According to a new market research report published by Credence Research “Stadium Lighting Market (Light Source – LED, HID and Induction Lights; Offering – Lamps & Luminaires, Control Systems and Services; Application – Outdoor and Indoor) Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global stadium lighting market was valued at US$ 465.7 Mn in 2017 and will be growing at a CAGR of 8.4% during the forecast period from 2018 to 2026.
The stadium lighting market was valued at US$ 465.7 Mn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 8.4% during the forecast period from 2018 to 2026. Replacement of traditional stadium lights with LED lights is one of the most common factors complimenting the growth of the market. Stadiums across the world in an urge to switch to energy efficient solution are increasingly adopting LED lights. Declining cost of LED lights is another prominent factor leading to its increasing application in stadium lighting.
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Some of the major players operating in the stadium lighting market include Philips Lighting, Musco Sports Lighting, Eaton, Cree, Zumtobel Group, Acuity Brands, Hubbell, LG Electronics, General Electric and Panasonic among others. These players in order to address the increasing competition, are engaging in entering into partnerships with sports bodies to supply lighting components and sometimes even services.