Global LED display market achieves annual sales of $9 billion

The global LED display market expanded by more than 6% in 2023, to achieve sales of $9.0 billion, according to the latest pro display report from Futuresource Consulting. LED video displays, excluding monochrome and tri-colour, continue to dominate, accounting for the lion’s share of market value.  

APAC in front, EMEA building momentum

APAC, including China, remains the largest world region, representing almost two-thirds of the global market in 2023. The APAC region had the slowest growth compared to other top regions. However, Futuresource predicts that the region's growth will pick up again in 2024. Nevertheless, its global revenue share is expected to decrease as the Americas continues to experience rapid growth as the fastest-growing region in 2023. 

EMEA has also picked up the pace, a trend Futuresource expects to continue throughout the forecast period.  

Ultra Narrow Pixel Pitch on the rise

“We’re seeing the continued ascent of Ultra Narrow Pixel Pitch,” says Ted Romanowitz, Principal Analyst, Futuresource Consulting. “Last year it increased by more than a third to capture over 5% of the overall global LED market. The technology will continue to accelerate, breaking the billion-dollar barrier in 2025, and powering on to more than double in value between 2025 and 2028. 

“Narrow Pixel Pitch is also shining bright, growing by 6% last year to capture more than half of the overall LED market. We expect NPP to continue to perform, capturing a few more percentage points of share by 2028. However, all this UNPP and NPP accelerated growth depends on the successful refinement and mass production of flip chip Chip on Board, followed by True MicroLED.” 

LED growth opportunities across all segments

Futuresource notes a positive outlook across all vertical markets. The stadiums and venues segment continues to lead the way, with corporate and education in second position. In third position, control room installs increased by nearly 10%, driven by active global conflicts and threats of escalation. 

Looking to the future, the media and advertising vertical has a bright path ahead. Future growth prospects are issuing from both new projects and cannibalisation of LCD Video Wall installations. Broadcast, retail and control room will also all realise higher growth than other verticals.    

In addition, the establishment of integrated micro devices (IMD), Chip on Board, and Chip on Glass technologies is allowing for more narrow pixel pitches and closer viewing experiences. This is broadening the application opportunities for Direct View LED Video Walls. 

LED growth trajectory remains strong

“Overall, we expect the total LED display market to continue to enjoy sustained development, with total value on track to hit over $20 billion in 2028,” says Romanowitz. “LED video displays alone will account for almost all of that value, cementing their position at the forefront of the industry.” 

Futuresource Consulting’s Global LED Display Market Report assesses the current state of the market and provides an outlook on the shape of the sector over the next five years. For more information or to make a purchase, please contact Ben at ben.thrussell@futuresource-hq.com. 

About the author

Ted Romanowitz

Ted Romanowitz is a visionary product leader spearheading industry transitions in the Semiconductor, Consumer Electronics, Networking and Professional Audio Visual industries.  He held increasingly responsible marketing roles at Intel Corporation over his twelve year tenure, helping drive the highly successful Centrino Mobile Technology launch and Gigabit Ethernet market transition as well as owning the global consumer processor and chipset roadmap.  

Romanowitz begin in the Pro AV industry in the 1990s expanding the Vivatek brand for Delta Products and has spent the past decade focused on LED product management with Industry leaders Leyard/Planar and Christie Digital Systems. Currently an independent Consultant and Contributing Assistant Professor at Willamette University's Atkinson Graduate School of Management, Ted lectures, writes and consults in the areas of new product planning, go-to-market strategy, product and sales management.  

In August 2021, he co-authored a comprehensive industry report on MicroLED display technology focused on the Pro AV and Consumer Electronics industries.