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Arc-based Plasma Lighting Market Trends

Report ID: GMI9598
Published Date: May 2024
Report Format: PDF

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Arc-based Plasma Lighting Market Trends

Arc-based plasma lighting is becoming popular in horticulture as it emits full-spectrum light that closely resembles natural sunlight. This type of light is crucial for photosynthesis and the overall plant health, leading to better growth and higher yields. Its ability to provide balanced light helps plants develop more robustly compared to traditional artificial lighting sources.

Government incentives and regulations promoting energy-efficient lighting are encouraging adoption and driving market growth by offering financial benefits, such as tax credits, rebates, and subsidies, to businesses and consumers who invest in arc-based plasma lighting. These policies also set stringent energy consumption standards, thereby pushing industries to adopt more efficient lighting solutions to comply and avoid penalties.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

Market size for arc-based plasma lighting was USD 621.3 million in 2023 and is expected to register over 2.5% CAGR from 2024-2032 owing to the growing demand for sustainable and eco-friendly lighting worldwide.

Arc-based plasma lighting industry from the above 1,500W segment and is expected to register over 4% CAGR from 2024-2032 due to its suitability for large-scale applications such as stadiums, arenas, and industrial facilities.

North America industry held over 30% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the increasing focus on energy efficiency and sustainability in the region.

Agilent Technologies, Inc., Ams-OSRAM AG, Excelitas Technologies Cor, Hamamatsu Photonics K.K., LEDVANCE GmbH, Signify Holding, and Ushio Inc., are some of the major arc-based plasma lighting companies worldwide.