Light-emitting diodes (LEDs) are semiconductor light sources that are used in various applications such as indoor and outdoor signage, commercial advertisement displays, stage lighting, architectural lighting, and accent lighting. Renting LED fixtures for short term purposes such as live events eliminates the capital expense of purchasing expensive LED products. Rented LED products can offer advantages such as high resolution, full color range, light weight, durability, low power consumption, long product life, and ease of installation and maintenance. With the growing demand for creative stage design and visualization at live concerts, exhibitions, and corporate events, the demand for renting high-quality short-term LED displays and fixtures has increased substantially.
The global 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 Opportunity:
The live events and entertainment industry offers substantial opportunities for growth of the LED rental market. The demand for innovative and experiential lighting solutions at live concerts and shows has been increasing steadily. Furthermore, corporate organizations are also investing more in stage design and audio-visual experience to engage audiences at product launches, conferences, and exhibitions. Renting technologically advanced and creative LED solutions on a short-term basis allows event organizers to offer memorable visual experiences without incurring high capital costs. This is expected to further fuel the demand from the live events and entertainment industry over the forecast period.
Porter’s Analysis
Threat of new entrants: The LED rental market has moderate threat from new entrants due to high investment required in latest LED display equipment. However, opportunities in emerging markets and new product segments can attract new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various rental companies in the market providing customized solutions. Switching costs are low for buyers.
Bargaining power of suppliers: Suppliers have low-to-moderate bargaining power as there are numerous component suppliers for LED displays. Integration of components allows rental companies to develop value added solutions.
Threat of new substitutes: Threat is low as large LED displays provide unique immersive experience compared to traditional display technologies. However, low-cost projectors pose threat for small rental applications.
Competitive rivalry: The market is fragmented with presence of global and regional players. Rivalry is high due to emphasis on innovative solutions, service quality, and competitive pricing.
SWOT Analysis
Strength: Large global rental companies have strong technical expertise and infrastructure to handle large-scale events. LED displays provide energy efficient and durable alternative to traditional displays.
Weakness: Small regional players have limited financial resources for R&D. Fluctuating component prices may impact margins.
Opportunity: Emerging applications in rental of indoor vertical signage and outdoor mobile LED walls offer growth scope. Developing regions in Asia Pacific and Middle East are upcoming markets.
Threats: Economic slowdowns can impact event industry and decline rental demand. Local substitute products impact margins in price-sensitive markets.
Key Takeaways
The global Led Rental Market Growth is expected to witness high growth. The Asia Pacific region dominates the LED rental market owing to large events industry and real estate development activities in China, India, and other Asian countries. LED displays are increasingly adopted for indoor signage at airports and railway stations in the region.
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. Barco, Absen, and Lighthouse Technologies hold significant market share due to their global presence.
Regional analysis related content: North America follows Asia Pacific with substantial share in the LED rental market led by commercial applications of outdoor LED displays. Rising concerts and live events in U.S. and Canada contribute to rental demand. Led by Absen, ROE Visual, and Unilumin, China dominates the global LED rental production.
Key players related content: 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.
For more insights, read- https://www.pressreleasebulletin.com/rental-led-market-trends-size-and-share-analysis/
