According to a new report published by Allied Market Research, Outdoor LED Display Market accounted for $4 billion in 2016, and is projected to reach $14 billion by 2023, growing at a CAGR of 21.7% from 2017 to 2023.
In 2016, the individually mounted segment was the highest contributor to the market growth, and is expected to grow at a CAGR of more than 20% during the forecast period. In addition, in 2016 the billboards segment accounted for the majority of revenue share among outdoor LED display applications.
Outdoor LED displays consists of LED of different color wavelengths, and are programmed to display multimedia graphics, such as company advertisements, promotions, scoreboards, and traffic signs. These are mounted on buildings, highways, stadiums, and live stages for entertainment shows.
Outdoor LED displays have been gaining popularity, owing to significant technological advancements such as automated LED displays, wireless control systems, better picture quality, and high brightness level. However, factors such as high initial investments and unstable demand are some of the major factors hampering the market growth.
KEY FINDINGS OF THE STUDY
- In 2016, the individually mounted outdoor LED display segment generated the highest revenue, accounting for over 55% of the global outdoor LED display market.
- In 2016, billboard application generated the highest revenue, accounting for over one-third of the market.
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