Our-in depth analysis of the global LED stadium screens market includes the following segments:
Global LED stadium screens market is further classified on the basis of region as follows:
Global LED stadium screens market is anticipated to flourish at a compound annual growth rate (CAGR) of 6.9% over the forecast period 2017-2024. Global LED stadium screens market stood at a valuation of USD 1.2 Billion in 2016 and is anticipated to reach at a valuation around USD 2.0 Billion by the end of 2024. Rising number of stadiums and live concerts are some of the major factors driving the growth of LED stadium screens.
In terms of region, global LED stadium screens market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. LED stadium screens market of Europe region stood at a valuation around USD 402.4 Million in 2016. In terms of share, Europe is the biggest market of LED stadium screens among all regions and accounted for about 37% of overall LED stadium screens market share. Moreover, market of LED stadium screens of Europe region is expected to continue its dominance over the forecast period. Large number of stadiums and consumer’s inclination towards live shows & concerts in Europe region are some major factors driving the growth of market of LED stadium screens in this region.
By share, North America region is second biggest market for LED stadium screens and is anticipated to witness a remarkable growth over the forecast period. Apart from this, Asia-Pacific region is anticipated to be fastest growing market of LED stadium screens over the forecast period. Rising number of stadiums and increasing disposable income of consumers are some major reasons driving the growth of LED stadium screens market in Asia Pacific region. Latin America and Middle East & Africa regions are also anticipated to witness a satisfactory growth during the forecast period. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Expansion of stadiums in the terms of size and population capacity is springing the installation of LED screens in stadiums. Increasing live events and concerts in stadiums have attracted the consumers towards it which further propels the growth of LED stadium screens market. Apart from this, many government initiatives for the promotion of LED products are driving the growth of LED stadium screens market.
Use of LED stadium screens for advertisement purpose is also anticipated to push stadiums to install LED screens. Technical advancement with LED stadium screens such as ability to connect all screens together via ground network and better resolutions of the screens are some major drivers which are expected to foster the demand for LED stadium screen in near future.
However, high installation cost of LED stadium screens is the major challenge which is anticipated to face by LED stadium screen manufacturers. This factor is anticipated to dampen the growth of global LED stadium screen market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.