Plasma Lighting Market-Overview
The demand for long-lasting lighting solution is predicted to motivate the plasma lighting market in 2020. The camera, display and lighting reports are made by Market Research Future, which includes market options for progress. A USD 420.00 Million revenue level is forecasted for the market with a CAGR of 5.4%.
The necessity for energy-efficient light sources is estimated to bolster the plasma lighting market in the approaching period. The swelling infrastructure development projects around the world are predicted to guide the plasma lighting market share in the impending period. The high pace of implementation in the roadways and sports & entertainment sectors is predicted to spur the plasma lighting market.
The illustrious contenders in the plasma lighting market are Hive Lighting (US), KA Shui International Holdings (Hong Kong), Guangzhou Kaiming Industries (China), Ceravision (UK), Solaronix (Switzerland), RFHIC Corporation (South Korea), Gavita (Netherlands), Griffin & Ray (UAE), Fusionlux (Luxembourg), Green De Corp (Hong Kong), Birns (US), and Pure Plasma Lighting (US), among others.
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Competitive Analysis
The emphasis on accelerating growth is estimated to take the main stage in the forecast period. The need to effectively engage customers in all of their geographical markets is estimated to help the market overcome the hindrances being faced currently. The market contenders are estimated to support the growth enabling factors and thus are estimated to pull the market out of the depression due to the ongoing global pandemic. The necessity to establish a unique advantage in the market is reviewed to have a substantial influence on the global market. The market is predicted to guide its future growth with the inclusion of a balance of innovation and continual product enhancement. Besides, the need to ensure that the long-term sustainable growth goals are not comprised due to the existing difficulties is foreseen to be extremely important for the market stakeholders. The trends predominant in the market are contributing considerably to the market’s progress.
Key Developments
- In August 2018, Ceravision Ltd launched UV 420HEP. This product offers UV spectrum, prolonged life and output, larger yields, higher quality, and better crop protection. This plasma grow light produces visible green and blue spectrum light and high levels of ultra-violet – UV-A light and UV-B light.
- Pure Plasma Lighting launched Genesis M, a world’s first 1000-watt plasma light system for horticulture lighting. Genesis M is an electrodeless and efficient light source that generates a continuous full spectrum of near-perfect natural light.
Impact of COVID-19 on the Plasma Lighting Market
Plasma lighting finds some innovative applications, such as in indoor farming, which is because the land available for food cultivation is expected to be insufficient for the ever-growing urban population. Advanced plasma lighting is one of the latest types of grow lights and boasts a full spectrum. It is designed to emit a close-to-full spectrum of light required for plant growth and is known for its low energy usage, long lifespan, and deep light penetration. The plasma lighting market recorded a CAGR of around 18 percent in 2018.
The outbreak of COVID-19 in the Q1 of 2020 has affected both production and demand in the global economy, created supply chain and market disruptions, and has impacted the firms financially. The construction of highways and roads is a key supporting factor for the outdoor applications of plasma lighting. The COVID-19 pandemic has hindered infrastructure development projects in most of the affected countries, while also disrupting the supply of electronic components from original equipment manufacturers (OEMs), particularly those based in China. There is an acute shortage of electronic components, such as electronic chips used in these lightings. Due to this, the demand-supply equation has been disrupted as the factories are closed, and logistics have been delayed.
MRF predicts that the overall demand for plasma lighting will start rising in the last quarter of 2020 and will stabilize by the second quarter of 2021. Further, the current utility-owned plasma lightings have been affected by the COVID-19 pandemic due to limited financial incentives. The majority of the projects in the US, China, South Korea, and Germany have been delayed due to operational difficulties and lack of site access. China is a prominent market for the chemical industry. However, the Asia-Pacific market is expected to face challenges due to the spread of COVID-19 in its major economies, including China, Japan, and India.
Segmental Analysis
The segmental study of the plasma lighting market has been conducted based on distribution channel, application, wattage, and region. Based on the distribution channels, the plasma lighting market is segmented into retail and commercial. Based on the region, the plasma lighting market is segmented into Asia-Pacific, the Middle East, North America, Europe, Africa, and South America. Based on the wattage, the plasma lighting market is segmented into 700 W, 100 W, and 300W. The application-based segmentation of the plasma lighting market consists of sports & entertainment, street lighting, tunnel lights, highways, horticulture, and others.
Detailed Regional Analysis
The regional insight into the plasma lighting market includes Asia-Pacific, the Middle East, North America, Europe, Africa, and South America. The European region is predicted to control the market through the forecast period. The government plans in favour of plasma lighting control systems and smart city schemes are likely to control the plasma lighting market in this region. The Asia-Pacific regional market is anticipated to be in the following position and develop at a quicker rate all through the forecast period owing to several infrastructure development smart cities schemes across the region. The nations such as Japan, South Korea, China, and India are anticipated to govern the plasma lighting market in the forecast period. The plasma lighting market in the North American region is projected to take up the third position. Due to the prompt implementation of the newest technologies and the incidence of international players, the market in North America is likely to sustain its growth. The US is anticipated to control the plasma lighting market throughout the forecast period. On the other hand, the market in Canada is expected to grow at an advanced rate through the forecast period.
Intended Audience
- Component Manufacturers
- Semiconductor Vendors
- System Integrators
- Distribution Centers
- Software Developers
- Manufacturing Companies
- Research Institutes and Organizations
- Technology Standards Organizations
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