Retrofitting type acquired the largest market revenue share among the vertical, by Installation Type in the overall India Stadium Lighting Market– 6Wresearch.
Based on government initiatives like Khelo India, Fit India, Smart City, awards, and acknowledgements are provided to the athletes in various athletic events and others which is providing a significant growth in the stadium lighting market of India throughout the forecast period. To achieve excellence in the Olympics and other important sporting events measures are being taken to promote sports throughout India and improve athletic infrastructure. Such initiative supports the building of stadiums and arenas all over India, which would directly spur the expansion of the Indian stadium lighting market throughout the course of the forecast period. The outbreak of the Corona virus in India in 2020 had a negative impact on market growth for stadium lighting, as demand for stadium lighting fell due to disruption and a government imposed nationwide lockdown.
According to 6Wresearch, India Stadium Lighting Market size is projected to grow at CAGR of 8.0% during 2022-2028. Due to upcoming sporting events in India and a rapidly expanding market for live sports broadcasts such as the IPL whose media rights were sold for INR 16,347 crore for the period (2018-2022) and are anticipated to bring in INR 50,000 crore for the period (2023-2027). As a result, the infrastructure funding for stadiums is also expected to increase during the forecast period. Stadium lighting is a crucial component for live sports telecasting which is anticipated to be supported by money invested in India's sports infrastructure development.
According to Shivankar Guha, Research Analyst, 6Wresearch, “LED by light source would grow significantly during the forecast period.” LED, as a light source commands a significant market share due to its product offerings, which includes increased energy efficiency and improved light quality in comparison to HIDs for stadiums. Furthermore, sports associations across India, such as the BCCI, Hockey India, and others prefer LEDs because they provide flexibility in lighting solutions due to effective thermal management and a long-life cycle of 25000 hours without compromising lumen output by more than 10%.
According to Sumit Sagar, Research Associate, 6Wresearch, “Lamps and luminaires by offerings would grow significantly during the forecast period.” According to estimates on an average, an outdoor stadium requires 400 lights. The segment lamps and luminaires, by offerings dominates the stadium lighting market in India owing to the volume of lamps and luminaires which is required to deliver adequate lighting solutions in accordance with sports regulator standards for organizing domestic and international sporting events in the country.
India Stadium Lighting Market (2022-2028) report provides an in-depth analysis with 25 figures and 6 tables, covered in 91 pages. The report estimates and forecast the overall India Stadium Lighting Market. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.