Plasma Lamp Market to grow by USD 143.06 million from 2023 to 2028; Growth driven by an evolving lighting product design concept leading to premiumization- Technavio

NEW YORK, Nov. 26, 2023 /PRNewswire/ -- The plasma lamp market by type (300 watts and above 300 watts), application (roadways /streets /and tunnels, industrial, horticulture, sports and entertainment, and others), and geography (Europe, APAC, North America, Middle East and Africa, and South America) - Forecast and Analysis 2024-2028" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the plasma lamp market between 2024 and 2028 is USD 143.06 million.

Evolving lighting product design concepts leading to premiumization is the key factor driving market growth. There is a broad range of decorative lighting products, such as plasma lamps that vary in design and price. Manufacturers have been allowed to produce new and unique designs in this category, due to increasing demand from high-profile customers for luxury plasma lamps. In addition, in Italy, the UK, Spain, Germany, and the US there are production facilities for luxury decorative lighting products such as plasma lamps.

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Market Challenge

The high use of alternative lighting products is a significant challenge restricting market growth. Traditional lighting, particularly in expensive homes, is not capable of changing the need for plasma lamps. Consequently, mass consumers are particularly using cost-efficient standard lighting because of its side effects like illuminating large areas and delivering the necessary brightness to a room. In addition, the declining number of housing units in the world is a key driving factor for the increasing adoption of normal lighting. As a result, demand for plasma lamps is declining because people are focusing on their homes being lit with standard light bulbs.

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The plasma lamp market is segmented by type (300 watts and above 300 watts), application (roadways /streets /and tunnels, industrial, horticulture, sports and entertainment, and others), and geography (Europe, APAC, North America, Middle East and Africa, and South America). 

• The market share growth by the 300-watt segment will be significant during the forecast period. Due to the larger and more powerful than lesser power choice, 300-watt plasmas are frequently used in applications that require a greater degree of brightness and light. Some of the factors affecting the market for plasma lamps in a 300W type segment include technological advances, energy savings, and demand for brighter and more long-term lighting solutions.

• Europe is estimated to contribute 29% to the growth of the global market during the forecast period. 

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Key Companies in the Plasma Lamp Market:

Ampleon Netherlands BV, BIRNS Inc., Gavita International B.V., Hive Lighting Inc., Ka Shui International Holdings Ltd., LG Electronics Inc., Lumartix SA, MTFX Online Ltd., Pure Plasma Lighting Inc., RFHIC Corp., Solaronix SA, and Square 1 Precision Lighting Inc.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio