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Despite the outbreak of the coronavirus that induced an economic crisis, the global market for Fine Pixel LED displays is approximately 1.3 billion US dollars in 2022. It is estimated to increase to 3.2 billion US dollars by 2028. The use of LED in places like stadiums and other applications is increasing every day.
Within the period of analysis, the compound annual growth rate is estimated to be 12.5%. Strict policies by regulatory agencies to limit or ban the use of inefficient lighting systems is encouraging the growth of LED display.
Among the displays, the broadcast screen is one of the segments that the estimate is at a record of 12.7%, which amounts to 559 million US dollars at the end. Though LED lighting is relatively high, it has high lumen power and better service life.
From the analysis, Asia Pacific has the largest market share in the industry. The share exceeds 42 percent in 2020. They are likely to keep the position for the period in review.
China, Taiwan, and Japan happen to be the key dealers in the region. There are numerous initiatives by the government to adapt LED in the market. Countries like India, China, Vietnam, Indonesia, and Malaysia. China is projected to rise at a 15% CAGR.
Before the period in review, there was disruption of the market due to the pandemic. Markets were forced to close, which caused revenue losses as a result of disruption in supply, the decline in demand, and production delays.
The partial ban of movement reduced the contribution of the market from the commercial and industrial sectors. Some of the sectors are the manufacturing, hospitality, and retail sectors.
The largest producer of this product in China. They were the first country in which the virus affected exportation. It then extended to other countries of the world due to the fatality of the pandemic.
However, the decrease in infections and the production of vaccines help the market to grow after the lockdown. The sector is projected to witness product growth from different sectors.
The market is highly competitive with five major companies taking the greater part of the revenue share. There is a high level of improvement on the existing product, development of new ones, and adoption of strategies to meet the market demand.
Some players in the industry include:
· Acuity Brands Lighting Inc.
· Cree lighting
· Chip Optech
· Siteco GmbH
· Digital Lumen Inc.
The use of this display cuts across different sectors and organizations. Some of them are:
· TV and Media Houses
· Government establishments
· Commercial and residential establishments
· Transportation companies
· Military establishments
The review covers the region as follows:
· North America: Canada and United States
· Europe: France, Italy, Germany, and U.K
· Asia Pacific: China, South Korea, Japan, Taiwan, India, and Malaysia
· Latin America: Brazil, Mexico, and Colombia
· The Middle East and Africa
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