Global market for smart lighting and connected lighting controls valued to reach more than $18 billion by 2023
Arizton’s recent market research report on the global stage lighting market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (light fixtures (based on light type, light source, & fixture movement) and lighting control systems), by end-user type (touring rental and fixed installation), by application type (large venues & events and architainment), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global stage lighting market is estimated to generate revenues of approximately $3 billion by 2023, growing at a CAGR of around 4% during 2017-2023.
The growing penetration of wireless digital technology across various countries will propel the development of the global stage lighting market. The leading vendors are leveraging technologies to develop high-quality products that offer ease of usage, connectivity, design, sensor technology, signal transmission, and brightness level to attract new consumers in the global market.
The top 3 drivers and trends augmenting the growth of the global stage lighting market are discussed below:
Expansion of Live Performance & Music Industry
The exponential growth of the live performance and music industry will positively impact the development of the global stage lighting market. These systems integrated with sound reinforcement devices are the heart and soul of the live music industry across the globe. The spurt in the growth in the number of live music concerts and events is one of the major factors attributing to the rising demand in the global market. The increase in corporate sponsorship for music tours, venues, and eventswill boost revenues in the global stage lighting market. For instance, corporate sponsorship of such events grew by 5.57% in 2016 to reach $1.5 billion from $1.42 billion in 2015. The attendance at such concerts is increasing exponentially as the audience get a chance to witness and experience their favorite artists performing on the stage which in turn, contribute to the market growth. In the UK, audience attendance at live music events at concerts and festivals (such as Glastonbury) rose by about 12% in 2016, contributing about $5.4 billion to the UK’s economy. The exponential growth of the music industry will positively impact the global stage lighting market.
Increased Demand for Technically Advanced Products
The introduction of technically advanced products that offer a wide range of new features will augment the growth of the global stage lighting market. The continuous innovation and quality improvements will help vendors boost their revenues in the global market. The modern-day LEDs comprise of a variety of service offerings such as color palettes, convenient power schemes, fewer maintenance costs, and improved safety feature. The adoption of these lights will help lower the costof operations and visually enhance the consumer experience in the global stage lighting market.LEDs are also a long-lasting and an easy to use product which tends to drive the demand for the product in the market. The leading vendors are developing products and systems that offer ease of usability and ensures high connectivity that enables new products tobe accessed via any device. The focus on easy management and superior product stability will contribute to the demand for these products in the market. The integration of wireless technology with lighting systems will revolutionize the global stage lighting market over the next few years.
Growing Adoption in Smart Wireless Lighting Control
The growing adoption of smart wireless lighting controls will propel the transformation of the global stage lighting market. The integration of smart lighting and IoT across industries will create lucrative opportunities for top vendors operating in the global market. The estimated global market for smart lighting and connected lighting controls valued to reach more than $18 billion by 2023 from $8 billion in 2017. The focus on developing innovative product offerings will help vendors reach a maximum number of consumers and gain a larger global stage lighting market share. Lights withadvanced technology, Microprocessor-controlled have features such as wired-and wireless-networked, plug-and-play, interoperable, connectable to the internet, analytics-driven, and artificial intelligence-backed systems. Moreover, the use of Bluetooth mesh that enableseasy control of the lighting systems will drive the growth of the global stage lighting market during the forecast period.
The leading vendors in the global stage lighting market are HARMAN International (Samsung), Osram, and Philips.
The complete overview of the latest market research report on global stage lighting market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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