Large Format Display (LFD) Market to be worth 14.93 Billion US$ by 2023
According to a report by MarketsandMarkets, the LFD market is expected to grow to US$ 14.93 Billion by 2023 from US$ 9.51 Billion in 2016, at a CAGR of 6.7% between 2017 and 2023. Increasing innovation in direct-view fine-pixel LED displays and their technological advantages are expected to be the major drivers for the market.
Direct-view LED displays to hold the largest share of the LFD market by 2023
There is a growing demand among the customers for commercial video walls based on direct-view LED and LCD technologies. The direct-view fine-pixel LED video walls are expected to revolutionise the LFD market by growing at the highest CAGR during the forecast period. These displays are highly bright, have a significant resolution, and can be used to construct a seamless and infinite size video walls. On the other hand, large-pixel LED and narrow bezel LCD video walls are expected to grow at a significant rate, whereas LCD standalone displays are expected to witness a sharp decline in the market share during the forecast period. Together, the large-pixel and fine-pixel direct-view LED displays are expected to surpass the LCD displays in terms of market share during the forecast period.
LFDs for indoor applications and for commercial industries to hold the major share of the LFD market
LFDs utilised in indoor applications contributed to three times the market share compared with LFDs in outdoor applications. This is because of the use of more costly displays (per square meter)—LCD, fine-pixel LED, and OLED in indoor environments. LFDs in commercial industries contributed the largest market share in 2016 because of the increasing number of malls and shopping centres installing large format displays for last many years. However, infrastructural industries are expected to drive the growth of the LFD market during the forecast period, specifically in sports and entertainment. Direct-view fine-pixel LED displays are expected to witness a high demand in transportation, public places, sports, and entertainment venues during the forecast period.
North America to hold the major share of the LFD market during the forecast period
North America, comprising the US, Canada, and Mexico, held the largest share of the market in 2016. The US is a major contributor to the growth of the market in North America. Being technologically advanced and economically developed, North America is the leading market for cutting-edge display technologies such as direct-view fine-pixel LED and OLED. In APAC countries such as Japan, South Korea, China, and India, the large population as well as the thriving retail and transportation sectors have created immense opportunities for display manufacturers. The market for newer and high-cost displays, such as OLED and fine-pixel LED, is expected to witness a higher growth rate in North America, whereas comparatively low-cost displays such as LCD and large-pixel LED are expected to witness a higher growth rate in APAC and RoW regions.
The major players in the market are Samsung Electronics Co., Ltd. (South Korea), LG Display Co., Ltd. (South Korea), NEC Corp. (Japan), Leyard Optoelectronic Co., Ltd. (China), Sharp Corp. (Foxconn) (Japan), Barco NV (Belgium), Sony Corp. (Japan), and TPV Technology Ltd. (Hong Kong).