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The plasma lamp market size is estimated to grow USD 143.06 million at a CAGR (Compound Annual Growth Rate) of 4.8% between 2023 and 2028. The growth of the market depends on several factors, including the evolving lighting product design concept leading to premiumization, the growing development toward increasing production of plasma lamps, and the growing demand for energy-efficient plasma lamps.
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Evolving lighting product design concepts leading to premiumization is the key factor driving market growth. Decorative lighting products such as plasma lamps with different designs and diverse prices are broadly available. Increasing demand for luxury products among premium customers has enabled manufacturers to come up with new and unique designs in this category. Decorative lighting products, such as luxury lamps designed by interior designers, are available at premium prices.
Moreover, some luxurious decorative lighting products, including plasma lamps, are manufactured in Italy, the UK, Spain, Germany, and the US. Therefore, the premiumization of products through distinctive design concepts has led to increased adoption by premium customers. Hence, such factors are expected to drive the growth of the market during the forecast period.
The advent of personalization and customization of decorative lighting products is one of the major market trends. The rising interior design market, evolving decorative lighting trends, and increasing involvement of customers in home decoration have encouraged market players to provide personalization and customization facilities to their consumers. Consumers prefer to choose distinct designs, bulbs, colors, and shapes of decorative lighting products such as plasma lamps, chandeliers, and pendant lights.
Furthermore, the prices of products vary as per the level of personalization and customization required by the customers. The demand for personalized decorative lighting products will encourage more manufacturers to offer these products, which will drive the growth of the market during the forecast period.
The high use of alternative lighting products is a challenge that affects market growth. The need for plasma lamps cannot be changed with traditional lighting, especially in high-end residences. Thus, economically priced regular lighting is used heavily by mass consumers due to its associated benefits, such as lighting up large areas and providing the required brightness in a room. Furthermore, the growing penetration of low-priced LED bulbs and tube lights among the mass consumers segment globally will negatively impact the growth of the market.
Moreover, the main reason for the high adoption of regular lighting is the declining size of housing units globally. Space crunches in these housing units lead to reduced ceiling area, which decreases the need lamps such as chandeliers. Hence, people focus on lighting their homes with normal traditional lighting, thereby leading to a drop in demand. Thus, such factors are expected to impede the growth of the market during the forecast period.
The market share growth by the 300 watt segment will be significant during the forecast period. The 300-watt plasma lamps are often utilized in applications that demand a higher level of brightness and light due to they are bigger and more potent than lesser wattage choices. Residential, commercial, industrial, and automotive are just a few of the various industries and sectors represented in the global 300-watt type market segment.
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The 300 watt segment showed a gradual increase in the market share of USD 269.02 million in 2018. Technical advances, energy saving, and the demand for brighter and more long-lasting lighting solutions are some of the factors that affect the market for plasma lamps in the 300-watt type segment. Manufacturers like LUXIM, Fusion Lighting, and Ushio America are significant industry participants in the 300-watt type sector of the market. Hence, the raised demand and benefit of this segment will drive the growth of the market during the forecast period.
Roadways, streets, and tunnels applications include streets, highways, tunnels, and other public areas. Lighting sources used in such places need high power to illuminate large spaces. Thus, high-intensity discharge (HIDs), linear fluorescent lamps (LFLs), and light-emitting diodes (LEDs) are mainly installed for outdoor applications. Moreover, the roadways, streets, and tunnels segment is set to witness growth as local municipal corporations and urban planners are implementing their plans for the installation of new streetlights and the renovation of existing lighting systems. Hence, such factors are expected to drive the growth of the market segment during the forecast period.
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Europe is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The European governments are enforcing strict regulations, for example, bans on poorly performing lighting sources. In parallel, it offers incentives and rebates on policies related to energy efficiency and renewable sources including plasma lamps which are expected to be a significant driver of growth in the region's market.
Furthermore, Germany dominates the European market owing to factors such as falling average selling prices (ASPs) of plasma lamps, customers' preference for energy-efficient lighting technologies, a prohibition on inefficient lighting technologies, and investments in R&D for lighting technologies. Therefore, there was a huge potential for plasma lamps as streetlights in Germany due to their efficiency and energy-saving attributes. Hence, such factors are expected to drive the growth of the regional market during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 12 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Plasma Lamp Market is witnessing a surge in demand, particularly driven by the horticulture segment and indoor farming practices in urban areas. With infrastructure development activities on the rise, especially in emerging economies, there's a growing need for energy-efficient & long-lasting lights. Plasma lighting, equipped in indoor farms, addresses the challenges faced by cities and metropolitan areas in meeting food demand. The United Nations highlights the significance of utilizing land efficiently for cultivation, reducing logistics costs, and ensuring a steady supply of fresh vegetables. Indoor farms, powered by plasma lighting, contribute significantly to meeting these demands, fostering sustainable agricultural practices and enhancing food security in densely populated cities worldwide.
The market forecasting report covers market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018-2022.
Market Scope |
|
Market Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.8% |
Market growth 2024-2028 |
USD 143.06 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
4.4 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 29% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market trends and analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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