Plasma lighting market is expected to grow at a CAGR of 5%

The plasma lighting market is expected to grow at a CAGR of 5% over the forecast period 2021-2026.

One of the major factors that are driving the market is its capability to provide a huge opportunity to save energy and reduce operating cost compared to metal halide or sodium HID lights. According to LonMark International, plasma lighting can reduce energy use by up to 70%.

Europe accounted for a significant share in the horticulture lighting market and continues to grow with other European countries promoting plant factory and providing subsidies to spur the local demands. With the increased applications of plasma lighting in the horticulture is expected to provide huge potential for the plasma lighting market. According to a report published by the Lighting Research Center in 2018, out of 50% of growers who use supplemental lighting to grow crops, out of those 25% use fluorescent or lighting technology such as plasma lighting.

However, in horticulture, the plasma lighting would face intense competition from the LED lighting. Currently, the adoption of LEDs is increasing owing to the benefits associated with them such as energy efficiency and in terms of maintenance. With further performance and cost validation, plasma lighting could potentially increase the energy efficiency of lighting in horticulture.

The plasma lighting market is moderately competitive but during the forecast period, more vendors are expected to enter this market. Key players are adopting strategies such as investing in research and development, new product launches, to sustain competitors in the market.