Stadium lighting is a growing market globally and a new report from ResearchandMarkets expects it to grow more than 30% over the next five years.
In the report, titled, "Stadium Lighting Market by Light Source, Offering, Solution Set-Up, Installation Type, and Geography - Global Forecast to 2023," the stadium lighting market is expected to reach $622.2 million by 2023 from a current level of $432 million in 2018. The report forecast a compound annual growth rate 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, the report said. However, the report asserts that factors such as high costs of equipment and lack of standardization are restraining the growth of the market.
LEDs held the major share of the stadium lighting market in 2017. The press release announcing the report said the cost savings, maintenance savings uniformity of illumination and opportunity to incorporate stadium lights into programmed stage effects have moved the market toward LEDs. "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," the release said.
Researchers found that Europe held the largest share, in terms of value, of the stadium lighting market in 2017. "The growth of the market can be attributed to the presence of the highest number of professional football associations and clubs, such as the Premier League (UK), Bundesliga (Germany), Scottish Premier League (Scotland), and La Liga (Spain), in this region," it said.
Major players have adopted various strategies, such as product launches and developments, contracts, acquisitions, partnerships, and business expansions, to grow in the market.