New York, NY, Jan. 08, 2019 (GLOBE NEWSWIRE) -- 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.
Browse through 111 Tables & 29 Figures spread over 147 Pages and in-depth TOC on “Global Stadium Lighting Market: By Product Type, Size, Share, Applications, Analysis and Forecast, 2017—2024”.
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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.
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By region, the stadium lighting market includes the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe. North America is anticipated to hold a considerable share of the global stadium lighting market over the forecast timeframe. The U.S. is a major regional contributor, due to the construction of new baseball stadiums, badminton, and basketball arenas. In 2017, the authorities of the “Golden State Warriors”, a basketball team, announced the opening of a new arena of around USD 1 billion for the 2019—2020 season. Furthermore, in 2018, the “Frisco City Council” approved the construction of a private badminton stadium across 2.4 acres. These aforementioned factors are likely to contribute remarkably toward this region’s stadium lighting market.
The European stadium lighting market is likely to be driven by the rising demand for indoor arenas. UK, Germany, and France are projected to be the key regional contributors. In 2018, plans for a new indoor arena in Bristol were revealed to host the Bristol Flyers basketball team, which would be the largest indoor arena in the city. The proposed arena is estimated to be worth around USD 127 million. Furthermore, the increased spending on stadiums have to meet the guidelines set by the governing leagues is a major growth opportunity for the regional market players over the estimated timeframe.
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The Asia Pacific region 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, due to the launch of new stadiums. In 2018, the “Punjab Cricket Association” announced the development of a new cricket stadium spread over 38 acres by the year 2020. Furthermore, the major sporting events, such as the 2020 Olympics in Japan, are anticipated to further boost the region’s stadium lighting market in the upcoming years.
Latin America is anticipated to make a noteworthy contribution to the stadium lighting market in the forecast time period. Major football playing nations, such as Brazil, Argentina, and Chile, are to drive this regional market in the future. In 2018, it was announced that a new football stadium is to be constructed in Chile worth around USD 24 million.
Browse the full “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” Report at https://www.zionmarketresearch.com/report/stadium-lighting-market
The Middle Eastern and African region is likely to witness a substantial rise in the stadium lighting market in the years ahead. Major sporting events, such as the 2022 FIFA World Cup, are anticipated to boost the region’s stadium lighting market. Furthermore, FIFA is taking initiatives to promote football in Africa, which might lead to the construction of new football stadiums in the region.
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.
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This report segments the global stadium lighting market into:
Global Stadium Lighting Market: Product Analysis
- LED
- HID
- HPS
- Induction
Global Stadium Lighting Market: Installation Analysis
- New
- Retrofit
Global Stadium Lighting Market: Application Analysis
- Field
- Outdoor
- Indoor
Global Stadium Lighting Market: Sport Analysis
- Indoor
- Outdoor
Global Stadium Lighting Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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