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Oct 7, 2020 6:44 AM ET

Stadium Lighting Market Is Anticipated To Reach USD 641 Million Globally By 2024

iCrowd Newswire - Oct 7, 2020

Zion Market Research has published a new report titled “Stadium Lighting Market by Product (LED, HID, HPS, and Induction), by Installation (New and Retrofit), by Application (Field, Outdoor, and Indoor), and by Sport (Indoor and Outdoor): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global stadium lighting market accounted for USD 389 million in 2017 and is expected to reach USD 641 million by 2024, at a CAGR of around 7.4% between 2018 and 2024.

The stadium lighting market is anticipated to propel in the upcoming years, especially in the Asia Pacific region. Japan, the host for 2020 Olympics and 2019 Rugby World Cup, is one of the major regional markets. The Japanese organizers of 2020 Olympics have allocated around USD 12.6 billion for the big event. The new Olympics stadium is estimated to be worth around USD 1.38 billion. Furthermore, the matches for 2019 Rugby World Cup will be played at twelve different stadiums across the country. These events are anticipated to drive the demand for stadium lights considering the expenditure on projects related to new stadium construction and renovation activities.

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Global Stadium Lighting Market

Rising investments for developing sports infrastructure are expected to leverage the stadium lighting market over the estimated timespan. Governments across the globe are focusing on providing facilities to support and expand their stadium capacities. In 2017, the New South Wales government announced the demolition and reconstruction of football and Olympic stadiums for nearly USD 1.53 billion. Manufacturers are to adhere to the stringent norms set by the governing bodies for floodlights installation. Additionally, stadium authorities have to regularly evaluate their existing luminance systems and report the same to the respective governing bodies. Furthermore, technological developments made in the broadcasting sector are to further drive the stadium lighting market in the years ahead.

The stadium lighting market is fragmented based on product, installation, application, and sport. By product, the global stadium lighting market is divided into LED, HID, HPS, and induction. New and retrofit comprise the installation segment of this global market. The retrofit installation segment is anticipated to hold a considerable market share over the forecast timespan, due to the rising investments in stadium renovation projects. By application, this market includes field, outdoor, and indoor. Indoor and outdoor sports comprise this market’s sports segment.

By region, Asia Pacific is likely to grow significantly in the stadium lighting market from in the future, due to the rising investments made for developing sports infrastructure. India and China are the most lucrative regional markets. Latin America is anticipated to make a noteworthy contribution to the stadium lighting market in the forecast time period, owing to the increased spending on stadium projects in Brazil, Argentina, and Chile.

Some noticeable players of the stadium lighting market are Philips Lighting, Eaton, General Electric, LG Electronics, Panasonic Corporation, Musco Sports Lighting, Acuity Brands, Zumtobel Group, Cree Inc., and Hubbell Inc., among others.

This report segments the global stadium lighting market into:

Global Stadium Lighting Market: Product Analysis

Global Stadium Lighting Market: Installation Analysis

Global Stadium Lighting Market: Application Analysis

Global Stadium Lighting Market: Sport Analysis

Global Stadium Lighting Market: Regional Analysis

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Keywords:    Stadium Lighting Market

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