LED innovations set to grow global stadium lighting market to a value of US$622.2 million by 2023
With sport stadiums around the world replacing old lighting systems with LEDs, a new report suggests that the global stadium lighting market, currently valued at US$432 million in 2018, is likely to reach US$622.2 million by 2023.
The newly released Stadium Lighting Market - Global Forecast to 2023 report suggests that with LED lighting lowering venue’s energy consumption and providing better quality light compared with traditional technology, the market will grow at a compound annual growth rate of 7.57% over the five year period.
The report also suggests that new and retrofitted LED lighting in stadia is also helping to 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.
It explains “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.
“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.”
The report also suggests that venues in the the Arabian Gulf will be key to the growth of the stadium lighting market, advising “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.”
It cites the major players operating in the stadium lighting market as Philips Lighting (Netherlands), Musco Sports Lighting (US), Eaton (Ireland), Cree (USA), Zumtobel Group (Austria), Acuity Brands (USA), Hubbell (USA), LG Electronics (South Korea), General Electric (USA) and Panasonic (Japan).
Click here for more information on the Stadium Lighting Market - Global Forecast to 2023 report.
Click here to view sport lighting suppliers in the in the Australasian Leisure Management Supplier Directory.
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