New York, US, June 22, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Plasma Lighting Market - Information by Wattage, Distribution Channel and Application - Forecast till 2027” the market was valued at USD 290.42 Million in 2018; it is expected to reach USD 420.00 Million by 2025 at a CAGR of 5.4%
Market Scope:
Plasma lighting systems are made up of electrodeless metal halide lamps that generate light from an arc discharge operated under high pressure. Plasma lights, also known as light-emitting plasma, consist of full-spectrum light—from ultraviolet to infrared. As a long wattage lamp or bulb, they are extremely energy-efficient and provide a number of benefits. Plasma lighting systems usually include lamps or emitters, which are made of light-emitting gas that works under high pressure. An applicator is utilized for coupling power to the lamps and high-frequency ballast like magnetron generator or radio-frequency generator. A variety of plasma lighting systems necessitate the use of a separate low voltage direct current power supply to power high-frequency drivers. This DC power is primarily supplied by original equipment manufacturers to luminaire manufacturers for suitable DC power supplies.
Dominant Key Players on Plasma Lighting market covered are:
- Ceravision (UK)
- Hive Lighting (US)
- Green De Corp (Hong Kong)
- KA Shui International Holdings (Hong Kong)
- Gavita (Netherlands)
- Griffin & Ray (UAE)
- Fusionlux (Luxembourg)
- RFHIC Corporation (South Korea)
- Guangzhou Kaiming Industries (China)
- Birns (US)
- Solaronix (Switzerland)
- Pure Plasma Lighting (US)
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Market USP exclusively encompassed:
Market Drivers
The rising demand for energy-efficient and long-lasting lights and the growing adoption of indoor farming are predicted to drive the plasma lighting market during the forecast period. However, high initial costs associated with quality and energy efficiency are expected to limit market growth during the forecast period.
Segmentation of Market covered in the research:
The global plasma lighting market has been segmented based on wattage, distribution channel, and application.
By wattage, the global plasma lighting market has been segmented into 100 W, 700 W, and 300W.
Based on the distribution channel, the global plasma lighting market has been segmented into retail and commercial.
By application, the global plasma lighting market has been segmented into street lighting, highways, sports & entertainment, tunnel lights, horticulture, and others.
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Regional Analysis
Globally, the global plasma lighting market has been categorized into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Europe is set to dominate the market during the forecast period. Government initiatives promoting plasma lighting control systems, as well as smart city initiatives, are expected to dominate the plasma lighting market in this region.
Due to numerous infrastructure development projects like smart cities across the region, Asia Pacific is expected to be in second place and rise at a faster pace during the forecast period. During the forecast period, China, Japan, South Korea, and India are expected to dominate the plasma lighting market.
North America is projected to hold the third-largest market share due to the early adoption of cutting-edge technology and the involvement of global players such as Hive Lighting Inc. During the forecast period, the United States is expected to dominate the plasma lighting industry. However, the Canadian market is expected to expand faster during the forecast period.
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COVID-19 Impact on the Global Plasma Lighting Market
The COVID-19 outbreak in the first quarter of 2020 impacted global production and demand, disrupted supply chains and markets and impacted firms financially. The construction of highways and roads is a critical supporting factor for plasma lighting's outdoor applications. The COVID-19 pandemic has stymied infrastructure development projects in the majority of affected countries, as well as disrupted the supply of electronic components from original equipment manufacturers (OEMs), especially those based in China. Electronic devices, such as the electronic chips used in these lightings, are in short supply.
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