According to our latest report, the Plasma Lighting Market is expected to reach USD 514.77 Million by 2028, growing at a CAGR of 5.1% between 2022 and 2028. The growing infrastructure development in emerging economies coupled with an increasing number of indoor farms that are equipped with plasma lighting, and demand for energy-efficient & long-lasting lights are factors driving the market growth.
- The horticulture segment is projected to grow at a considerable CAGR over the forecast period. Today, land that is available for cultivation is not sufficient for meeting the food demand of the urban population. Additionally, the growing distance between cities and farms is expected to contribute to increased demand for indoor farms equipped with plasma lighting.
- North America is expected to grow at a substantial CAGR from 2022 to 2028. The growth in the region is driven by fact that the region has many research laboratories. Several government initiatives in support of technology that offer better lighting and is the cost are anticipated to fuel market growth.
Some of the major players in the Plasma Lighting Market include - Hive Lighting (US), LUMA Group (US), Ka Shui International Holdings (China), Ceravision (UK), and Green De Crop (China).
The Global Plasma Lighting Market is primarily driven by the rising demand for energy-efficient lighting systems globally. Increasing activities of indoor farming require artificial lighting for the plants for growing and plasma light has many advantages over the other substitutes of lighting. Plasma light is more similar to sunlight because of the broader spectrum of light emission by the plasma it is best suitable for indoor horticulture. The construction of data centers all over the globe is another factor driving the market.
Europe is projected to hold the largest market share in 2021. The usage of plasma lights for cultivation is high. Europe is leading in the growth of the horticulture segment, the requirement for horticulture plasma lighting systems is high in countries have harsh winters or erratic climatic conditions and these lights enable crops to grow in the absence of natural or sunlight.