The plasma lighting market is expected to grow at a CAGR of 4.7% from 2019 to 2024, to reach USD 415 million by 2024 from USD 329 million in 2019
NEW YORK, Sept. 17, 2019 /PRNewswire/ --
Increasing penetration of plasma lighting in horticulture and the growing popularity of indoor farming drives market growth
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The plasma lighting market is expected to grow at a CAGR of 4.7% from 2019 to 2024, to reach USD 415 million by 2024 from USD 329 million in 2019. The requirement to carry out indoor farming is expected to increase across the globe, especially in the urban areas in the coming years.
According to the United Nations estimates, nearly 80% of the world’s population is expected to reside in cities and metropolitan areas by 2050.The land available for cultivation is expected to be insufficient to meet the food demand of the urban population.
Moreover, the rise in the logistics costs is also likely to contribute to increased prices for fresh vegetables, owing to the growing distance between cities and farms. This, in turn, is likely to contribute to increased demand for indoor farms equipped with plasma lighting in cities, thereby fueling the growth of the plasma lighting market.
Industrial application to dominate in the plasma lighting market during the forecast period
The plasma lighting market, by application, is segmented into roadways, streets, & tunnels; industrial; sports & entertainment; horticulture; and others.Others include fixtures and marine lighting.
The plasma lighting market for industrial application is expected to hold a dominant position throughout the forecast period.In industrial settings, safety is a primary concern, and proper and adequate lighting is a key factor to maintain high productivity of workers.
The improper application of lighting can result in excessive light, leading to energy wastage. The industrial end-users can save on lighting expenses and conserve energy by using solid-state and other energy-efficient lighting systems such as LEP.
Europe to hold the largest share of plasma lighting market from 2019 to 2024
In terms of market size, Europe is expected to dominate the plasma lighting market during the forecast period and is likely to witness significant growth in the global market during the forecast period.The use of plasma lights for cultivation across the globe, especially, in Europe is leading to the growth of the horticulture segment of the plasma lighting market.
The demand for horticulture plasma lighting systems is higher in countries with harsh winters/erratic climatic conditions as these lights enable crops to grow even in the absence of natural light/sunlight.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the plasma lighting market. Following is the breakup of the profiles of primary participants for the report.
• By Company Type: Tier 1 â€" 55 %, Tier 2 â€" 20%, and Tier 3 â€" 25%
• By Designation: C-Level Executives â€" 35%, Directors â€" 25%, and Others â€" 40%
• By Region: North America â€" 10%, Europe â€" 20%, APAC â€" 40%, and RoW â€" 30%
The report profiles key players in the plasma lighting market and analyzes their market rankings. Players profiled in this report are LUMA Group (US), Ceravision (UK), Hive Lighting (US), Ka Shui Group (China), Green de Corp. (China), Gavita (Netherlands), FusionLux (US), Griffin & Ray (US), Guangzhou Kaiming Industries (China), BIRNS (US), Ningbo Aishi Electric Equipment (China), Solaronix (Switzerland), RFHIC Corporation (South Korea), FERARF (China), Jofam SÃ rl (Switzerland), pinkRF (Netherlands), Ampleon (US), Pure Plasma Lighting (US), LHV Energy (Thailand), and Pandora Green (Italy).
Research Coverage
This report segments the plasma lighting market by application, component, wattage, and geography. The report also describes major drivers, restraints, challenges, and opportunities pertaining to this market, as well as includes the value chain and market ranking analysis.
Reasons to Buy This Report
The report will help leaders/new entrants in the plasma lighting market in the following ways:
1. The report segments the plasma lighting market comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the plasma lighting market.
3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the plasma lighting market. The competitive landscape section describes the competitor ecosystem.
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