Plasma Lighting Market Size, Share & Industry Analysis, By Component (Lightron, Waveguide, Bulb Assembly, and Cavity Resonator), By Wattage (300W, 700W, and 1000W), By Application (Highways, Street Lighting, and Tunnels, Industrial, Sports & Entertainment, Horticulture, and Others), and Regional Forecast, 2024 – 2032

The global plasma lighting market size was valued at USD 425.0 million in 2023. The market is projected to grow from USD 441.9 million in 2024 to USD 683.1 million by 2032, exhibiting a CAGR of 5.6% during the forecast period.

Plasma lighting utilizes gas discharge to generate light, making it distinct lighting technology compared to incandescent, fluorescent, or LED lighting. This type of lighting relies on the ionization of gas to produce light.

Plasma lighting market growth is expected to be driven by its ability to reduce operating costs and save energy compared to sodium HID or metal halide lights. It offers improved light uniformity and distribution and performs well in high bay applications, particularly when installed at heights of six meters or more, such as in factories, outdoor parking areas, and ports. Moreover, increasing these lighting application usage and research activities in horticulture are contributing to the growing potential for market expansion. Nevertheless, the high cost of plasma lights and the presence of alternative options in the market at lower prices are restricting the market's growth during the forecast period.

The plasma lighting market experienced a varied effect from the COVID-19 pandemic. Global supply chains have been disrupted, leading to shortages of certain components and materials used in manufacturing plasma light products. Additionally, the pandemic has quickened the embrace of smart lighting solutions, driven by the growing emphasis on energy efficiency and sustainability, and the increased demand for remote monitoring and control of lighting systems in commercial and industrial environments.

Plasma Lighting Market Trends

Increasing Product Application Usage and Research Activities in Horticulture is a Key Trend

This market is anticipated to witness significant growth as it is increasingly utilized in horticulture applications. A study conducted by the Lighting Research Center revealed that, among growers using supplemental lighting to cultivate crops, 25% utilize technologies such as plasma lights or fluorescent lighting out of the 50% of growers who use supplemental lighting.

In addition, there is government support for this important development. For instance, the Canadian government installed plasma grow lights in September 2021. These lights are utilized by ACMPR growers and have been shown to reduce energy usage by 40% to 50% compared to other high-intensity discharge lights. They are suitable for both new and existing growth operations and do not necessitate any new infrastructure to integrate into an already established system.  

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Plasma Lighting Market Growth Factors

Cost Effective and Environmental Friendly Products to Aid Market Growth

Plasma lighting market growth is primarily fueled by its long lifespan and energy efficiency, offering substantial cost advantages compared to traditional lighting options. Additionally, the expansion of environmental regulations, cost-effectiveness, and initiatives promoting sustainable technologies further contribute to the market's expansion. The technology's enhanced color rendering and reduced maintenance requirements are also attracting interest from various industries.

Moreover, the global trend of urbanization and infrastructure development is creating opportunities for lighting of plasma systems in large-scale commercial applications and smart city projects. According to an industry analyst in 2022, plasma lamps can reduce energy consumption by over 40%, resulting in savings of more than a third on electricity bills. These factors collectively contribute to strong growth prospects in the market.

RESTRAINING FACTORS

High Cost of Efficient Plasma Lightings to Hinder Market Expansion

The anticipated rise in the upfront expenses of high-quality and energy-efficient plasma lights is likely to hinder the expansion of the market in the predicted timeframe. Businesses are facing substantial challenges, including the expenses linked to implementation and the pressure to lower production costs while maintaining quality. The cost hike involved replacing traditional lights with plasma lights, which could present an additional obstacle to the market's growth in the coming years.

Plasma Lighting Market Segmentation Analysis

By Component Analysis

Lightron Dominates owing to Integral Role of Lightron in Plasma Lighting Industry

Based on component, the market is segmented into lightron, waveguide, bulb assembly, and cavity resonator.

In terms of market share, lightron dominated the market in 2023. The lightron is an advanced version of a magnetron, similar to those found in microwave ovens. It generates microwaves that are essential for exciting the gases within the plasma lamp to produce light. As a critical component of plasma light systems, lightron contributes to their efficiency and effectiveness.

The bulb assembly segment is anticipated to register the highest CAGR during the forecast period. The bulb assembly in plasma lighting systems is a sophisticated component that enhances the technology's efficiency, longevity, and quality of light, making it an attractive option for various lighting applications.

By Wattage Analysis

300W Leads with Higher Applications owing to Exceptional Features

Based on wattage, the market is segmented into 300W, 700W, and 1000W.

In terms of market share, 300W dominated the market in 2023. The 300W technology represents a significant advancement in lighting solutions, offering high efficiency, a long lifespan, and excellent color rendering. Its applications in street lighting, horticulture, and large indoor spaces highlight its versatility and effectiveness in meeting modern lighting demands.

