The plasma lighting market is expected to be valued at USD 329 million in 2019 and is likely to reach USD 415 million by 2024, growing at a CAGR of 4.7% during the forecast period. Increasing infrastructure development activities in emerging economies such as India and China is the primary driving factor for the plasma lighting market.
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A growing number of indoor farms equipped with plasma lighting across the globe, coupled with increasing demand for energy-efficient and long-lasting lights are other factors having a positive impact on the growth of the market.
The horticulture plasma lighting market is expected to witness significant growth during the forecast period. The high growth rate of horticulture plasma lighting can be attributed to the increasing application of plasma lights in the horticulture sector. The demand for horticulture plasma lighting systems is higher in countries with harsh winters/erratic climatic conditions as these lights enable crops to grow even in the absence of natural light/sunlight.
Indoor farming involves indoor cultivation of plants using artificial sources of light instead of the sun. This type of farming is carried out to ensure regular plant growth without the effect of environmental factors such as storms and extreme temperatures on them.
Among all regions, the plasma lighting market in Asia Pacific is expected to grow at a significant rate in the coming years due to the increasing adoption of energy-efficient and low maintenance lights in different applications.
The plasma lighting market has enormous growth potential in the Asia Pacific region, and as such, plasma lighting systems are expected to be adopted by industries as an integral part of their smart initiatives. The increasing construction activities in the region are contributing significantly to the growth of the industrial lighting market in the region.
The growing demand for plasma lighting from emerging economies such as China and India are also impacting the overall growth of the plasma lighting market in Asia Pacific. The growth of the market in China can be attributed to the presence of several small-scale plasma lighting manufacturers in the country, who provide cost-effective lighting solutions. Significant investments are being made in China for setting up manufacturing plants across the country. This has resulted in the emergence of China as the largest producer and consumer of lighting fixtures and lamps in the world.
