According to the new market research report on the "Stadium Lighting Market by Light Source (LED, HID, HPS, Induction), Offering (Lamps & Luminaires, Control Systems, Services), Solution Set-Up (Indoor, Outdoor), Installation Type (New, Retrofit), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to be valued at USD 432.0 million in 2018 and is likely to reach USD 622.2 million by 2023, at a CAGR of 7.57% between 2018 and 2023. Factors such as upcoming national and international sports events, enhanced stadium experiences of fans using LEDs, and reducing costs of LEDs and lifecycle operating costs of stadiums are boosting the demand for stadium lightings.
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Stadium lighting market for LEDs to grow at high CAGR during forecast period
Stadiums are replacing old lighting systems with LEDs as these help in lowering energy consumption, as well as in maintaining costs. LEDs provide better quality light compared with traditional lightings and help meet broadcast demands that include a push to high-definition TV and ultra-slow-motion technology. These also help in eliminating shadows and dark spots on playing surfaces and glares in players' eyes.
Stadium lighting market for outdoor set-ups to grow at high CAGR during forecast period
High-quality lights are required in outdoor set-ups for uniformity, visual comfort, and limiting obtrusive light. These lights are also required for games in which players are expected to react quickly to small but fast-moving balls. Lighting systems installed in outdoor set-ups are required to withstand a variety of weather conditions, including winds, rains, and thunder storms. These systems should be bright enough to avoid injury-causing shadows or glares on athletic fields.
Stadium lighting market in RoW to grow at high CAGR during forecast period
The stadium lighting market in RoW is expected to grow at the highest CAGR during the forecast period. In the Middle East, Qatar is likely to offer growth opportunities for stadium lighting solution providers, as the country will host the FIFA World Cup in 2022. Furthermore, Saudi Arabia, Bahrain, and the UAE are also showing interest in hosting major sports events. These events are expected to attract technology providers for the deployment of advanced stadium lighting solutions in the Middle East region. Dubai has developed high-quality sports venues that are capable of hosting a wide range of sport activities. Dubai Sports City's cricket stadium has been recently installed with 365 floodlights, which are likely to create ideal playing conditions. Sporting events such as 2019 Copa América (Brazil) and 2018 Summer Youth Olympics (Argentina) are expected to contribute to the growth of the stadium lighting market in South America.
Some of the major players operating in the stadium lighting market are Philips Lighting (Netherlands), Musco Sports Lighting (US), Eaton (Ireland), Cree (US), Zumtobel Group (Austria), Acuity Brands (US), Hubbell (US), LG Electronics (South Korea), General Electric (US), and Panasonic (Japan).
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