July 17, 2024
Rental LED Market

LED Rental Market Propelled By Growing Need For Cost-Effective And Flexible Event Lighting Solutions

Light-emitting diode (LED) rental solutions provide cost-effective and flexible lighting solutions for various indoor and outdoor events such as concerts, exhibitions, sports events, and others. LED rental solutions offer advantages such as energy efficiency, durability, flexibility in design, and minimal maintenance over conventional lighting solutions. The need for cost-effective and flexible lighting solutions is growing across various commercial applications which is propelling the demand for LED rental solutions. The global LED Rental Market is estimated to be valued at US$ 19.00 Bn 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:

The growing need for cost-effective and flexible event lighting solutions is a major trend propelling the growth of the LED rental market. LED rental solutions offer significant cost savings over conventional lighting solutions as they consume 70-80% less energy and last over 30,000 hours which is over 10 times longer than traditional incandescent bulbs. They also generate less heat which reduces air conditioning costs at events. LED rental providers design customized and flexible lighting solutions specific to the needs of each event which eliminates the requirement for a permanent lighting infrastructure and provides flexibility in designs. They can easily be installed and dismantled which reduces additional labor costs compared to permanent fixtures. This cost effectiveness and flexibility of LED rental solutions is driving their increasing preference over traditional lighting.

SWOT Analysis

Strength: LED rental market offers cost-effective solutions for temporary events and usage. It provides energy efficient and environment friendly lighting solutions.

Weakness: High initial investment cost for LED panels and displays deters many small event planners. Frequent technological advancements requires upgrades to stay relevant.

Opportunity: Growth in live entertainment and sports events worldwide increases demand for rented LED screens and lighting. Adoption in corporate conventions and exhibitions presents new opportunities.

Threats: Stiff competition from in-house LED solutions poses pricing pressure. Dependence on major events calendars exposes to economic uncertainty risks.

Key Takeaways

The global Led Rental Market Growth is expected to witness high growth. Steady rise in live entertainment events, sports matches, outdoor shows and exhibitions is driving the need for rented LED displays and lighting systems. The Middle East and Asia Pacific regions are emerging as fastest growing markets for LED rentals. Major events in the regions such as World Expos, FIFA World Cup and various sporting leagues are promoting increased adoption of rented LED solutions.

Regional analysis comprises the Asia Pacific LED rental market is growing at a rapid pace. rising disposable incomes, expanding middle class and increasing investments in live entertainment industry in China, India and Southeast Asian countries are stimulating the demand. The Middle East region also contributes significantly to market revenues led by busy events calendar in Gulf countries involving international sports and music events.

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. The major players are focusing on expanding their product portfolio and global footprint through partnerships and new service offerings tailored for various live events and exhibitions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it