The stadium lighting market is expected to reach USD 622.2 million by 2023 from USD 432.0 million in 2018, at a CAGR of 7.57% during the forecast period. 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. The stadium lighting market in RoW is expected to grow at the highest CAGR during the forecast period owing to the upcoming sport events such as FIFA World Cup in 2022 (Qatar), 2019 Copa América (Brazil), and 2018 Summer Youth Olympics (Argentina).
Based on light source, the stadium lighting market has been segmented into LED and others. LED held a larger share of the stadium lighting market in 2017, and the market for LEDs is likely to grow at a higher rate during the forecast period. LEDs help in lowering energy consumption, as well as in maintaining costs in stadiums.
Based on offering, the stadium lighting market has been segmented into lamps & luminaires, control systems, and services. The market for services is expected to grow at the highest CAGR during the forecast period. Upcoming national and international sport events, such as Rugby World Cup 2019 in Japan, Super Bowl LII 2018 in the US, and Olympic Games 2020 in Japan, are expected to create huge growth opportunities for the stadium lighting market.
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The stadium lighting market has been segmented by solution set-up into indoor and outdoor set-ups. The market for outdoor set-ups is likely to grow at a higher CAGR during the forecast period owing to the increasing number of newly constructed outdoor stadiums worldwide.
The stadium lighting market has been segmented by installation type into new installation and retrofit installation. Retrofit installations held a larger market share in 2017; the market for these installations is expected to grow at a higher CAGR during the forecast period. The growth of this market can be attributed to the increasing replacement of old lighting systems with LEDs.
The stadium lighting market has been segmented based on geography into North America, Europe, APAC, and RoW. The market in RoW is expected to grow at the highest CAGR during the forecast period. In the Middle East, Qatar is likely to offer growth opportunities for stadium lighting solution providers, as the country will host the FIFA World Cup in 2022. Furthermore, countries such as 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.
Stadium Lighting Market by Light Source (LED, HID, HPS, Induction), Offering (Lamps & Luminaires, Control Systems, Services), Solution Set-Up (Indoor, Outdoor), Installation Type (New, Retrofit), and Geography - Global Forecast to 2023
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