LED Rental Market Growth Accelerated by Increased Usage in Events and Corporate Functions

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LED Rental Market

LED rental equipment are lighting systems used for various indoor and outdoor applications in events, television & film production, architectural installations and other commercial functions. LED lights are energy efficient and produce high quality illumination for enhancing visual experiences. They offer capabilities like brightness adjustment and are increasingly adopted for stage lighting, signage and architectural accenting during events and corporate functions.

The global LED Rental Market is estimated to be valued at US$ 19 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased usage of LED lights in various events like concerts, exhibitions and corporate functions has been a key growth driver for the LED rental market. LED systems produce desired lighting effects and ambiance with high brightness, versatility and energy efficiency. Many event management companies and production houses opt to rent LED panels and arrays for temporary or one-time usage, instead of capital investment. LED rental services help meet sporadic or seasonal lighting demands of various events and save costs for one-time or temporary requirements. Their versatile application and convenient rental model have boosted the popularity and market size of LED rental solutions over the recent years.

Segment Analysis
The global LED rental market is dominated by the event lighting sub-segment. This event lighting sub-segment accounts for over 45% of the total market share owing to the extensive usage of LED lighting in exhibitions, concerts, trade shows and other live events. These professional grade LED lighting panels, strips, and bulbs are increasingly preferred by event organizers due to their energy efficiency, higher illumination levels and ease of use compared to traditional lighting options.

Key Takeaways
Global LED Rental Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: Europe follows North America in terms of market share, projected to grow at a CAGR of 6.1% during the forecast period. Countries like Germany, United Kingdom and France are driving the adoption of LED lighting rentals in Europe. The Asia Pacific region is expected to be the fastest growing market, with China and India emerging as highly lucrative markets. Increasing investments in infrastructure development along with rising disposable incomes are fueling the demand for LED lighting equipment rentals in APAC events and exhibitions.

Key players operating in the LED rental market are BASF S.E., Bayer Cropscience AG, FMC Corporation, DowDuPont, Monsanto Company, Nufarm, SinoHarvest Corporation, Syngenta A.G., Sumitomo Chemical, and United Phosphorus. BASF and Philips Lead are the top players dominating the event lighting solutions space globally through their expansive product portfolios and international network of rental branches.

Get More Insights on this Topic- https://www.rapidwebwire.com/led-rental-market-demand-forecast-and-growth/