The global LED modular display market size is estimated to account for US 12.59 billion in 2027, as per a new report published by Million Insights. The market is estimated to register over 13.0% CAGR from 2020 to 2027. Growing demand for displaying multiple information and rise in the number of outdoor events are attributing to market growth. LED modular display integrates LEDs and other necessary electronics for video walls and large format display. The demand for these LED display is gaining traction from various outdoor applications such as media & entertainment, retail stores, airports/railways and music concerts.
However, there has been a significant decline in the demand for LED modular displays owing to the outbreak of COVID-19. The pandemic has led to the cancellation of public and several sporting events, thereby, restraining the growth of the outdoor segment. However, with the resumption of various economic activities and sporting events, the market is estimated to recover over the next couple of years.
Outdoor modular screens segment held the highest share in 2019. Further, the segment is projected to exhibit considerable growth over the next few years owing to the rise in the number of outdoor events. The outdoor LED modular display can operate under the adverse environments such as rain, extreme heat and dust.
Europe held the largest share in the LED modular displaymarket in 2019. Increasing adoption of technology in European countries coupled with the integration of LED modular display system with innovative technologies is driving the regional growth. Besides, Asia Pacific is projected to register the maximum growth over the forecast duration owing to the increasing demand for outdoor advertising from countries such as Japan, China, South Korea and India.
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Further key findings from the report suggest:
• Based on type, the indoor segment is likely to register the highest growth with CAGR of over 13.0% from 2020 to 2027.
• In 2019, Europe held the largest share in the market due to increasing demand for the product from countries such as Germany, Belgium, the United Kingdom and Italy.
• Major manufacturers have increased their investment to design large LED modular display units for both outdoor and indoor applications.
• Key market players are PRISMAFLEX, SAMSUNG, PIXELFLEX, BARCO, Yaham Optoelectronics Co., Ltd and BARCO among others.
Million Insights has segmented the global LED modular display market on the basis of type and region:
LED Modular Display Type Outlook (Revenue, USD Million, 2016 - 2027)
• Indoor Modular Screens
• Outdoor Modular Screens
LED Modular Display Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Rest of the World (RoW)
List of Key Players of LED Modular Display Market
• SHENZHEN ABSEN OPTOELECTRONIC CO., LTD
• Yaham Optoelectronics Co., Ltd.
• NEC Display Solutions
• Planar (Leyard)
• Pro Display
• Sony Corporation