The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
LED Rental Market offers a wide range of LED screens on rent for various events, exhibitions, and advertising purposes. LED screens are preferred due to their high resolution, flexibility, and superior picture quality. These screens find applications in concerts, corporate events, sports events, trade shows, and outdoor advertising. The market provides LED screens in different sizes and configurations to cater to different customer requirements.
The LED Rental market is driven by the increasing demand for high-resolution LED screens in events and the growing popularity of LED displays in the advertising industry. LED screens offer better visibility and higher impact than traditional advertising methods, leading to increased adoption by marketing agencies and event organizers. Additionally, advancements in LED technology, such as improved energy efficiency and longer lifespan, are further contributing to market growth. However, the high initial investment required for LED screens and the availability of alternative display technologies may hinder market growth.
The LED rental market can be segmented based on type, application, and end-user.
In terms of type, the dominating sub-segment is the outdoor LED rental market. This is because outdoor LED screens are extensively used for advertising and promotional purposes in various events and concerts. They provide high visibility and clarity, making them highly appealing to advertisers. Additionally, the growing trend of outdoor sports events and music festivals further drives the demand for outdoor LED rental screens.
Political: The political factors influencing the LED rental market include government regulations and policies regarding energy efficiency and environmental sustainability. Governments worldwide are promoting the use of LED screens due to their energy-saving capabilities.
Economic: The economic factor that impacts the LED rental market is the increasing disposable income of consumers. With rising incomes, people are spending more on recreational activities and entertainment events, thereby driving the demand for LED screens for advertising and promotional purposes.
Social: The social factor influencing the LED rental market is the growing popularity of live concerts, sports events, and outdoor advertising. People are seeking unique and immersive experiences, and LED rental screens provide an effective medium for engaging audiences.
Technological: The technological factor affecting the LED rental market is the continuous advancements in LED display technology. Manufacturers are developing LED screens with higher resolutions, brightness levels, and flexibility, making them more suitable for various applications.
The global LED Rental Market Share is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period. This growth can be attributed to the increasing demand for LED screens in various events, concerts, and advertising campaigns. The market is projected to reach US$ 19.00 billion by 2023.
In terms of regional analysis, North America is the fastest-growing and dominating region in the LED rental market. This is primarily due to the presence of major key players in the region, technological advancements, and a strong economy that supports investments in events and advertising.
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 players hold significant market shares and constantly innovate to stay competitive.