Plasma Lamp Market to grow by USD 143.06 million from 2023 to 2028
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.
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.
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.
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