LED Billboard Lights Market Market Size
LED Billboard Lights Market to surpass USD 16.0 billion by 2032 from USD 7.31 billion in 2021 at a CAGR of 7.4% throughout the forecast period 2022-32
LED Billboards aka Digital Billboards, are the digital displays known as LEDs (Light Emitting Diodes). A pixel is made up of three of these small diodes that are red, green, and blue (RGB). DIP LED Display Modules and SMD LED Display Modules are the two primary categories of LED modules. While SMD LED display modules are often used indoors and DIP LED display modules are used outdoors, technology has advanced to the point where SMD is now sufficiently bright to be a fantastic outdoor alternative. Energy Savings, Instant On/Instant Off, High Quality Light Output, Little to No Maintenance Costs, and Relatively Long Lifespan are some of the advantages of LED billboard lighting.
Market Highlights
The LED Billboard Lights Market is expected to project a notable CAGR of 7.4% in 2032.
LED Billboard Lights to surpass USD 16.0 billion by 2032 from USD 7.31 billion in 2021 at a CAGR of 7.4% in the coming years, i.e., 2022-32. For more than a century, LED billboard lights have been a productive medium for advertising. Lighting from billboards is used to draw onlookers’ attention and promote the brand products. Therefore, billboards are the perfect solution for companies who wish to advertise or market their goods and services. It was simple to read the advertisement, especially at night, thanks to LED light fixtures' lower energy consumption and good luminous intensity. Over the forecast period, these factors are anticipated to propel the market for LED billboard lights.
Figure - Market Analysis of LED Billboard Lights Market
LED Billboard Lights Market: Segments
The Power Below 100W segment is expected to grow with a higher CAGR during 2022-32
LED Billboard Lights Market is categorized on the basis of Product Type into Power Below 100W, Between 100W and 200W, and Power Above 200W. The Power Below 100W segment is expected to lead the market over the forecast period. LED lights with power outputs under 100W are the ideal mix of a heat sink and electrical box with a special design that effectively conducts heat and lowers body temperature while preserving the longevity of the light source and power supply. High energy-saving effectiveness, zero pollutant output, and environmental friendliness are some of the attractive features. They have extensive uses in tunnels, workshops, warehouses, toll booths on the highway, garages, supermarkets, petrol stations, etc.
The Column Billboard segment is expected to grow with a higher CAGR during 2022-32
LED Billboard Lights Market is categorized on the basis of application into Column Billboard, Wall Billboard, and Others. By application, the Column Billboard sector holds a larger market share. As compared to other applications, column billboards are where LED billboard lights are most frequently employed. In order to attract the most attention, column billboards are extensively dispersed around the city in various locations. Also, due to their advantages, LED billboard lights are a perfect match for column billboards. These variables are fueling the segment's growth, which ultimately expands the LED Billboard Lights Market.
Figure - Market Analysis of Global LED Billboard Lights
Market Dynamics
Growth Drivers
The Growth of LED as a Cutting-Edge Solution in a Wide Range of Applications
The light sector is expected to witness a significant transition as a result of the arrival of LED technology, which is projected to fuel the LED Billboard Lights Market. The LED Billboard Lights Market is expected to grow quickly in the future years as LED systems continue to gain a competitive edge in a wide range of applications. In the upcoming decade, the market size for LED billboard lights will increase as LED technology becomes more widely available and less expensive.
Several Benefits offered by LED Lighting Technology, mainly over Traditional Lighting Products
Since LED lighting technology is the cutting-edge solution, it offers several advantages, including over 80% electricity savings over conventional tube lighting and carbon reduction. Over the anticipated period, rising LED acceptance will energize the revenue of the LED Billboard Light Market. Moreover, a change in the market dynamics for LED billboard lights is anticipated as a result of the expanding trend of LED lighting technologies. In addition, LED offers greater benefits over traditional lighting goods including halogen, incandescent, and compact fluorescent bulbs.
