The Global Plasma Lighting Market is valued at USD 381.94 billion in 2022 and is projected to reach a value of USD 568.62 billion in 2030 expanding at a CAGR of 5.1% over the forecast period of 2022-2030.
A second name for plasma illumination is LEP (light-emitting plasma). Plasma lights are gas discharge and electrodeless lamps that ignite plasma inside a clear bulb using radio frequency (RF) power. Electrodeless component halide lights that emit light directly from an arc discharge created under high load are known as plasma lighting.
The increase in infrastructure construction activities in developing nations is one of the key factors anticipated to drive the growth of the plasma lighting market in the forecast year. Furthermore, it is projected that an increase in the number of indoor farms equipped with plasma lighting will fuel the demand for plasma lighting. Furthermore, it is predicted that the market for plasma lighting would expand more slowly due to the rising demand for lights that use less energy and last longer. On the other hand, the market expansion for plasma lighting is anticipated to be hampered in the upcoming term by the increase in the beginning costs of superior quality and energy-efficient plasma lights.
They are marketed as light-emitting plasma (LEP) systems, advanced plasma lighting (APL), or high-efficiency plasma (HEP) systems. The maximum plasma output is made possible while the light wall is kept at a safe operating temperature thanks to the plasma lighting design’s focus on maintaining an ideal thermodynamic power scale.
Plasma lights operate by light-emitting plasma tubes that excite a quartz bulb to provide a stable state light source and provide the widest spectrum of illumination. Plasma lights provide an electromagnetic spectrum that is ideal for photosynthesis, stimulating both plant growth and development. Since plasma is neither a liquid, a gas, nor a solid, it is frequently referred to as the fourth state of matter.
Global Plasma Lighting Market- Key Market Trends
Increasing Demand because of their Energy Efficient and Eco-friendly Properties
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising demand because of their energy efficiency and eco-friendly properties. Being eco-friendly products, plasma lamps generally consume less power compared to other light sources such as, fluorescent tubes or CFLs. This has helped to reduce electricity consumption considerably leading to low cost of operations besides enhanced productivity rate offering better return on investments.
On the flip side, these lamps are slightly expensive to buy initially when compared to other light sources that includes, CFLs or incandescent lamps because of which demand from price-sensitive countries is relatively less. However, energy savings achieved by use of plasma lamps helps reduce expenditure on electricity bills leading to their popularity among various end-use industries over traditional lighting solutions.
Global Plasma Lighting Market- Segmental Analysis of the Market
Based on Component
• Cavity Resonator
The lightron segment has dominated the market growth over the forecast period.
Based on Application
• Tunnels Industrial
The horticulture segment has dominated the market growth over the forecast period. This is because of the requirement to carry out indoor farming is likely to increase across the globe, especially in the urban areas in the coming years.
Based on Wattage
The 700W segment has dominated the market growth over the forecast period.
Global Plasma Lighting Market- Competitive Landscape
Some of the prominent companies operating in the market are Gavita (Netherlands), Green de Corp. (China), Griffin & Ray (US), FusionLux (US), BIRNS (US), Guangzhou Kaiming Industries (China), Ningbo Aishi Electric Equipment (China), and others.
Major questions answered in this report:
What is the growth rate projection of Global Plasma Lighting Market?
What are the major growth determinants of Global Plasma Lighting Market?
What are the major segments constituting the Global Plasma Lighting Market?
Which is the fastest growing region in Global Plasma Lighting Market?
Which are the top companies operating in Global Plasma Lighting Market?