LED Modular Display Market Analysis Report By Type, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global LED modular display market size was worth USD 5.49 billion in 2019. The market is estimated to witness a 13.2% CAGR over the forecast duration, 2020 to 2027. The rise in adoption of LED modular display units across various industries such as airports/railways, sports & entertainment, media & advertising, retail, control rooms, and the auditorium is likely to drive the market growth during the forecast years. In addition, an increasing number of sports events, product launches, dynamic content, advertising through social media, brand endorsement, and displaying live videos are further supplementing the market growth. Various industries are focusing on deploying innovative technologies such as IoT, machine learning, big data, artificial intelligence, and augmented reality to increase the engagement of customers. Retail stores, in particular, are emphasizing using interactive displays to enable customers for virtual dress trials.

Key market participants are increasingly focusing on innovation to expand their customer base. For example, Nike collaborated with technology company W+K Lodge to introduce Makers’ Experience, which makes use of projection technology and objects tracking to make the design appear on the sneakers depending on the selection prepared on the video wall. Therefore, the rise in demand for interactive digital signage systems is likely to proliferate the market growth.

However, complexity in LED modular display installation and higher investment cost is anticipated to restrain the market growth from 2020 to 2027, particularly in emerging countries. Various factors that influence the cost include display size, configuration, installation location, mounting type, and display resolution attribute to the cost of the product. In addition, high research and development cost is required for the technology, which, in turn further augment the overall cost. Owing to the high cost, market players are offering modular displays on rent. Market players such as PixelFLEX provide the product on a rental basis.

Type Insights

In 2019, the outdoor modular screens segment held the largest share in the LED modular display market with more than 50%. Further, the segment is projected to continue its domination over the forecast duration. Outdoor LED screens are designed to provide information in an aesthetically appealing format, even in extreme environmental situations such as dust, rains, and extreme heat. Increasing demand for this segment in sophisticated applications such as stadia screens scoreboards, video walls, perimeter boards, and advertising boards is attributing to its highest share. Moreover, there has been a rise in the number of outdoor events such as music concerts, brands endorsement, product launches, and sports events.

 On the other hand, the indoor modular display category is projected to register the maximum growth with over 13.0% CAGR from 2020 to 2027. Growing application of modular LED video walls to exhibit information such as departure and arrival timing of trains, busses, and flights is attributing to the high growth of this segment. LED video walls are the most efficient and reliable as they are capable of delivering seamless and high-quality images. Owing to these benefits, video walls are being increasingly installed in shopping malls and retail spaces.

Regional Insights

In 2019, Europe held the highest revenue in the LED modular display market of approximately 35%. Increasing technology adoption in European countries such as Germany, the United Kingdom, Belgium, and Italy coupled with the rise in demand from digital-out-of-home advertisement is proliferating the market regional growth. In addition, the rise in the number of sporting events, live concerts, and corporate exhibitions is further projected to supplement the market growth in the region.

Asia Pacific is projected to register the maximum growth over the forecast years with a CAGR of over 14.8%. In addition, the rise in the development of public venues coupled with the increasing adoption of innovative display technologies is driving regional growth. Moreover, APAC is the home of multiple manufacturers such as Liantronics, Sony Corporation, Samsung, NED Display Solutions, and Planar among others. Japan, in particular, is projected to contribute to the growth of the Asia Pacific region owing to the Tokyo Olympic Games 2021.

Impact of COVID-19

COVID-19 has significantly affected the growth of the market following the imposition of lockdowns across several parts of the world to stop the disease spread. Lockdowns have resulted in disruption in the supply chain, which in turn, has hampered production. There has been a significant decline in the demand for the product in public places, as social distancing bars the marketing activities in these places. Nonetheless, the product demand is gaining traction following the relaxation in lockdown norms. Several sporting events and other concerts are taking place with or without public gatherings. For example, a music concert was held in the United Kingdom in August 2020 following the social distancing protocols. Thus, the market is estimated to recover over the next couple of years as pandemic ceases following the development of many elusive vaccines.

LED Modular Display Market Share Insights

Owing to the presence of several domestic and international players, the market is witnessing high competition. Major players such as NEC Display Solutions, Samsung, Planar, and Sony Corporation are increasingly focusing on designing innovative indoors and outdoors LED display products. In addition, these players are heavily investing in research and development to integrate LED technologies with innovative technologies.

Market players are adopting strategic initiatives, which include the introduction of new products and up-gradation of existing ones. For example, Shenzhen Absen Optoelectronic Co., Ltd., in mid-2020, upgraded its LED product named C15-31 Plus mesh. This up-gradation has allowed the product to be used for digital billboards and building façade. Market participants are also focusing on mergers & acquisitions to consolidate their position in the market. For example, Prismaflex announced the acquisition of a 50% share of Anthem Displays to strengthen the former’s position in the United States market. Key players operating in the market are PixelFLEX, Samsung, Yaham Optoelectronics Co., Ltd., Planar, Barco, Pro Display, and Sony Corporation among others.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global LED modular display market report by type and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Indoor Modular Screens
    • Outdoor Modular Screens

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • The U.K.
    • The Asia Pacific
        • China
        • India
        • Japan
    • Rest of the World (RoW)