by 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.
LED (light emitting diode) rental market deals with renting of lighting equipment which uses light emitting diodes as a source of illumination rather than conventional incandescent light bulbs or fluorescent tubes. The LED rental market offers various advantages like energy efficiency, longer lifespan, eco-friendly, and delivers different types of lighting solutions such as stage/studio lighting, architectural lighting, indoor and outdoor events lighting. With growing awareness about energy conservation and increasing demand for specialty and unique lighting effects at various indoor and outdoor events, the LED rental market is witnessing strong growth.
Market Overview:
The global LED rental market is driven by growing adoption of energy-efficient lighting solutions across various industries such as entertainment, hospitality, retail, events, and architecture. LED lighting delivers significant energy savings as compared to traditional lighting technologies. Also, LED lights have a longer lifespan ranging from 25,000 to 100,000 hours which reduces overall maintenance and replacement costs. LED rental services provide temporary and customizable lighting solutions for various indoor and outdoor events, concerts, exhibitions, architectural installations, and film/TV shootings.
Market key trends:
One of the key trends in the LED rental market is the growing popularity of intelligent and programmable LED lighting systems. These systems allow dynamic control of color, intensity, and shaping of light beams as per the evolving design needs. Programmable LED lighting helps produce attractive and dynamic lighting effects. Additionally, advancement in LED lighting technology is leading to development of ultra-thin, flexible, and transparent LED displays. This is expanding application in architecture and interior decorative lighting.
Porter’s Analysis
Threat of new entrants: The LED rental market requires high initial investment in R&D and manufacturing facilities which poses high entry barriers for new players.
Bargaining power of buyers: The buyers have moderate bargaining power due to the presence of several established players providing rental services for LED displays.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to availability of substitute components and barrier to forward integration by suppliers.
Threat of new substitutes: Threat of new substitutes is low as LED displays have proven to provide superior features over traditional display solutions.
Competitive rivalry: High as major players competitively prices their rental services and constantly invest in innovative technologies and service offerings.
Key Takeaways
The Global LED Rental Market Size is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing demand for rental services from live entertainment events and exhibitions.
Regional analysis:
North America dominates the global LED rental market holding around 35% share, due to high presence of live entertainment and event companies in the region. Asia Pacific is expected to be the fastest growing market owing to rising investments in infrastructure development and increasing disposable incomes.
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. Key players are focusing on new product launches and partnerships to expand their business and gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
