The stadium lighting market may attract substantial growth through the forecast period of 2019-2029 on the back of the rising popularity for live sports and entertainment events across the globe. Large-scale sports events on huge stadiums are bringing tremendous growth opportunities for the stadium lighting market. The entertainment industry is also inviting considerable growth prospects for the stadium lighting market.
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Regular Sports and Entertainment Events Attracting Growth
Sports and massive entertainment live events act as prominent growth generators for the stadium lighting market. LED stadium lighting is mostly preferred for event purposes nowadays due to its property of withstanding different weather conditions. Therefore, manufacturers in the stadium lighting market are concentrating more on developing sturdy and durable LED stadium lightings.
COVID-19 Impact on Stadium Lighting Market
The novel coronavirus outbreak has recorded immense loss across almost all sectors and businesses around the world. The stadium lighting market also bore the brunt of the deadly virus outbreak. Due to strict lockdown implementations, all the production facilities and manufacturing units were shut. Disruptions in production and supply chain mechanisms resulted in tremendous losses for the stadium lighting market.
The lockdown restrictions have also paused sport and entertainment events worldwide, thus leading to a decrease in the demand for stadium lighting. However, the restrictions are being relaxed by the governments of various countries in an effort to bring the declining economy back on track. This aspect may serve as an opportunity for the stadium lighting market to revive its growth.
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Some sporting and entertainment events are also being resumed with limited seating capacities. This factor provides a ray of hope to increase the growth rate of the stadium lighting market. Some well-entrenched players in the stadium lighting market are Zumtobel Group, Philips Lighting, General Electric, Eaton Corporation, Panasonic, LG Electronics, and Cree.