June 19, 2024

LED Rental Market Is Estimated To Witness High Growth Owing To Increasing Demand For Energy-Efficient Lighting Solutions

The global Led Rental Market is estimated to be valued at US$19.00 Billion in 2023 and is expected to exhibit a CAGR Of 23% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

 

LED rental is the temporary deployment of LED screens or displays for various events and purposes. LED rental offers several advantages such as high brightness, energy efficiency, durability, and the ability to provide vivid and dynamic visuals. LED rental screens are widely used in concerts, sports events, exhibitions, conferences, and advertising. The need for LED rental products is driven by the increasing demand for energy-efficient lighting solutions, as LED displays consume less energy compared to traditional lighting systems.

Market Key Trends:

 

One key trend in the LED rental market is the growing adoption of LED screens for outdoor advertising. LED rental screens offer high visibility, even in bright daylight, making them suitable for outdoor advertising campaigns. Additionally, the ability to display dynamic and eye-catching content attracts more attention from potential customers. LED rental screens also provide flexibility in terms of content management and can be remotely controlled to display different advertisements at different times.

Other key trends include the introduction of high-resolution LED screens, advancements in LED technology, and the increasing use of LED rental screens in the entertainment industry for concerts and live events. These trends are expected to drive the growth of the LED rental market during the forecast period.

PEST Analysis:

Political: The political factors influencing the LED rental market are government regulations and policies related to energy efficiency and sustainability. Governments across the globe are promoting the adoption of LED technology to reduce energy consumption and carbon emissions. This can create favorable conditions for market growth.

Economic: The economic factors impacting the LED rental market include the overall economic growth, disposable income levels, and infrastructure development. Growing economies and rising disposable incomes in developing countries are driving the demand for LED rental solutions. Additionally, the increasing investments in infrastructure projects, such as stadiums, shopping malls, and commercial buildings, are creating opportunities for the market.

Social: The social factors influencing the LED rental market lie in the changing consumer preferences and increasing awareness towards energy conservation. Consumers are becoming more environmentally conscious and are inclined towards using energy-efficient products. LED rentals fulfill this preference as they offer energy-efficient alternatives to traditional lighting solutions.

Technological: The technological factors impacting the LED rental market are the advancements in LED display technology, such as higher resolution, improved color reproduction, and flexibility in design. These technological advancements have made LED rentals more appealing to various industries, including retail, advertising, entertainment, and sports.

Key Takeaways:

The global LED Rental Market is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing adoption of LED technology for various applications, such as advertising, events, stadiums, and retail.

In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the LED rental market. The region’s rapid urbanization, infrastructure development, and increasing investments in advertising and entertainment sectors are driving the demand for LED rentals. China and India are leading contributors to the market growth in this region.

Key players operating in the LED rental market include Barco, Absen, Lighthouse Technologies, ROE Visual, Unilumin, PixelFLEX, LianTronics, Daktronics, NEC Display Solutions, Sony Corporation, Christie Digital Systems, Planar Systems, Yestech Optoelectronic, Galaxy LED Display, and Mitsubishi Electric Corporation. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it