LED market sees 30% growth year-on-year, $11 billion market by 2023
A new industry analysis and report, compiled by Futuresource, notes the LED display market has seen “phenomenal” growth in recent years, growing by 30% year-on-year and forecast to reach $11 billion by 2023.
Futuresource adds, “the design and innovation of LED manufacturers has kept pace with demand, seeing all aspects of componentry and mechanics develop at breakneck pace. Whilst much of this development has clearly been in response to extremely strong end-user demand, manufacturers have also been in a race to move beyond a ‘one size fits all’ approach,” which has been especially true in the world of broadcast design and staging, where LED shapes to continue to move away from the 16:9 rectangle in favor of unique looks.
The report sees the rental market accounting for 5-15% of revenue, with corporate events, exhibitions, etc., leading the rental segment.
The report also notes Unilumin as the top supplier of LED in the rental market.