The LED industry chain mainly includes raw materials, equipment, upstream chip manufacturing, midstream LED packaging and downstream LED applications. The downstream LED applications are mainly divided into LED lighting, LED display and LED backlight applications. LED applications are an important part of the entire industry chain that can bring higher added value.
LED downstream application direction 
Currently, the largest market for LED downstream applications is the lighting sector, followed by backlighting applications and displays. The scale of display applications still maintains a relatively stable and rapid growth trend, especially with the maturity of small-pitch LED display technology, LED display applications will gradually move from outdoor large-size display applications to indoors, and the application fields will be significantly broadened, and the future is expected. In the next few years, it will maintain a very high growth rate, which will make the proportion of LED display in the entire downstream application industry chain gradually increase.
First, the current situation of LED display market analysis
In 2015, the global LED display market scale was 62 billion yuan, and China's 32 billion yuan. In the next three years, under the background of new technologies such as small-pitch LED and downstream culture, media and sports industries, we expect LEDs. The display industry can still maintain a stable growth of 20%-30% in the future. In the current macroeconomic background, it is a relatively very good industry.
2007-2015 World LED full color display industry market size
2007-2015 China LED full color display industry market size
The LED display has high brightness and can achieve ultra-large size. At present, other display technologies are difficult to achieve large-size display. Therefore, in the field of outdoor large-screen display, other display technologies are difficult to compete with LED display. The traditional LED display is mainly Used in this field.
However, the traditional LED display also has its own problems. The resolution of the LED display is determined by the size and spacing of the package components - the lamp bead. Under the limitation of the traditional technology, the spacing between the lamps is large, thus causing the resolution. The rate is low, it is only suitable for long-distance viewing outdoors, and it is difficult to apply indoors. Therefore, in the field of indoor display, LCD, PDP, DLP wall and projection fusion technology occupy the main position.
At present, with the advancement of technology, the expansion of upstream production capacity, the display cost of small-pitch display has gradually declined, and it has already had a commercial application basis, which makes LED display screens gradually compete with traditional display technologies in the field of indoor display.
Small-pitch LED display generally refers to indoor LED display with a dot spacing of less than 2.5mm, mainly including P2.5, P2.0, P1.9, P1.6, P1.2, etc. The minimum spacing has reached 0.7. Mm, P0.95 has started mass production. Because the small-pitch LED has the advantages of no seams, good display effect, long service life, and the cost has decreased rapidly in recent years, it has already gradually replaced the price base of indoor large-screen wall, and will gradually enter the commercial and civilian fields in the future.
For ordinary LED display, the cost of lamp bead is only about 30% of the total cost. Other cost factors include PCB board, driver IC, etc. For small-pitch LED display, the pixel pitch is reduced. The specification requirements for the lamp bead are also getting higher and higher, and the number of lamp beads per unit area is also increasing geometrically. Therefore, the cost of the lamp bead gradually increases in the proportion of the entire small-pitch LED display screen. Up to 70% or more, therefore, the cost of small-pitch LEDs depends mainly on the price of upstream raw materials.
With the maturity of upstream packaging technology, localization substitution, and the scale effect of mass production with small pitch, the cost of lamp beads has gradually declined in recent years, which has also led to the decline in the cost of small-pitch LED displays. At present, the mainstream small-pitch lamp bead model is 1010 lamp beads, and 0808 lamp beads and 0505 lamp beads have also been introduced. Taking 1010 lamp beads as an example, since the launch in 10 years, the price has accelerated to decline. At present, the price of some batches has been reduced to 5 points. It is expected that the price will further drop to 4 points by the end of 16th, thus driving the price of small-pitch LED display. Accelerate the decline.
Second, the LED display industry development trend forecast
1. At present, the large screen splicing market such as DLP is mainly used in military command, traffic monitoring, studios, etc. With the development of smart cities, it will further enter the security and commercial display markets, so the industry will continue to grow rapidly in the future. From 2010 to now, the compound growth rate of China's large-screen splicing market has reached more than 20%, and it is expected to maintain a growth rate of around 15% in the next three years.
According to the foregoing analysis, such customers have high requirements for product display and are not sensitive to price. Small-pitch LEDs have quickly replaced the splicing screen market such as DLP with excellent display effects.
China's big screen shows the market size (unit: 100 million yuan)
In 2014, in China's large-size display market, DLP occupied 48% of the market, while small-pitch LEDs were only 7%. With the display advantages of small-pitch LEDs and the cost reduction, DLP will be irreversible in the next few years. Instead, we expect the replacement rate of small-pitch LEDs to DLP to reach 40-50% by 2017, and the replacement rate is expected to reach 70%-80% by 2020.
Replacement rate of small pitch LEDs to DLP wall
2. With the further decline in the future price of small-pitch LED displays, the application field will further expand. In the future, it will fully enter commercial applications such as media, advertising, and theaters. It can be seen from the classification of income industry in recent years. The company's income scale and growth rate are both high, indicating that as the cost of products declines, customers with higher price sensitivity are gradually accepting small-pitch LED products. In the future, the market space in the commercial field is extremely broad.
Liard's income by customer (unit: million)
3. At present, LED small-pitch TV applications have not entered the civilian market, but with the further decline in cost and mass production of smaller pixel pitch products, it is expected to enter the civilian TV field. For ordinary home TVs below 70 inches, because of the advantages of LCD display and cost, it is unlikely that small-pitch LEDs will replace LCDs in this field in a short time. However, after 70 inches or more, especially after 110 inches, due to the manufacturing process of the LCD, the cost will increase geometrically. Therefore, it is basically difficult to see an LCD TV of 110 inches or more.
