According to a new report from UK-based Research and Markets, the large-format display market, which includes video walls, standalone displays, outdoor digital billboards and stadium and arena displays, is expected to grow at an annual rate of nearly 7 percent from now until 2023.
The report says the large-format display market was valued at $9.5 billion in 2016 and is expected to reach nearly $15 billion by 2023, with a compound annual growth rate of 6.7 percent.
The report’s authors say that the increases in stability, flexibility, sustainability and environmental sturdiness of these types of display are helping to drive the growth, which is also being pushed by the increased overall demand for digital signage. Factors hindering the growth of large-format displays include increased online/broadcast advertisement and the deployment of wide-screen alternatives such as projectors and screenless displays, its authors say.
North America is expected to continue to hold the largest share of the large-format display, although the highest rate of growth is expected to be in the Asia-Pacific region, mainly due to the presence of major display panel manufacturers and various brand product manufacturers in China, Japan, South Korea, Taiwan and Hong Kong. Newer and high-cost displays, such as OLED and fine-pixel LED, are expected to grow at a higher rate in North America, whereas low-cost displays such as liquid-crystal display and large-pixel LED are expected to witness a higher growth rate in the Asian-Pacific region and the rest of the world, according to the report.