Market Trends of uk outdoor led lighting Industry
Innovation, renovation, and government contribution for sports industry drive the growth of LED lighting market
- The number of stadiums is expected to grow from 262 units in 2023 to 283 units in 2030, exhibiting a CAGR of 1.1%. The enormous need for stadium upgrades is the main factor driving the stadium lighting market in the United Kingdom. For example, DOWSIL will innovate with LED sports stadium lighting in 2022. 2019 saw a brand-new LED lighting system installed at the auditorium of The SSE Arena, Wembley, in London. Musco and London Stadium collaborated in 2020 to upgrade the LED lighting system. Tottenham Hotspur Stadium, Wembley Stadium in London, San Siro in Milan, and Aviva Stadium in Dublin all have LED lighting systems installed by Musco Lighting. Tottenham added LED lighting in the new GBP 850 million stadium in 2018. 2017 saw Zumtobel Group join forces with sporting organizations, including Tottenham Hotspur of London, as a lighting partner. These elements support the expansion of the LED market in the nation.
- The UK will submit a bid to host Euro 2028 and has already selected ten stadiums, including Wembley, Cardiff National Stadium, Tottenham Hotspur, Manchester City, Everton, St. James' Park, Villa Park, Hampden Park, Dublin Arena, and Belfast's Casement Park, to host the event jointly. To advance both the sport of football and the stadium, the government contributed GBP 50 million a year to grassroots football development throughout five Associations.
- A sizable investment fund acquired Newcastle United to upgrade the stadium. Men's cricket Test match between England and Ireland, the 2023 English FA Cup final, the 2023 ICC World Test Championship final, and other major events are among them. Consequently, stadium upgrades, new stadium construction, and sporting tournaments are expected to increase the sales of LED lights in the country.
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An increase in residential real estate may drive the growth of the LED market
- In 2021, there were 56.5 million people living in England, and 1.56 children were born in the country. There was a 0.1-point decrease from 2019 to 2021. In 2020, the death rate in the United Kingdom dropped to 9.7 fatalities per 1,000 people, which translated to a decrease of 0.4 fatalities per 1,000 people (-3.96%) in 2021. In the United Kingdom, the demand for LEDs is expected to increase due to population growth and a drop in the death rate.
- England's housing stock has steadily grown, reaching a total of about 25 million homes as of 2021. There were around 44,500 build-to-rent homes in the country's 71,400 planned residences as of the second quarter of 2022. The UK residential real estate market experienced a rise in activity in 2021 before seeing a dip in 2022 after stagnating due to the epidemic. The number of transactions with a value of at least GBP 40,000 increased from about 1 million in 2020 to over 1.5 million in 2021 and 1.3 million in 2022. The average property price is anticipated to rise across the country, along with the anticipated rise in transactions. As a result of the increase in average price transactions, more people will likely buy homes in the future, thus increasing the demand for LEDs.
- In the United Kingdom, there were 32,889,462 automobiles with valid licenses in 2021. English homes had an average of 1.24 vehicles in 2020. In the country, there were 1,632,997 electric vehicles in 2021, a 6.9x increase from 2014. About 5% of vehicles in the country were powered by electricity entirely or in part at the end of 2021. Hybrid electric vehicles are by far the most common, with 932,335 units on the road in 2021. More LEDs are expected to be used in the country as the number of vehicles and EVs increases.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- High car ownership and the purchase of commercial property may drive the growth of the LED market
- High growth rates for new house purchases and the phasing out of halogen lights may drive the growth of LED lights
- Replacement of conventional lights and supportive government schemes to aid the use of LED lights and drive market growth
- Government programs to promote the use of energy-efficient lighting and increase EV production is driving the market
- Increasing per capita income and the government policy to roll out the use of energy-efficient lighting may boost the use of LEDs.
