The LED Rental Market is estimated to be valued at US$ 19.00 Bn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
LED rental market provides LED display units and lighting solutions on a rental basis to various end use industries such as entertainment, corporate, retail, and sports among others. LED display finds application in live concerts, trade shows, exhibitions, seminars and corporate events for branding and product promotions purposes. The lighting solutions are used in live performances, film shootings, TV shows and advertisement for setting the desired ambience. With advancement in LED technology, the products offer high brightness, low power consumption, longer lifetime and wide viewing angle.
Market Dynamics:
The growth of the LED rental market is driven by increasing spending on live entertainment and events. According to statistics, the global live entertainment market size was valued at USD 100.8 billion in 2020 and is expected to reach USD 143.2 billion by 2027 growing at a CAGR of 6.5%. This rising spending is propelling the demand for LED rentals from event organizers for staging applications. Additionally, growing popularity of outdoor LED screens for brand promotions and advertisements at public places such as airports, railway stations, shopping malls is also fueling the market growth. However, high setup and installation cost of large format LED displays continues to hamper the market to some extent.
Segment Analysis
The Global LED Rental Market Size is dominated by the event and live segment, which accounts for over 35% of the total market share. This is because LED video walls and other lighting products are extensively used in live concerts, exhibitions, conferences, and award ceremonies to illuminate the stage and enhance audience experience.
PEST Analysis
Political: Favorable government policies and regulations regarding the use of energy-efficient LED products are boosting the adoption of LED rental solutions across many countries.
Economic: The growing events and entertainment industry globally is driving the need for advanced LED rental systems. However, higher installation and technological upgrade costs could hinder market growth.
Social: Rising audience engagement through interactive LED displays at live events is a major social trend promoting the LED rental market.
Technological: Advancements in semi-conductor technology have enabled wider color gamut and higher resolutions in LED products. Manufacturers are also focusing on connectivity aspects to facilitate data sharing between displays.
Key Takeaways
The global LED Rental market is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing live performances and corporate events. The market size is projected to reach US$ 64 Bn by 2030 from US$ 19 Bn in 2023.
Regional analysis: North America dominates the global LED rental market with over 30% share due to strong presence of event management companies. Asia Pacific is the fastest growing region on back of rising popularity of urban festivals, concerts, and exhibitions in China, India, and Southeast Asian countries.
Key players analysis: Key players operating in the LED Rental market are 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, Mitsubishi Electric Corporation. These players are focusing on expanding their rental product portfolio and strengthening global network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it