The global commercial display market size is estimated to reach $90,05-billion by 2030, growing at a CAGR of 6,9% over the forecast period, according to the new report by Grand View Research.
The global shipments of commercial-grade TVs are anticipated to exceed 25-million units by 2025. The growing adoption of the state-of-the-art display technology by developing nations of the Asia Pacific region is expected to spur the demand for commercial displays.
Commercial displays are specifically designed for business applications that require higher runtimes, uniform aesthetics, high-end specifications, brighter displays, longer product life, and less maintenance.
These displays differ from consumer display products in many ways. A consumer TV would provide a brightness of 150 Nits to 250 Nits, whereas a commercial TV provides 300 Nits to 2 000 Nits of brightness, which is suitable for outdoor applications. The demand for such professional-grade displays from various commercial applications is higher.
The commercial displays include digital signage products such as video walls, digital posters, kiosks, and others. These displays have a high demand from end-use applications such as retail, hospitality, transportation, and banking.
The healthcare sector is expected to register a CAGR of more than 7% over the forecast period. The digital signage technology, coupled with IoT, and increasing adoption of cloud computing are expected to be the crucial factors driving the growth of the market.
Moreover, commercial displays are enabling businesses to advertise and market products and services in an effective way.
Government and regulatory bodies across the world are favorably driving the market growth through investments and initiatives for infrastructure developments.
Highlights of the Commercial Display Market Report include:
* The commercial display market is gaining traction owing to the increasing demand for digital signage from advertising and media industries coupled with an increasing preference among companies for the digitized form of advertisements.
* The increasing adoption of digital signage products in hospitals and clinics for sharing registration information, display notifications, and conveying wellness tips is driving the healthcare segment growth.
* The hardware segment, which includes displays, extenders and cables, accessories, and installation equipment, is projected to dominate the component segment over the forecast period.
* The LED segment dominated the market with the highest revenue share of 46,2% in 2022 and is expected to capture the highest CAGR of 8,2% during the forecast period.
* The demand for commercial displays with panel size above 75 inches is expected to increase over the forecast period owing to the growing need for large-format displays in retail and hospitality applications.
* The market is witnessing a shift in trend, from the use of flat panel displays to curved panels, owing to the immersive viewing experience and a wider view provided by the curved panel TVs and monitors.
* The transportation application segment is expected to grow at the highest CAGR of over 9.2% over the forecast period owing to the rapid urbanization in developing countries and development of the transportation sector.