by The LED rental market provides lighting solutions for live events, television productions, exhibitions and permanent installation applications. LED rental solutions offer better illumination, energy efficiency, lower maintenance costs and ability to customize LED colors.
The global LED Rental Market is estimated to be valued at US$ 21.89 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The growing demand for lighting solutions from live events, exhibitions and permanent installations is one of the major factors fueling the growth of the LED rental market. LED lighting is increasingly being used in live concerts, awards functions, product launches, trade shows, museum and theme park installations owing to its vibrant colors, reliability and energy savings compared to traditional lighting solutions. LED rental companies are also offering special lighting packages customized according to the client’s needs to attract more customers from the live events and exhibitions industry.
SWOT Analysis
Strength: LED rental services provide clients with advanced features at affordable prices as compared to outright purchasing of LED equipment. They offer flexibility to businesses for events and promotions of short durations.
Weakness: Dependence on rental companies for equipment maintenance makes clients vulnerable to technical failures outside their control. Setup and dismantling requirements lead to additional time and labor costs for each event.
Opportunity: Growing demand for LED lights in live events, stage lighting, architectural applications offer significant business opportunities. Corporate and social events industry is rebounding post pandemic providing more rental opportunities.
Threats: Technological advancements can rapidly make existing LED equipment obsolete, forcing rental companies to frequently upgrade inventory. Price wars among rental service providers impacts rental rates.
Key Takeaways
The Global LED Rental Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by advantages of rental models for short-term lighting needs. The global LED Rental Market is estimated to be valued at US$ 21.89 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Regional analysis shows North America currently dominates the LED rental market owing to high number of live events, exhibitions, concerts in the region. Europe and Asia Pacific regions are expected to offer lucrative growth opportunities led by emerging markets recovering post covid and increasing adoption of LEDs.
Key players operating in the LED rental market are BASF S.E., Bayer Cropscience AG, FMC Corporation, DowDuPont, Monsanto Company, Nufarm, SinoHarvest Corporation, Syngenta A.G., Sumitomo Chemical, and United Phosphorus. These players are focusing on lighting product innovations, expanding rental inventories and services to cater growing demand from various end-use industries globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
