by LED rental market witnesses high demand from event management and entertainment industry. LED lights offer superior brightness, and enhanced focus ability and consume less power compared to traditional lighting solutions. These lights find widespread application in concerts, stage performances, and various outdoor events requiring adjustable and vibrant lighting effects.
The global LED Rental Market is estimated to be valued at US$ 19 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing demand for energy efficient lighting solutions across various industries has been a key factor propelling the growth of LED rental market. LED lights consume significantly lower power compared to traditional lighting sources such as incandescent bulbs and CFLs. This offers power savings of over 80% along with long operational lifespan. LED lights also ensure reduced maintenance and replacement costs. Furthermore, they emit very less heat and are fully recyclable at the end of product life, thereby proving more eco-friendly. Owing to these advantages, LED lighting is increasingly being adopted for rental applications in events, exhibitions, film shoots and various other commercial activities to meet their temporary lighting needs in an energy efficient manner.
SWOT Analysis
Strength: LED Rental market is witnessing growth due to rise in infrastructure projects across the globe. LED lights provide energy efficiency which helps reduce operating costs for rental companies.
Weakness: High initial investment costs associated with purchasing latest LED lights can be challenging for new entrants. Availability of used or lower quality lights at cheaper costs from local vendors also impacts rental companies.
Opportunity: Growth opportunities exist in emerging markets of Asia Pacific and Middle East & Africa due to large infrastructure projects. Adoption of solar powered LED lights increases scope for rental companies.
Threats: Competition from in-house-owned lighting equipment limits market scope for rental companies. Economic downturns can negatively impact infrastructure spending affecting rental market.
Key Takeaways
The global LED Rental Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Asia Pacific region dominates the global LED Rental market currently. China accounted for maximum share in Asia Pacific LED Rental market owing to large infrastructure projects in the country.
Key players operating in the LED Rental market are Liebherr-International AG, Shanghai Zhenhua Heavy Industries Co., Ltd., Wison Group, Konecranes, Kalmar, Kranunion GmbH, Sany Group Co., Ltd., Noell Crane Systems (China) Limited, Anupam Industries Limited, and MAC PORT Macchine Operatrici Portuali s.r.l. These players are focusing on expanding their LED light rental fleet sizes and presence across major markets to target rising infrastructure activities worldwide.
LED Rental market is expanding rapidly in Middle East and Africa region. Entry of major construction companies from GCC nations has boosted rental demand for modern equipment like LED lights for infrastructure projects across Middle East, North Africa and Sub-Saharan Africa. The LED Rental market opportunity is estimated to grow over four fold in the Middle East and Africa region during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
