to be deployed increasingly across bus stops and train stations, owing to growing trend of utilizing high tech 3D powered interactive imaging. This trend is predicted to contribute heavily toward outdoor LED display market growth.
Outdoor LEDs are used across billboards, matrix boards, perimeter boards, video walls, mobile panels, and traffic signals. Traffic light applications held more than 11.5% of outdoor LED displays market in 2015 and are predicted to be worth more than USD 1.95 billion by 2024, with a CAGR estimation of 19% over 2016-2025. This growth can be primarily attributed to factors such as high energy efficiency, adaptability to varied power supply, and reduced maintenance expenses.
U.S. outdoor LED displays market will be valued for more than USD 2.5 billion by 2024, driven by growing implementation of LEDs across prime locations (Times Square and the Broadwalk). The deployment of interactive screens embedded with 3D technology at bus and train stations and the demand for custom-made solutions will also fuel industry growth over 2016-2024.
High infrastructural development coupled with the increased number of sporting events will act as the key drivers for China outdoor LED displays market, which registered a revenue of USD 1.18 billion in 2015.
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Countries forming a part of the APAC region have lately been organizing sporting events on a large scale, pertaining to which Asia Pacific outdoor LED displays market will grow at a CAGR of 25% over 2016-2024. Having been valued for around USD 1 billion in 2015, this regional market has also been experiencing an exponential growth in the infrastructural sector, which will lead to widespread product demand in the years to come. China and India will be the key revenue pockets driving APAC outdoor LED display industry.
Key players operating in outdoor LED displays market include Shenzhen Dicolor Optoelectronics, Leyard Optoelectronic, LG Electronics, Lighthouse Technologies, Barco NV, Sony, Toshiba, Electronic Displays Inc., Panasonic, Optoelectronics Inc., and Daktronics. It is predicted that these conglomerates will also offer solutions for every stage of the process, right from designing to manufacturing to installation, and then the advertising to after-sales services. This strategy is likely to strengthen their global presence and diversify the service offering.
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