LED rental solutions provide temporary lighting solutions for various outdoor and indoor events, applications and activities. LED lights have several advantages over traditional lighting including higher energy efficiency, longer lifespan, compact size, directional lighting capabilities and environmental friendliness. There is growing demand for LED lighting among various industries like entertainment, event management, architectural lighting, TV and film production due to these advantages.
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 LED rental market is witnessing increasing adoption of smart and connected LED lighting solutions. Integration of IoT and wireless technologies is enabling remote monitoring and control of rental LED lights. This allows end-users to control various lighting attributes like brightness, color temperature through mobile apps. Connected LED lights also facilitate collecting operational data that helps in predictive maintenance and reduces downtime. Growing infrastructure developments and construction activities across the world also presents opportunities for LED rental solutions. LED lights are widely used in architectural and landscape lighting during construction projects. Increasing investments in sports, entertainment and tourism sectors will further drive the demand.
Porter’s Analysis
Threat of new entrants: The LED rental market requires high investment for equipment and technological know-how. This poses moderate threat of new entrants.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and transparency in pricing.
Bargaining power of suppliers: A few large suppliers exist for LED equipment, conferring them significant power over buyers.
Threat of new substitutes: Emerging lighting technologies pose threat of substitution in the long run.
Competitive rivalry: Strong competition exists between existing players to offer additional value-added services.
Key Takeaways
The Global LED Rental Market Size is expected to witness high growth over the forecast period of 2024 to 2031. 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: The LED rental market in North America is the largest as events and entertainment industry flourishes in this region. Growth potential exists in Asia Pacific owing to increasing investments in infrastructure development.
Key players: 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. They focus on expanding product portfolio and regional footprint to consolidate their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
