Press release
Segment Analysis and Major Growth Areas in the Backlight LED Market
Backlight LED
Backlight LED Market Size and Growth Forecast
The video equipment market is set to experience consistent growth, reaching a valuation of $273.54 billion by 2029. This growth corresponds to a compound annual growth rate (CAGR) of 3.4% during the forecast period. Factors contributing to this rise include the rollout of 5G technology, the popularity of high-definition content, developments in augmented and virtual reality, the shift towards remote work and education, the expansion of video streaming platforms, as well as advancements in IoT and security surveillance. Notable trends anticipated to influence the market include the emergence of 8K and other high-resolution video formats, the demand for compact and portable devices, integration of artificial intelligence and machine learning, growth in live streaming and user-generated content, along with a growing focus on sustainability and environmentally friendly practices.
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Leading Companies Driving the Backlight LED Market
Several prominent firms dominate the video equipment sector. These include Bose Corporation, LG Electronics Inc., Panasonic Corporation, Sony Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, Koninklijke Philips N.V. (Philips), D&M Holdings Inc., Sharp Corporation, Harman International Industries Incorporated, Hisense Group, TCL Corporation, Skyworth Group, Vizio Inc., Fujitsu Limited, Sansui Electric Co. Ltd., Haier Group, Hitachi Ltd., Lloyd Electric & Engineering Ltd., Micromax Informatics Ltd., Xiaomi Corporation (Mi), Onida Electronics, Canon Inc., JVC Kenwood Corporation, Fujifilm Holdings Corporation, GoPro Inc., Nikon Corporation, Blackmagic Design Pty. Ltd., RED Digital Cinema, Grass Valley USA LLC, Avid Technology Inc., Atomos Limited, Teradek LLC, Marshall Electronics Inc., NewTek Inc., Vitec Group plc, Ross Video Ltd., Evertz Microsystems Ltd., Telestream LLC, Matrox Electronic Systems Ltd., FOR-A Company Limited, and ChyronHego Corporation.
Strategic Expansion Through Acquisition in Backlight LED Market
In November 2022, US-based audiovisual integrator Solutionz acquired Spinitar, a manufacturer of video equipment, for an undisclosed sum. This acquisition enhanced Solutionz's footprint in the Western United States and allowed it to enter multiple vertical markets, strengthening its position in the video equipment landscape.
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Current Trends Impacting the Backlight LED Sector
The market is witnessing a swift rise in demand for Ultra HD televisions, driven by their energy efficiency and superior image quality. Ultra HD TVs include 4K and 8K models, featuring aspect ratios of 16:9 or wider, and minimum resolutions of 3840x2160 pixels. The transition from older CRT and LCD television sets to Ultra HD displays has accelerated rapidly due to ongoing technological progress. For example, in August 2023, the UK's Office of Communications reported that in 2022, viewers aged over 64 watched 8% less traditional broadcast TV compared to the previous year. Older audiences are increasingly turning to streaming platforms; usage of Disney+ by viewers over 64 rose from 7% in 2022 to 12% in 2023. In developed markets like the US and UK, smart TV penetration reached 34% of households globally, with sales expected to dominate by 2026, underscoring strong demand for ultra-HD 4K and 8K televisions.
Emerging Consumer and Technology Trends Shaping Backlight LED Demand
The rising preference for smart TVs and the shift to online streaming platforms are reshaping consumption patterns. Consumers favor devices that support higher resolutions and offer enhanced viewing experiences. Additionally, compact and portable video equipment solutions are gaining traction, matching the lifestyle demands of users who seek mobility without compromising video quality.
Detailed Segmentation of the Backlight LED Market
The report segments the video equipment market as follows:
1) By Product Type: Television, Video Cameras, and Video Players
2) By Application: Online and Offline
3) By End Use Industry: Business-to-Business (B2B) and Business-to-Consumer (B2C)
More specifically, within televisions, the market includes LED TV, OLED TV, QLED TV, Smart TV, Plasma TV, and 4K/8K UHD TV. Video cameras are categorized into digital video cameras, camcorders, action cameras, 360° cameras, and DSLR video cameras. Video players cover Blu-ray players, DVD players, streaming media players, VHS players, and portable media players.
This segmentation provides a comprehensive understanding of the product ranges and application areas driving growth across the backlight LED landscape.
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