According to the report titled ‘Global Plasma Lighting Market Size study, by Type (Indoor, Outdoor, Light Pipe and Pedestrian), by Application (Industrial, Roadways, Streets, and Tunnels, Sports & Entertainment and Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global plasma lighting market is predicted to expand at a significant rate during 2021-2027.

 

Booming population, leading to surge in construction activities and subsequent rise in demand for lighting is the key factor for the growth of global plasma lighting market. In this regard, International Energy Agency estimates that by 2030, lighting demand would be 80 percent higher than it was in 2005.
 

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Notably, plasma lighting, also referred to as light-emitting plasma (LEP), is a type of discharge lamp with no electrodes that utilizes high frequency electromagnetic radiation to produce power from outside the lamp. It generates light that is both energy-efficient and long-lasting.

 

Another crucial driving the industry growth is rapid urbanization, which results in infrastructural development and construction of residential spaces, bolstering product demand.
 

Furthermore, supportive government initiatives to promote the use of energy-efficient lightings, such as the Gram UJALA Program launched by the Government of India in March 2021 to provide energy-efficient lighting to rural areas, in consort with increased private investment in plasma lighting will create new growth opportunities in the industry.

 

However, over the projection period of 2021-2027, high cost of plasma lighting may stifle the market growth.

 

Based on type, worldwide plasma lighting industry is divided into light pipe, outdoor, indoor, and pedestrian. As per application, the market is categorized into sports & entertainment, industrial, roadways, streets, and tunnels, and others. 

 

From regional perspective, the marketplace is divided into North America, Latin America, Asia Pacific, and Europe. Of these, North America is projected to account for significant market share over 2021-2027, because of high research & development initiatives, and presence of renowned private enterprises in the region.

 

Meanwhile, due to developing infrastructure, rising consumer awareness of energy-efficient lighting, and favorable government assistance, Asia-Pacific is expected to display robust CAGR over the projection period.

 

The competitive landscape of the global plasma lighting market is defined by companies like Solaronix S.A., Luma LEDs, Ka Shui International Holdings Ltd., Ceravision Ltd., Ningbo Aishi Electric Equipment Co., Ltd., HIVE Lighting Inc., Fusion Lux, Saturn Overseas Trading LLC, Gavita International B.V., and BIRNS Inc. among others.