Efforts to Phase Out Conventional Lighting Give LED Technology an Opportunity to Capitalize
The increasing efforts made by the U.S. government to phase out conventional lighting systems and replace them with LED lighting systems is making its mark in every sphere, states Transparency Market Research. This has resulted in a drop in the prices of LED, steering the attention of consumers towards this technology and increasing its adoption in all the possible places. Stadiums, too, are making heavy investments in LED screens given their various advantages such as the ability to surface mount them amongst others. The growing trend of advertising via LED stadium displays is also propelling the usage of these screens.
The growing number of stadiums across the world, increasing live events and concerts, and the essential need to enhance the viewing experience are all expected to drive the global LED stadium screens market in the coming years. Analysts state that the opportunity in the global LED stadium screens market will be worth US$1.93 bn by the end of 2024 as compared to US$1.16 bn in 2014, expanding at a CAGR of 6.6% between 2015 and 2024. The rising investment in product innovation will also offer several growth opportunities to this market in the coming years.
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Football Culture Gives LED Stadium Screens Market in Europe an Advantage
Europe leads the global LED stadium screens market as it nearly accounted US$400.1 mn in 2014 and is expected to reach US$625.8 mn by 2024. The high demand for LED screens across Italy, France, Poland, the U.K., Russia, and Netherlands is expected to drive the Europe LED stadium screens market.
The LED stadium screens market in this region is characterized by demand for customized features that will enable advertisers to display interactive messages. The phenomenal following of football that is played for the better part of the year is also contributing towards the growth of the Europe LED stadium screens market.
Infrastructural Developments in Asia Pacific to Drive LED Stadium Screens Market
Meanwhile, Asia Pacific is also expected to witness a steady growth of LED stadium screens market. This demand will be fueled by ongoing infrastructural developments and rising sporting activities. The development of stadium infrastructure in emerging countries of Japan, Taiwan, India, and China is expected to create tremendous potential for this market in the near future. This regional market will also be driven by the strong presence of leading manufacturers and strong distribution channels.
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