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Companies in the global fine pixel pitch LED displays market, such as Leyard, Unilumin, SiliconCore, NanoLumens, Christie, NEC Display Solutions and Daktronics, have a strong global presence with high penetration in the market, according to a press release from Transparency Market Research. The market research company said it has observed that these companies have established strong brand names in the business of fine pixel pitch LED display solutions.
The revenue generated by the global fine pixel pitch LED displays market is projected to reach $3.1 billion by 2024, rising from $677.1 million in 2015. The market is expected to register a 15.8 percent CAGR from 2014 to 2024, the release said.
Asia Pacific accounted for around 59 percent of the total global fine pixel pitch LED displays market in 2015, emerging as the leading regional segment, according to the release. The markets in the Middle East and Africa (MEA) and Latin America are likely to present potential opportunities for fine pixel pitch LED displays in the coming years. The fine pixel pitch LED displays market in MEA is projected to expand at a CAGR of 28.9 percent during the forecast period.
Considering the sales channels for fine pixel pitch LED displays, e-commerce websites are likely to observe high demand in the coming years due to the spread of internet services across the world, the release said.
Digital signage and visualization and simulation applications were the potential application areas for fine pixel pitch LED displays in 2015. However, control rooms and monitoring applications are anticipated to register high growth during the forecast period.
The growth of the video wall market in recent years has had a considerable impact on the fine pixel pitch LED displays market, according to the release. Video walls are used in various industry verticals such as sports stadiums, retail stores and restaurants.
"Considering the high scalability, power efficiency, and quality resolution display, fine pixel pitch LED displays have gained popularity in video walls applications," said the lead analyst for Transparency Market Research.
The fine pixel pitch LED displays market is also fueled by the high flexibility offered by the products and the declining cost of the technology, according to the release.
However, the widespread adoption of fine pixel pitch LED displays is challenged by their high initial cost, the release said.
"We have found that small pixel pitch LED displays cost at least three times more compared to other display technologies such as DLP rear projection and LCD," said the lead analyst for Transparency Market Research.
TMR predicts that the growing competition in the market and continuous research and development in the field is projected to bring down the cost of fine pixel pitch LED displays in the coming years.