ID: MRFR/SEM/6996-HCR | 100 Pages | Published By Shubham Munde on March 2023
Globally, the size of plasma lighting market is set to grow at a CAGR of 5.4% from a value of USD 290.42 Million in 2018 to hit USD 420.00 Million by 2025 driven by the rising Plasma Lighting Market Demand for energy-efficient and long-lasting lights, as well as the growing use of indoor farming. Electrodeless metal halide lamps emit light from an arc discharge operated under high pressure in plasma lighting systems. Plasma lights, also known as light-emitting plasma, are full-spectrum lights that range from ultraviolet to infrared. They are highly energy-efficient and give a variety of benefits as a long-wattage lamp or bulb and increase the Plasma Lighting Market Size and Plasma Lighting Market Share. Some components of a plasma lighting system, such as lamps or emitters, are made of light-emitting gas that functions at high pressure. A high-frequency ballast, such as a magnetron generator or radio-frequency generator, is used to couple power to the bulbs. To power high-frequency drivers, a variety of plasma lighting systems require a separate low voltage direct current power source. Original equipment manufacturers (OEMs) primarily supply DC power to luminaire manufacturers for use in DC power supplies.
During the forecast period, the plasma lighting market and Market Trends are likely to be driven by rising Plasma Lighting Market Demand for energy-efficient and long-lasting lights, as well as the growing use of indoor farming. Plasma lighting provides improved light uniformity and distribution, as well as superior performance in high bay applications, such as factories, outdoor parking lots, and ports, especially when positioned at heights of six meters or more. Increasing infrastructure development efforts in emerging economies is one of the market's primary drivers in Plasma Lighting Market Growth. A growing number of indoor farms equipped with the Plasma Lighting Industry around the world, as well as rising demand for energy-efficient and long-lasting lights, are among the major drivers driving the Plasma Lighting Market Demand and Plasma Lighting Market Growth. Furthermore, the market for plasma lighting is expected to be aided by the growing need for energy-efficient and long-lasting lights.
During the forecast period, the Plasma Lighting Market Trends is likely to be restrained by high initial costs due to quality and energy efficiency. Several factors are limiting the Plasma Lighting Industry expansion throughout the projection period, including the availability of alternative substitutes in the market at reasonable prices. The rise in the starting costs of higher quality and energy-efficient plasma lights, on the other hand, is expected to stifle the plasma lighting market's expansion over the forecast period. In addition, in maritime applications, the replacement of traditional lights with Lep deep submergence lights will give more potential for the plasma lighting market to flourish in the next years. However, the price increase included the replacement of traditional lights with plasma lights, which could stifle the plasma lighting market's growth soon.
Companies are investing in research & development and developing patent products to meet the growing demand for horticulture around the world. Ceravision Limited also introduced a unique plasma light technology for horticultural lighting, based on the capacity to produce light spectra with high UV-A and UV-B levels. As a result, such an initiative is likely to raise knowledge about the use of plasma lighting in horticulture, resulting in a favorable market outlook.
The Market has been bifurcated into various segments that will help the market to achieve the highest CAGR during the research period and provide a better Plasma Lighting Market Outlook. The Plasma Lighting Market Segments are as follows:
Based on the Wattage
Based on the Distribution Channel
Based on the Application
Based on the Region
During the forecast period, Europe is expected to lead the market. The market in this region is projected to be dominated by government initiatives in favor of plasma lighting control systems and smart city projects.
Due to different infrastructure development projects such as smart cities across the area, Asia-Pacific is predicted to be in second place and increase at a quicker rate during the forecast period. During the projection period, countries such as China, Japan, South Korea, and India are likely to lead the plasma lighting market.
Because of its early adoption of new technologies and the existence of global firms such as Hive Lighting Inc., North America is predicted to rank third in terms of plasma lighting market share. During the projected period, the United States is expected to dominate the plasma lighting market. During the projection period, however, the market in Canada is predicted to rise at a faster rate.
The global market is made up of several global, regional, and local service providers who are constantly updating their product portfolios to strengthen their market positions. During the review period, the big companies are likely to consolidate their global footprint through mergers and acquisitions of local and regional players to broaden the reach of their solutions. Improvements in the global economic situation, combined with technological advancements in emerging economies such as India, South Africa, China, Brazil, and Argentina, are expected to drive plasma lighting market growth, making now an ideal time for vendors to expand the plasma lighting market to previously untapped geographies and increase plasma lighting market share. As a result, vendors must create new technologies and keep up with evolving technologies that could damage their product lines' competitiveness in the plasma lighting industry.
The major key players in the market are as follows:
A study of the rivals' global development strategies, market share, and market position can be found in the competitive landscape section. The research looks at regional consumer and technical trends, as well as recent industry dynamics. In the market study, there is a part dedicated to key firms, as well as product benchmarking. Market drivers, restraints, technical advances, and sectors are all included in the study. On a range of areas, the study offers data-driven insights and suggestions. Production cost analysis, trade route analysis, price trend analysis of target brands, market understanding for additional countries, import-export and grey area results from data, literature review, consumer analysis, and product base analysis can all be added to the report. The report's figures are based on well-established research assumptions and methodology. As a result, the research study acts as a clearinghouse for market data and analysis from various perspectives. The research also looks at the maker's competitive landscape. The research was created following a thorough examination and assessment of every area of the market utilizing data analysis to achieve remarkable market growth during the current forecast period. The Market's major players have also been thoroughly discussed.
A CAGR of 5.4% has been recorded for the expansion of plasma lighting market.
The growing demand for energy-efficient lights, long-lasting lights and growing adoption of indoor farming are to drive the plasma lighting market in the coming years.
Globally, the plasma lighting market includes the regions of North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Europe will be leading the plasma lighting market in the assessment period.
Asia-Pacific is estimated to be the second largest grossing region and grow at a faster rate during the assessment period.