According to a new market research report published by Credence Research “Stadium Lighting Market (Light Source – LED, HID, HPS and Induction Lights; Offering – Lamps & Luminaires, Control Systems and Services; Application – Outdoor and Indoor) – 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 valued at US$ 465.7 Mn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 8.4% during the forecast period from 2018 to 2026. Replacement of traditional stadium lights with LED lights is one of the most common factors complimenting the growth of the market. Stadiums across the world in an urge to switch to energy efficient solution are increasingly adopting LED lights. Declining cost of LED lights is another prominent factor leading to its increasing application in stadium lighting. When compared to metal halide lights, LED lights turn on immediately and at the same time offers a more vibrant stadium experience for the fans. The demand for stadium lights is largely dependent on construction of new stadiums and recently many new stadiums have been constructed to host national and international sports events. This trend is expected to continue in the coming years, thereby positively influencing the stadium lighting market growth. Furthermore, in coming years, the adoption of IoT in the field of stadium lighting expected to witness a growth on account of the numerous benefit it offers pertaining to improvements in a stadium’s infrastructural capabilities. For instance, recently, IoT-connected sports lighting was installed in the training ground of Sparta ’25, Netherlands.
Europe owing to the presence of a large number of sports stadiums and its openness to embrace the latest of stadium lighting technologies are important factors which have enabled it to become the largest market for stadium lighting in terms of value. However, in the coming years, Asia Pacific and The Middle East & Africa expected to emerge as important markets for stadium lighting and would remain key markets for future investments. In recent years, both the regions have witnessed a significant growth in the number of new stadiums being constructed. Moreover, in order to host national and international sport events, stadiums in the region are focusing on modernization of stadiums and its lightings.
Browse the full report at https://www.credenceresearch.com/report/stadium-lighting-market
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.