The target customers of small-pitch LED TVs entering the civilian market in the future are high-net-worth individuals. These high-end consumers, the average family living area is large, the pursuit of home theater enjoyment, and the traditional LCD TV size is difficult to meet the requirements. Therefore, in the future, small-pitch LED TVs will occupy the home TV market of more than 110 inches. In the past 15 years, global TV shipments were 225 million units. It is estimated that global TV shipments will reach 200 million units in 2020. If the penetration rate reaches 5/10,000, that is, 100,000 units, the market size is 150 yuan. 100 million yuan.
It is expected that the small-pitch LED industry will maintain a super high growth rate in the next 2-3 years, with a growth rate of over 60%. It is expected that the market size will approach 10 billion by 2018.
Small pitch LED market size
4. In the development of China's LED display industry in recent years, with the merger and acquisition of enterprises, the scale effect is constantly presented, the industry pattern has been basically clear, and the LED display is in traditional outdoor advertising, stage sports venues, etc. The application of the field has also been developed more maturely, and the products are gradually becoming homogenized. Therefore, LED display companies are beginning to seek new profit growth points, and continue to innovate by upgrading the level of research and development to enter new applications and open up new blue ocean markets. With the gradual improvement of the display process technology, the cost has gradually declined, and the products have been iteratively upgraded, especially the introduction of small-pitch products, LED display has gradually entered many new market applications.
At present, LED full-color display screens are mainly used in advertising media, sports venues, stage backgrounds, municipal projects, etc., and small-pitch LED displays continue to open up more markets such as transportation, broadcasting and military.
Advertising media
The display display area is large, the visual effect is shocking, and it can fully attract the audience's attention. It is not pure outdoor media. It also has the characteristics and advantages of TV and other media, and also has more creative space and broader consumption. The three-dimensional space of communication can meet the individual needs and have the concept of communication in the digital age. In addition to its unique form of expression, the rapid development of LED full-color display in the field of outdoor advertising media also benefits from the characteristics of outdoor media audience, networked media operations and the cost of advertising: First, the influence of outdoor media It is the mainstream of the city. The audience of traditional media is relatively popular and aging. The differences and advantages of the audience have boosted the development of the outdoor LED advertising display market. Secondly, the outdoor LED advertising display has realized networked media operations and is easy to implement. The centralized distribution of brand advertisements; third, the outdoor LED advertising display new media has lower advertising cost than traditional media, and has the characteristics of high effective arrival rate, attracting more advertising investment.
gym
The use of LED display in the field of stadiums is very important. It can provide real-time broadcast of the game and perform wonderful screen playback so that the audience can better appreciate the game. At the same time, it can also provide slow-motion playback to help the referee make correct cuts. The necessary disputes ensure that the results of the competition are more fair and equitable. In addition, it can also be used for athlete introduction, game result information display and commercial advertisement broadcast. It has a wide range of functions. Whether it is the Olympic Games, the World Cup, or all kinds of events, LED full color display is indispensable. The application of the screen, LED full-color display has become an essential facility in various modern sports venues including football fields, basketball halls, track and field halls, etc. With the development of the sports industry, the demand is still increasing.
stage background
In various cultural performances and evening parties, the LED display has become an indispensable tool for setting off the performance atmosphere and showing a better stage effect. On the one hand, the LED display can broadcast and replay live matches, so that long-distance audiences can also clearly enjoy the performance. The more important role is to use the LED display to show the stage effects, expand the performance space, and set off the stage atmosphere. In-depth performance of the theme style of each show, which is extremely important in large-scale stage performances such as the Spring Festival Gala, concerts and so on. Taking Spring Festival Evening as an example, since the CCTV Spring Festival Evening appeared in 2005, LED display has become an indispensable performance tool for the Spring Festival Evening every year.
Municipal engineering
The municipal department can publish information and publicize publicity by setting LED displays in areas with large traffic flows such as busy street intersections, large commercial centers, subways, and expressways, as well as important municipalities.
Cultural tourism - theme park area
With the improvement of residents' living standards and the increase of disposable income, tourism, especially cultural tourism, has developed rapidly. At the same time, theme parks have become an important part of cultural tourism. Domestic theme parks have ushered in a construction boom. According to statistics, investment in 5000 There are about 300 theme parks with a price of more than 10,000 yuan, which is undoubtedly a huge opportunity for the LED display industry. LED display has a wide range of applications in theme park construction due to its high brightness, no seams, long service life and the ability to achieve any shape. Especially for small pitch technology, 3D display, VR development, LED display has not only It can be applied to outdoor theme parks, and can also be applied to indoor theme pavilions, science museums, museums, etc.
Military field
The development of military informatization construction has made information power a new growth point for military combat effectiveness. Effective command and control has become the key to winning the enemy. To this end, the commanding organs at all levels have followed the trend and continued to intensify their efforts in the construction of information technology, which has greatly promoted the development of military command information. Future military construction will increasingly incorporate modern information tools. The innovation of large-screen display technology has also injected fresh blood into the army's information construction. At the same time, military applications are extremely demanding on display quality and relatively insensitive to price, so small-pitch LED display technology will be increasingly used in the military field.
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