In its most recent research, Global Industry Analysis and Forecast (2018-2026) suggests that stadium lighting market is expected to reach US$ 620.2 million by 2026. The market for stadium lighting would register a CAGR of 7.5% during the forecast period.
Stadium Lighting is used for International and National matches of the sport. Upcoming national and international sports matches, superior stadium experiences of fans using LED and low cost of LED are enhancing the demand for stadium lightings, which drives Stadium Lighting Market at high level.
High cost equipment and lack of standardisation are supposedly the main restrains of the stadium lighting market, which is segmented by many variants including light source, offering, setup and installation type. Stadium lighting is replaced by LED lighting over the usage of traditional lighting. LED lighting provides better quality with low energy consumption, besides reducing the maintenance cost.
By the offering type, stadium lighting market has been segmented into lamps & luminaires, control systems, and services. Stadium lighting market for services is estimated to reach high growth rate owing to growing demand of replacing tradition lighting by LED lighting and upcoming national and international events.
The report suggests that stadium lighting market for outdoor set-up is estimated to grow at a high CAGR during forecast period owing to high quality lights requirements in outdoor set-up for uniformity and visual comfort.
Based on the region, Europe held the largest share, in terms of value, of the stadium lighting market in 2017. The growth of the stadium lighting market can be credited to the presence of the highest number of professional football associations and clubs, such as the Premier League.
Some of the major players operating in the stadium lighting market are Philips Lighting Musco Sports Lighting, Eaton, Cree, Zumtobel Group, Acuity Brands, Hubbell, LG Electronics, General Electric and Panasonic. These major players have implemented various strategies such as product launches and developments and business expansions, to grow in the Stadium lighting market.