The stadium lighting market is expected to reach $622.2 million by 2023, up from $432 million in 2018, according to report from Research and Markets. 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. However, 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. LEDs offer energy savings by approximately 50% compared with conventional lighting equipment. These also greatly reduce lighting maintenance costs as LEDs have long shelf life. LED lighting also ensures uniform lighting without unevenness so that athletes can concentrate on competing to perform at their best. Event organizers can also achieve various stage effects with instantaneous lighting and dimming.
Europe held the largest share, in terms of value, of the stadium lighting market in 2017, and the similar trend is expected to continue during the forecast period. For more information, visit www.researchandmarkets.com/publication/muhrqh1/4602332.