Northbrook, IL -- (SBWIRE) -- 08/03/2018 -- Adoption of IoT and implementation of green initiatives would create growth opportunities for market players in the near future. Some of the major players operating in the stadium lighting market are Philips Lighting (Netherlands), Musco Sports Lighting (US), Eaton (Ireland), Cree (US), Zumtobel Group (Austria), Acuity Brands (US), Hubbell (US), LG Electronics (South Korea), General Electric (US), and Panasonic (Japan).

According to the new market research report on the "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", The stadium lighting market is expected to be valued at USD 432.0 million in 2018 and is likely to reach USD 622.2 million by 2023, at a CAGR of 7.57% between 2018 and 2023. 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.

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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).

Philips Lighting (Netherlands) ranked first in the stadium lighting market in 2017. It has a significant presence in Europe, APAC, and North America. In January 2018, Philips Lighting signed an agreement to install its ArenaVision floodlighting in four South Korean stadiums to be used for ski, snowboard, hockey, skating, and short track. In June 2017, the company signed an agreement to transform the lighting in the 42,500-capacity Ramón Sánchez Pizjuán Stadium, home to Spanish La Liga club Sevilla FC (Spain). The company invests heavily in R&D to launch innovative products and technologies. In May 2017, it launched Philips PerfectPlay, the first integrated, connected LED lighting system designed for recreational sports fields. This system enables recreational sports centers to reduce energy costs, simplify operations, and maximize revenue potential, while providing better quality lighting for sportsmen and women.

Musco Sports Lighting (US) held the second position in the stadium lighting market in 2017. The company has adopted strategies such as contracts, agreements, and partnerships to grow in the market. In March 2017, it signed a contract to install LED lighting system at Samford Stadium-Hitchcock Field in Plainsman Park (US) to improve the experience for players and fans, with enhanced light quality and the virtual elimination of glare. In November 2016, it partnered with Siemens (Germany) to install LED lighting systems at the Mercedes-Benz Superdome (US) to enhance spectator experience and reduce energy consumption.

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