LED lighting rental services provide lightweight, energy-efficient and long-lasting lighting solutions for various outdoor applications such as concerts, film shoots, exhibitions and events. These rental services reduce upfront investment and offer flexible payment options. The rising number of outdoor events and growing infrastructure development activities in emerging economies of Asia Pacific and Middle East & Africa have increased the demand for rental LED lighting solutions.
The global LED Rental Market is estimated to be valued at US$ 19 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the LED rental market is rising infrastructure development activities in emerging economies. Many developing countries are focusing on improving transportation, power and construction infrastructure which requires temporary and mobile lighting solutions during night time construction works. LED lights have higher energy efficiency and longer lifespan compared to traditional lighting sources, making them suitable for infrastructure projects spanning several months or years. The increasing government and private investments towards developing roads, bridges, airports and sea ports in Asia Pacific and Middle Eastern countries is augmenting the demand for rented LED lighting towers and panels from the infrastructure sector. This rising project activity is expected to continue fuelling the LED rental market growth over the forecast period.
Segment Analysis
The global LED rental market is segmented into outdoor, indoor, and automated handling rentals. The outdoor segment held the largest share in 2023 owing to high demand for large format LED screens for sports events and mega music concerts. This is mainly due to heavy investments for outdoor advertising through LED screens and signboards is driving the growth of this segment.
Key Takeaways
The global LED Rental Market Size is expected to witness high growth. Regional analysis The Asia Pacific region is expected to witness the highest growth during the forecast period. This is attributed to the presence of emerging economies such as China, India, Indonesia, and Taiwan where the demand for outdoor LED installations is rapidly increasing. The region’s demand is also supported by large-scale government investments in infrastructure development projects and mega events which require extensive LED installations.
Key players
Key players operating in the LED Rental market are Liebherr-International AG, Shanghai Zhenhua Heavy Industries Co., Ltd., Wison Group, Konecranes, Kalmar, Kranunion GmbH, Sany Group Co., Ltd., Noell Crane Systems (China) Limited, Anupam Industries Limited, and MAC PORT Macchine Operatrici Portuali s.r.l
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