by The rental market for LED offers customers the flexibility to rent energy efficient and cost-effective lighting solutions for various indoor and outdoor applications instead of investing in capital-intensive purchases. LED bulbs are rented out for stage lighting, concert halls, exhibitions, conference rooms, retail stores among other areas. Renting LED removes the upfront investment costs and allows users to avail updated lighting technology as per changing trends and specifications. The global LED Rental Market is estimated to be valued at US$ 19.00 Billion 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 key trends:
One of the key trends driving growth in the LED rental market is the growing demand for energy efficient lighting solutions across various end use industries. LED lighting systems consume up to 50-80% less energy as compared to traditional lighting systems such as incandescent bulbs and CFLs. With rising energy costs and focus on reducing carbon footprint, there is increasing adoption of LED lighting for both interior as well as exterior applications. Furthermore, advancements in LED technology have enhanced their performance qualities, enabling innovative rental LED lighting solutions for various temporary and events-based applications. LED lights also have a longer lifespan of over 50,000 hours and do not contain toxic mercury which is a key consideration for rental businesses. The emergence of intelligent and connected lighting solutions integrated with IoT and wireless technologies is another major trend expanding opportunities in the LED rental market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high capital investment to establish the infrastructure and branding.
Bargaining power of buyers: The bargaining power of buyers is low as the LED rental market offers customized solutions and variety of events coverage to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the technology keeps evolving at a fast pace requiring continuous innovation from suppliers.
Threat of new substitutes: The threat of new substitutes is low as LED displays have established themselves as a premium event experience.
Competitive rivalry: The competitive rivalry is high among existing rental service providers to offer latest LED technologies and solutions at competitive prices.
Key Takeaways
The global Led Rental Market Growth is expected to witness high growth over the forecast period. The Asia Pacific region dominates the LED rental market currently owing to rapid industrialization and infrastructure development in the region. Countries like China, India are increasingly adopting LED displays for various events and exhibitions.
Regional analysis:
North America region is expected to grow at a significant rate during the forecast period. The growth can be attributed to high demand for LED displays for sports & live entertainment events in countries like US and Canada. Various sports leagues are incorporating LED displays to enhance viewer experience.
Key players:
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 Daktronics lead the market and focus on product innovation as well as expansion into new regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
