The large format display market includes key companies such as Samsung Electronics, LG Electronics, Sharp Corporation, Leyard Optoelectronic, Sony Corporation, Barco, Panasonic Corporation, Shanghai Goodview Electronics, AU Optronics, ViewSonic, and Unilumin. These companies have their manufacturing facilities and corporate offices spread across various countries across Asia Pacific, Europe, North America, and RoW. The large format display products manufactured by these companies are purchased by several stakeholders for various applications. COVID-19 not only impacted the operations of the various large format display manufacturers companies but also affected the businesses of their suppliers and distributors. The fail in export shipments and slow domestic demand for large format display products in comparison to pre COVID-19 levels is also expected to negatively impact and slightly stagnate the demand for large format displays in short term.
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Large Format Display Market Dynamics
Driver: Technological innovations and advancements related to large format displays
The advent of new display technologies, such as OLED displays, microLED displays, and electronic paper displays (EPDs), has accelerated the growth of the global display industry at a rapid pace. Samsung Electronics (South Korea), LG Electronics (South Korea), and Sharp (Japan) are a few companies that design and manufacture advanced display technologies, including microLED and OLED displays. The development of a direct-view fine-pixel pitch large format LED display that delivers bright images with ultra-high-definition (UHD) resolution, as well as provide other benefits such as improved stability, higher flexibility, greater energy efficiency, enhanced durability, has driven the demand for large format displays. Some major manufacturers of direct-view fine-pixel pitch LED displays are Leyard (US), Sony (Japan), and Samsung Electronics (South Korea) who offer premium displays for signage applications.
Restraint: Preference for online advertising and digital broadcasting triggered by COVID-19
The number of active individuals on the internet is increasing at a faster rate globally; therefore, advertising companies target this growing audience base through online promotions. Further, the outbreak and rapid spread of COVID-19 has resulted in increased adoption of online advertising and broadcasting methods owing to the rising use of e-commerce platforms by consumers. Moreover, the pandemic has also hit the economic activities of several retail businesses worldwide. As a result, these businesses target online advertisements more than ever, with the declining budget for in-store advertisements and other offline advertisements and broadcasting methods. This is expected to eventually affect the requirement for large format displays for advertisement and marketing purposes in the near term.
Opportunity: Increased deployment of displays that enable contactless engagement to prevent the spread of COVID-19
COVID-19 has adversely impacted the global economy. As governments worldwide struggle to contain the virus and businesses work on different strategies to survive and grow, consumer behavior is also constantly changing. The pandemic has brought a change in the attitude of people while buying different products and services. The pandemic has encouraged businesses to accelerate the use of voice-based or audio-visual interfaces in physical places such as retail stores, restaurants, airports, and museums to interact with consumers. Businesses are also opting for temperature-sensing digital signage kiosks, which feature large screens that display dynamic digital information such as rules, waiting times, and important instructions, as well as have optional touch-free dispensers, temperature monitors, etc.
Challenges: Prevailing security issues associated with commercial signage displays
As a result of several advancements in signage hardware and software components, the number of signage applications of large format displays has grown tremendously over the past few years. A number of private and public organizations have adopted large format displays for broadcasting messages, real-time information, advertisements, product information, etc. However, the increasing use of these displays has also led to a rise in cyber threats in the form of phishing, ransomware attacks, malware downloads, etc. For instance, in 2018, a ransomware attack at the Bristol Airport in the UK took all the flight information screens offline, targeting the administrative systems of the airport and creating disruptions in airport services.
Services segment is expected to register the highest CAGR during the forecast period
Services segment for large format display market is expected to register the highest CAGR during the forecast period by offering. The services segment is expected to witness the highest CAGR in the large format display market during the forecast period owing to the rising need for display consulting and maintenance services for hardware devices and other services that are repeatedly required by customers throughout the operational life of digital display systems as these displays get adopted in several industries for multiple applications.
Video wall segment is expected to witness higher CAGR growth during the forecast period
The video wall segment of large format display market is expected to witness the highest CAGR growth during the forecast period, by type, owing to their growing use by consumer-driven organizations in different applications, including retail, corporate, public places, sports & entertainment. Additionally, the growing focus of display manufacturers, such as LG, Planar, NanoLumens, and Unilumin, on developing fine-pixel direct-view LED displays for commercial applications including corporate, command centers, and retail is also expected to boost the growth of the market for video walls.
The direct-view fine-pixel LED display segment is expected to witness higher CAGR growth during the forecast period
The direct-view fine-pixel LED display segment of the large format display market is expected to register higher CAGR growth during the forecast period by technology, owing to the rapid adoption of video wall displays based on this technology in various commercial applications due to their falling prices. Moreover, the strong focus on the development of all-in-one fine-pixel direct-view LED displays that come in a single screen design with pre-configured connected LED display panels could increase the penetration of these displays in retail outlets, museums, convention centers, corporate offices, and other public places, propelling the market growth.
APAC is projected to register the largest market share of the large format display market in 2026
Asia Pacific is projected to register the largest market share of the large format display market in 2026. APAC is witnessing dynamic changes in the adoption of new technologies and advancements in the retail and infrastructure sectors. China, South Korea, and Japan are the early adopters of large format display products in APAC. However, countries such as India, Australia, Singapore, Thailand, and Malaysia are expected to witness rapid growth in the large format display market owing to the increased infrastructure developments, infusion of foreign investment in several sectors, including retail, transportation, hospitality, healthcare, education, utility, and manufacturing, and government spending in improving public and private infrastructure and services. Owing to low labor costs in the APAC region, the overall installation cost of digital display systems is significantly low. This has led to the emergence of APAC as one of the potentially favorable markets for large format displays.
The recent COVID-19 pandemic is expected to slightly negatively impact the global large format display industry. The entire supply chain got disrupted due to a limited supply of parts during the first quarter of 2020. For instance, the outbreak of COVID-19 in China resulted in lockdown measures which included the shutdown of manufacturing facilities and warehouses and affected the global exports and shipments of various industries. The lockdown measures announced in several countries across the globe as they got impacted by the COVID-19 pandemic also led to a fall in the domestic and export demand for commercial products including large format displays in these countries.
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