Restraint
High Costs Associated with LED Billboard Lights
The development of the LED billboard lights market may be hampered in the near future by the high costs of LED technologies compared to conventional tube lights, as well as the initial and replacement expenses of these LEDs.
Recent Developments
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The recently released BILLIE lenses by LEDiL, with their distinctive cut holder design, are the ideal mate for compact, homogeneous billboard illumination.
LED Billboard Lights Market: Key Players
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Panasonic
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Toshiba Corporation
- Eaton Corporation
- Philips
- LG Electronics
- OSRAM GmbH
- Hubbell
- GE Lighting
- Lextar Electronics Corporation
- SAVANT TECHNOLOGIES LLC
- Nichia Corporation
- Daktronics
- Acuity Brands
- Opple
- Other Prominent Players
LED Billboard Lights Market: Regions
LED Billboard Lights Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to widespread product penetration in nations like China and Japan, the LED Billboard Lights Market in the Asia Pacific region is expected to increase over the course of the forecast period. Moreover, massive funding for the development of LED chips and packages in nations like China will expand the size of the regional market in the years to come. The market will grow progressively over the forecast period thanks to the Asian continent's booming building sector and supportive government policies for the use of the product. In addition, the region's severe power supply crisis and growing awareness of energy conservation have resulted in significant product adoption in recent years.
Impact of Covid-19 on LED Billboard Lights Market
The COVID-19 epidemic has had a negative effect on the LED Billboard Lights Market since a sizable section of the world was propelled to work from home. As a result, advertising budgets have shrunk, which has decreased demand for advertising displays. The COVID-19 pandemic has temporarily slowed fieldwork on a number of significant projects, but the market is anticipated to stay strong, with total exports likely to be only slightly unaffected during the following three years starting in 2020.
LED Billboard Lights Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
LED Billboard Lights Market report also contains analysis on:
LED Billboard Lights Market Segments:
- By Product Type
- Power Below 100W
- Between 100W and 200W
- Power Above 200W
- By Application
- Column Billboard
- Wall Billboard
- Others
- LED Billboard Lights Market Dynamics
- LED Billboard Lights Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
LED Billboard Lights Market Report Scope and Segmentation
REPORT ATTRIBUTE |
DETAILS |
|
Market Size Value in 2021 |
USD 7.31 billion |
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Revenue Forecast in 2032 |
USD 16.0 billion |
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Growth Rate |
CAGR of 7.4% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Product Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Panasonic, Toshiba Corporation, Eaton Corporation, Philips, LG Electronics, OSRAM GmbH, Hubbell, GE Lighting, Lextar Electronics Corporation, SAVANT TECHNOLOGIES LLC, Nichia Corporation, Daktronics, Acuity Brands, Opple, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
The LED Billboard Lights Market size was estimated at USD 7.31 billion in 2021 and is expected to reach USD 16.0 billion in 2032
LED Billboards aka Digital Billboards, are the digital displays known as LEDs (Light Emitting Diodes).
The Power Below 100W and Column Billboard segments accounted for the larger share of the LED Billboard Lights Market.
Key players in the LED Billboard Lights Market are Panasonic, Toshiba Corporation, Eaton Corporation, Philips, LG Electronics, OSRAM GmbH, Hubbell, GE Lighting, Lextar Electronics Corporation, SAVANT TECHNOLOGIES LLC, Nichia Corporation, Daktronics, Acuity Brands, Opple, and Other Key players in the LED Billboard Lights Market are Panasonic, Toshiba Corporation, Eaton Corporation, Philips, LG Electronics, OSRAM GmbH, Hubbell, GE Lighting, Lextar Electronics Corporation, SAVANT TECHNOLOGIES LLC,
The introduction of digital out-of-home advertising and the growing demand for sustainable substitutes or energy efficient substitutes are two key drivers of the LED Billboard Lights Market.
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