LED to lead digital signage industry
Recent studies show that the GCC LED lighting market will be subject to a growth of 16.8% CAGR from 2015 to 2020.
Digital signage are slowly overtaking the more traditional print versions of late, with mega events such as the Dubai Expo 2020 set to further boost the demand for such technologies, experts have said.
Digital signage can be a powerful tool for engaging customers for any business and LED is proving to be the preferred technology. The LED industry was worth $45-47 billion in 2016 as per reports and represents around 50 per cent of the total lighting industry. While Northern America is the largest market for LED and South East Asia the fastest growing for the sector, the Mena region isn't that far behind due to the huge infrastructure advancements which would correlate to acceleration in LED lighting developments.
"The digital signage industry is on a major upswing largely driven by the area's growing retail, commercial, healthcare, F&B, tourism and infrastructure sectors. The digital signage industry is mostly catered to by the LED technology and the demand for high definition picture quality complimented with attractive design is driving the demand for displays market," Abdul Rahman Falaknaz, chairman of International Expo Consults, stated.
Recent studies have highlighted that the GCC LED lighting market will be subject to a growth of 16.8 per cent CAGR from 2015 to 2020 to reach sales to the amount of $1,978.1 million. Additional requirements of pursuing lighting energy conservation, LED lighting will have more opportunities of replacing conventional lighting. The global digital signage market is expected to grow from $19.61 billion in 2016 to $32.84 billion by 2023, at a CAGR of 7.4 per cent. Research shows that it can be upto four times as captive than static displays, thereby increasing the recall rate and the effectivity of brand awareness campaigns.
"LED's have reached every nook and corner by cutting costs, saving power and being efficient. The market is very attractive and promising as LED's find great utility for both indoor and outdoor signs. Digital printing will have an impact as a result of this, however, this is being replaced by a vibrant, attractive, economic variant which requires less maintenance. Retail market, especially will find LED technology a boon for its promotional requirements," said Sunil Purushothaman, GM of Masonlite.
"In the GCC, the penetration of LED lighting stands at 38 per cent of the total market and expected to cross 50 per cent till 2020," Purushothaman added. "With events like Expo 2020, the LED market will definitely witness a major push in sales."