The outdoor LED display market size was valued at USD 7,426.9 million in 2020 and is projected to reach USD 11,863.5 million by 2027, growing at a CAGR of 9.2% from 2020 to 2027. Outdoor LED displays are large billboards that show live ads, photos, promotional films, and other content. It's typically seen in open-air and central locations like avenues, malls, parks, and parking lots. A light-emitting diode (LED), a semiconductor chip that generates light of various colors with wavelengths in the visible range, is also used in the displays.
These displays use high brightness LEDs and are extensively used in outdoor applications such as live advertisements, billboards, videos walls, etc. Additionally, outdoor LED displays are designed using dual in-line package (DIP) technology, making them suitable for any weather. The content on the displays is visible from a far-off distance, even during day and night.
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Increased preference of LED display advertising over paper or poster-based advertising due to rapid use by sponsors in sports events, entertainment shows, and exhibitions. A rise in sports events & exhibitions, seminars, ceremonies, and other such events using outdoor LED displays drives the market growth. Also, a surge in energy consumption concerns prompts the use of these displays, as it ensures high cost & power saving, making it highly energy efficient.
This fuels market growth. Though, high initial investments and unstable demand are the major factors limiting the market growth. Conversely, alternative advertisement designs and increases in events such as event management, transport, sports, and others are some factors that provide growth opportunities for the market in the upcoming years.
COVID-19 Impact on the Global Outdoor LED Display Market
COVID-19 pandemic has adversely impacted the outdoor LED display market as a huge workforc