According to a new market research report published by Credence Research “Stadium Lighting Market (Light Source – LED, HID and Induction Lights; Offering – Lamps & Luminaires, Control Systems and Services; Application – Outdoor and Indoor) Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global stadium lighting market was valued at US$ 465.7 Mn in 2017 and will be growing at a CAGR of 8.4% during the forecast period from 2018 to 2026.
The stadium lighting market was estimated at US$ 465.7 million in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 8.4% between 2018 and 2026 during the forecast period. Replacing traditional stadium lights with LED lights is one of the most common factors complementing the growth of the market. stadium around the world are gradually embracing LED lights in an effort to turn to an energy-efficient solution.
Declining the cost of LED lights is another important factor leading to its increasing use in stadium lighting. Compared to metal halide lights, LED lights turn on immediately and at the same time provide a more vibrant stadium experience for fans. The market for stadium lights depends largely on the construction of new stadiums, and many new stadiums have recently been constructed to host national and international sporting events.
This trend is expected to continue in the coming years, which will have a positive impact on the stadium lighting market growth. In addition, in the coming years, the use of IoT in the area of stadium lighting is expected to see growth due to the various benefits it offers in terms of improving the infrastructural capabilities of the stadium. Recently, for example, IoT-connected sports lighting was installed in the Sparta ‘ 25 training ground in the Netherlands.
Due to the presence of a large number of sports stadiums and its access to the new state-of-the-art lighting technology, Europe has become the largest market for stadium lighting in terms of value. In the coming years, however, Asia Pacific and the Middle East and Africa are expected to emerge as significant stadium lighting markets and remain key markets for future investment.
In recent years, both areas have seen a major increase in the number of new stadiums being built. In addition, in order to host national and international sporting events, stadiums in the area concentrate on the renovation of stadiums and their lighting.
Some of the major players operating in the stadium lighting market include Philips Lighting, Musco Sports Lighting, Eaton, Cree, Zumtobel Group, Acuity Brands, Hubbell, LG Electronics, General Electric and Panasonic among others. These players in order to address the increasing competition, are engaging in entering into partnerships with sports bodies to supply lighting components and sometimes even services.