The plasma lighting market is expected to grow at a CAGR of 5% over the forecast period (2021-2026). One of the major factors that are driving the market is its capability to provide a huge opportunity to save energy and reduce operating cost compared to metal halide or sodium HID lights. According to LonMark International, plasma lighting can reduce energy use by up to 70 %.

- The plasma lighting provides better light uniformity and distribution, and have better performance in high bay applications especially when positioned at heights of six metres or more such as factories, outdoor parking areas, and ports.
- However, on the flip, the high value of plasma lights and the availability of various substitutes available in the market at affordable rates are a few factors that are restraining the market growth during the forecast period.

Key Market Trends

Increasing Research Activities in Horticulture Offers Potential Growth

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- Europe accounted for a significant share in the horticulture lighting market and continues to grow with other European countries promoting plant factory and providing subsidies to spur the local demands. With the increased applications of plasma lighting in the horticulture is expected to provide huge potential for the plasma lighting market. According to a report published by the Lighting Research Center in 2018, out of 50% of growers who use supplemental lighting to grow crops, out of those 25% use fluorescent or lighting technology such as plasma lighting.
- Seeing the increasing demand for horticulture globally, companies are investing in research and development and are coming up with a patent product in order to augment the market. For instance, in September 2019, Ceravision Limited conducted 6 months of the horticultural lighting trials of its plasma-based solid-state lighting (SSL) fixture in a supplemental greenhouse application in partnership with Bridge Farm Group. The trial resulted in an increase in yield and potency of 40 % compared to other lighting solutions.
- Also, Ceravision Limited launched a patented approach in plasma light technology for horticultural lighting, based on the ability to produce light spectra with high levels of UV-A and UV-B. Therefore, such an initiative is expected to create awareness about the application of plasma lighting in horticulture, which is expected to have a positive outlook on the market.
- However, in horticulture, the plasma lighting would face intense competition from the LED lighting. Currently, the adoption of LEDs is increasing owing to the benefits associated with them such as energy efficiency and in terms of maintenance. With further performance and cost validation, plasma lighting could potentially increase the energy efficiency of lighting in horticulture.

North America Dominates the Market

- North America holds the largest market share for this market owing to the fact that the region is a home for many research laboratories.
- The government initiative to encourage the adoption of technologies that offer better lighting in reduced cost is expected to create more opportunities for the providers of plasma lights in the region.
- Also, plasma lighting providers in the region are also developing a full range of products and are broadening collaboration with different partners. For instance, Ford Auto and Marine Dealership (Smithville, MO) replaced 400W HID light fixtures with 24 Plasma fixtures, in order to renovate their large outdoor showroom with lighting that would display their inventory more clearly while saving energy. Also, 65% of the project cost was also paid with energy-efficiency rebates and incentives.

Competitive Landscape

The plasma lighting market is moderately competitive but during the forecast period, more vendors are expected to enter this market. Key players are adopting strategies such as investing in research and development, new product launches, to sustain competitors in the market. Few recent developments are:

- September 2019 - Ceravision Limited announced the results of trials that demonstrated an increase in yields of cannabinoid oils by up to 40% compared to other lighting solutions. Using plasma light technology, the company also announced a patent to horticultural lighting.

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