The 1000W segment is anticipated to register the highest CAGR during the forecast period. A 1000W plasma lamp can produce a substantial amount of light, often exceeding 100,000 lumens, making it suitable for applications requiring intense illumination, such as sports arenas, large warehouses, and outdoor spaces. Moreover, the increasing popularity of indoor farming and controlled environment agriculture is driving demand for high-output lighting solutions such as 1000W plasma lamps.

By Application Analysis

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Highways, Street lighting, and Tunnels Segment Dominated the Market Due To Ongoing Development and Modernization of Urban Infrastructure

Based on application, the market is categorized into highways, street lighting, and tunnels, industrial, sports & entertainment, horticulture, and others. 

In 2023, the highways, street lighting, and tunnels segment dominated the plasma lighting market share. The ongoing development and modernization of urban infrastructure in emerging economies are increasing the demand for advanced lighting solutions. Plasma lighting is being integrated into new projects for highway, street lighting, and tunnel illumination due to its excellent color rendering (up to 95 CRI), providing better visibility and safety in these environments.

The horticulture segment is anticipated to grow at the highest CAGR during the forecast period due to the increasing need for plasma light systems in regions with severe winter weather. These lights facilitate crop growth even when there is no natural light or sunlight. By replicating sunlight, these systems can enhance the process of photosynthesis in plants.

REGIONAL INSIGHTS

Based on geography, the market is fragmented into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

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Asia Pacific held a major market share in 2023. Plasma lighting systems have gained traction in the region due to the increasing demand for energy efficient lighting solutions and smart lighting systems. Major countries in this region, such as China, Japan, and South Korea, have made substantial investments in plasma lighting technology.

Europe is estimated to grow at the highest rate during the forecast period due to the growing utilization of plasma lights for cultivation. Furthermore, government efforts to promote the use of energy-efficient plasma lighting, leading to cost savings, are expected to open up more avenues for growing the market share in the region. In addition, the development of infrastructure and smart city projects are projected to drive the industry's growth in Europe in the coming years.

North America is expected to register the second-highest growth rate in the market during the forecast period due to the increasing need for energy-efficient lighting options and the rising use of smart lighting systems. The U.S. and Canada are the primary countries in this area, and they are heavily investing in the research and development of plasma lighting technology.

The Middle East & Africa is expected to register a significant growth rate in the market during the forecast period. The region's market growth is expected to be driven in the coming years due to the rise in commercial construction. The development of infrastructure and the construction of supermarkets and hypermarkets are also anticipated to contribute to the growth.

South America is poised for significant growth during the forecast period. Rapid urbanization in the region is driving demand for plasma lighting solutions in cities. As populations grow and urban areas expand, there is an increasing need for efficient lighting in public spaces, streets, and commercial areas, which plasma lights can effectively fulfill.

KEY INDUSTRY PLAYERS

Market Players Use Merger & Acquisition and Partnership Strategies to Expand Their Business Reach

Major industry players operating in the market are providing advanced plasma lighting technology due to its exceptional energy efficiency, making it an attractive opportunity for both outdoor and indoor applications. These companies prioritize acquiring small and local firms to expand their business reach. Moreover, mergers & acquisitions, leading investments, and strategic partnerships are contributing to increased demand for products.

List of Top Plasma Lighting Companies:  

• Gavita International B.V. (U.S.)


• Ceravision Limited (U.K.)


• Hive Lighting, Inc. (U.S.)


• Pure Plasma Lighting Inc. (U.S.)


• Saturn Overseas Trading LLC (UAE)


• KA Shui International Holdings (China)


• LG Electronics (South Korea)


• Green De Corp (China)


• Solaronix (Switzerland)


• BIRNS, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• December 2023: Lumartix created a solar simulator for conducting aging, characterization, and stabilization tests. The simulator, named Solixon, features solar simulation and light-soaking functions. The Solixon equipment utilizes Lumartix plasma light engine, offering a substitute to traditional Xenon arc lamp technology and is reported to have lower maintenance needs.


• October 2023: Tokamak Energy's ST40 fusion machine made significant advancements with a series of improvements, achieving a plasma temperature of 100 million degrees Celsius. This temperature is necessary for commercial fusion energy and represents the highest achievement in privately funded spherical tokamak technology.


• August 2023: The Toyooka factory site of Hamamatsu Photonics in Iwata City, Japan, built a new factory known as Building No. 11. This expansion aimed to meet the increasing demand for microfocus X-ray sources (MFX) and other electron tube products.


• January 2022: Excelitas Technologies Corp. introduced the latest µPAX-3 Pulsed Xenon Light Source, which offers microsecond-duration pulses of broadband light. It features outstanding arc stability due to its state-of-the-art components, circuitry, and innovative lamp design packed into a light source.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, leading components, wattage, and application. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

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