Plasma Lighting Market Growth, Trends, and Forecasts (2020-2026)

Market Overview

Global plasma lighting market is poised to report a 4.51% during 2020-2026. Horticulture segment is projected to grow over the forecast period. Europe is expected to dominate the plasma lighting market during the forecast period and is likely to witness significant growth in the said market during the forecast period.

Global Plasma lighting market is growing due to increasing infrastructure development activities in emerging economies. Further, growing number of indoor farms equipped with plasma lighting across the globe and increasing demand for energy-efficient & long-lasting lights are among the other factors having a positive impact on the growth of the plasma lighting market.

The growing adoption of LEP lights in the marine application is likely to offer lucrative opportunities for the plasma lighting market players in future. High initial costs may hamper the growth of the plasma lighting market during the forecast period.

Horticulture application is estimated to witness significant growth over the forecast period, as the requirement to carry out indoor farming is poised to rise across the world wide mainly in urban areas in the coming years.

According to the United Nations estimates, a large share of the world’s population is projected to live in cities and metropolitan areas by 2035. The land available for cultivation is expected to be insufficient to meet the food demand of the urban population.

Additionally, increase in the logistics costs is also likely to contribute to increased prices for fresh vegetables due to the growing distance between cities and farms. This in turn is estimated to contribute to high demand for indoor farms equipped with plasma lighting in cities, thereby driving the growth of the plasma lighting market.

Europe holds the largest market share for plasma lighting due to the rise in horticulture and gardening in the whole region with countries like Romania and Poland have urban people more engaged in gardening. The countries like Belgium which has a large market for its Azalea and Flemish bay plant has promising growth in the indoor horticulture in the forecast period.

The increasing demand for plasma lighting from emerging markets such as India and China are also affecting the overall growth of the plasma lighting market in the Asia Pacific.