Market Size of Plasma Lighting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Plasma Lighting Market Analysis
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 %.
- The plasma lighting provides better light uniformity and distribution, and have better performance in high bay applications especially when positioned at heights of six metres or more such as factories, outdoor parking areas, and ports.
- However, on the flip, the high value of plasma lights and the availability of various substitutes available in the market at affordable rates are a few factors that are restraining the market growth during the forecast period.
