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Plasma Lighting Sourcing and Procurement Market Size to Increase by USD 514.77 Million By 2028: According Vantage Market Research

WASHINGTON, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The Global Plasma Lighting Market size is expected to reach over USD 514.77 Million by 2028, exhibiting a CAGR of 5.1% during the forecast period.

Market Synopsis

Plasma lighting gives better light distribution and uniformity, and also have improved performance applications in high bay especially when based at an altitude of six metres or more than that such as outdoor parking areas, factories, and ports. However, the availability of several substitutes available at affordable rates in the market and high value of plasma lights are a few determinants that will hamper the market growth in the coming years, states Vantage Market Research, in a report, titled “Plasma Lighting Market by Component (Lightron, Waveguide, Cavity Resonator), by Application (Roadways Streets and Tunnels, Industrial, Horticulture, Sports & Entertainment), by Wattage (300W, 700W, 1000W), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)

List of Prominent Players in the Plasma Lighting Market:

  • Hive Lighting (US)
  • LUMA Group (US)
  • Ka Shui International Holdings (China)
  • Ceravision (UK)
  • Green De Crop (China)

Market Dynamics:

Driver: Rising Research & Development Activities in Horticulture

Europe accounted for a substantial share in the horticulture lighting segment and continues to rise with other European nations providing subsidies and promoting plant factory to spur the demand locally. With the expanded applications in the horticulture is likely to provide a boost for the plasma lighting market. Seeing the rising global demand for horticulture, market players are investing in R&D and in order to augment the market they are coming up with a patent product.

However, the plasma lighting will face competition in horticulture from the LED lighting. Adoption of LEDs is rising due to the advantages associated with them for instance, in terms of maintenance and energy efficiency. With further cost validation and performance, plasma lighting could increase potentially the energy efficiency in horticulture.

Regional Trends:

Europe is likely to dominate the market for plasma lighting during the forecast period and is expected to witness a substantial growth in the market. The use of these lights for cultivation worldwide, especially, in Europe is resulting in the growth of the horticulture segment of the plasma lightning market. Horticulture plasma lighting systems demand is higher in nations with harsh erratic/winters climatic conditions since, these lights enable crops to even grow in the absence of natural sunlight/ light.

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Recent Developments

  • Sep, 2019: Ceravision Limited released the results of trials which endorsed a rise in yields of cannabinoid oils compared to other solutions by up to 40%. Using plasma light technology, they also announced a patent to horticultural lighting.
  • Aug, 2018: Ceravision launched UV420 plasma grow-light at the Autopot Show. The UV420 plasma grow-light produces visible blue and green spectrum light and high levels of UV-A light and UV-B light.
  • Feb, 2016: Topanga Asia Limited, China, entered into an agreement with Wing Fung (Int’l) Industrial Company Limited (WF) for the subscription of certain Topanga's newly issued shares. With this expansion, WF became Ka Shui Group’s strategic partner to develop the plasma lighting business further.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Plasma Lighting Market?
  • How will the Plasma Lighting Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Plasma Lighting Market?  
  • What are the Plasma Lighting market drivers and restrictions?
  • What will be the CAGR and size of the Plasma Lighting Market throughout the forecast period?

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Plasma Lighting Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East & Africa
  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

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The report on Plasma Lighting Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates and Forecast
  • Company Profiles
  • Global and Regional Dynamics

This market titled “Plasma Lighting Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Report Attribute Details
Market Size in 2021 USD 363.41 Million
Projected Market Size in 2028 USD 514.77 Million
CAGR Growth Rate CAGR of 5.1% from 2022–2028
Base Year 2021
Historic Years 2016 – 2020
Forecast Years 2022 – 2028
Segments Covered Component: - Lightron, Waveguide, Cavity Resonator

Application: - Roadways Streets and Tunnels, Industrial, Horticulture, Sports & Entertainment, Others

Wattage: - 300W, 700W, 1000W
Quantitative Data - Units Revenue in USD Million/Billion and CAGR from 2022 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

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