LONDON — The global stadium lighting market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio.
Growing environmental concerns, including global warming and ozone depletion, are encouraging governments across the emerging and advanced economies to impose stringent regulations to limit carbon dioxide emissions. Several initiatives are being taken to increase the use of renewable sources of electricity. These initiatives are further fostering the need for sustainable stadium lighting, including the solar-powered stadium lighting. This has also encouraged vendors in the global stadium lighting market to provide solar-powered stadium lights, which will boost market growth during the forecast period.
As per Technavio, the emergence of smart stadium lighting control systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global stadium lighting market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global stadium lighting market: Emergence of smart stadium lighting control systems
The emergence of smart stadium lighting control systems is one of the key trends that is expected to trigger the market’s growth during the forecast period. Smart stadiums are primarily driven by the need to provide enhanced viewer experience and better operational efficiency. Smart stadiums provide spectators with benefits such as internet connectivity, efficient crowd management, and additional information about the game in progress. Vendors in the market are offering smart stadium light control systems to cater to the demands of end-users. Thus, the growing emergence of smart stadiums will likely to foster the stadium lighting market growth during the forecast period.
“With rising construction of stadiums across the globe owing to the growing popularity of sporting events, the demand for stadium lighting will rise considerably in the forthcoming years. Stadium authorities are increasingly focusing on installing high-quality lighting systems as they enhance the viewing experience in the stadium. These lights also provide sports broadcasters with high-quality visuals, particularly for slow-motion replays,” says a senior research analyst at Technavio.
Global stadium lighting market: Segmentation analysis
This market research report segments the global stadium lighting market by lighting source (HID, LED, and others) and geographic regions (APAC, Europe, North America, MEA, and South America).
APAC led the market in 2018, followed by Europe, North America, MEA, and South America, respectively. The market growth in APAC can be attributed to the growing construction of stadiums and implementation of renovation projects that seek to install efficient lighting to reduce energy consumption and maintenance costs.
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