CHICAGO, April 15, 2024 /PRNewswire/ -- The global arc-based plasma lighting market [https://www.marketsandmarkets.com/Market-Reports/arc-based-plasma-lighting-market-11565470.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] is projected to grow from USD 616 million in 2024 to USD 676 million by 2029, registering a CAGR of 1.9% during the forecast period according to a new report by MarketsandMarkets(TM). The global arc-based plasma lighting market is driven by several significant factors. Its superior light quality and ability to closely replicate natural sunlight make it highly attractive for a variety of applications, including automotive lighting, cinema projection, spectroscopy, UV applications and searchlight & spotlight. Technological advancements leading to enhanced performance characteristics, such as spectral control and brightness, further stimulate market expansion and innovation. Additionally, the versatility of plasma lighting systems and their capability to operate effectively in challenging environments create opportunities for diverse applications across various sectors, fostering global market growth.
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Browse in-depth TOC on "Arc-based Plasma Lighting Market"
162 - Tables
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293 - Pages
Arc-based Plasma Lighting Market Report Scope:
Report Coverage Details Market Revenue in 2024 $ 616 million Estimated Value by 2029 $ 676 million Growth Rate Poised to grow at a CAGR of 1.9% Market Size Available for 2020-2029 Forecast Period 2024-2029 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Light Source, Wattage Type, Application and Region Geographies Covered North America, Europe, Asia Pacific, and Rest of World Key Market Challenge Adverse environmental impact caused by metal halide and mercury vapor lamps Key Market Opportunities Growing demand for shock and vibration resistant lighting Key Market Drivers High color rendering index (CRI) driving adoption of arc-based plasma lighting
Above 1500 W segment to lead the wattage type segment during the forecast period.
The above 1500 W segment is expected to capture the highest market share during the forecast period. This segment caters to applications necessitating exceptionally high-intensity lighting, such as large outdoor venues, sports stadiums, and industrial facilities. These sectors require powerful lighting solutions to ensure adequate illumination over expansive areas, thereby driving the demand for high-wattage plasma lighting systems. Moreover, technological advancements have facilitated the development of more efficient and reliable plasma lighting products within this wattage range, further enhancing their appeal to customers.
By light source, metal halide lamps segment is likely to record the highest growth rate during the forecast period.
Metal halide lamps are projected to register the highest CAGR during the forecast period due to several significant factors. These lamps offer a balanced combination of high brightness, efficiency, and color rendering capabilities, making them suitable for various applications such as stadium lighting, automotive headlights, and indoor commercial lighting. Ongoing advancements in metal halide lamp technology, including improvements in electrode design, arc tube materials, and ballast efficiency, are enhancing their performance and reliability, further driving market growth. Moreover, the versatility of metal halide lamps, along with their ability to produce a wide range of color temperatures and spectral outputs, makes them adaptable to diverse lighting needs across different industries.
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Asia Pacific is estimated to account for the largest market share in the global arc-based plasma lighting industry [https://www.marketsandmarkets.com/PressReleases/arc-based-plasma-lighting.asp?utm_source=PRNewswire&utm_medium=Referal&utm_id=PaidPR] by 2029.
Asia Pacific is expected to secure the largest market share by 2029 owing to several significant factors. The region's burgeoning semiconductor and electronics industry, fueled by rising demand for consumer electronics and industrial automation, is driving the adoption of arc-based plasma lighting in manufacturing processes. Furthermore, the thriving automotive sector in Asia Pacific, particularly in countries like China, Japan, and India, is propelling the integration of plasma lighting solutions in automotive applications. Additionally, the increasing focus on medical lighting solutions, spurred by the expansion of healthcare infrastructure and advancements in medical technology, presents substantial opportunities for arc-based plasma lighting manufacturers in the region. As medical facilities increasingly recognize the benefits of plasma lighting for surgical applications, examination rooms, and diagnostic applications, the demand for these lighting solutions is expected to rise, further driving market growth in Asia Pacific.
Key Players
Ushio Inc. (Japan), Signify Holding (Netherlands), ams-OSRAM AG (Germany), Excelitas Technologies Corp. (US), Hamamatsu Photonics K.K. (Japan), LEDVANCE GmbH (Germany), and Newport Corporation (US) are some of the major companies in the arc-based plasma lighting companies [https://www.marketsandmarkets.com/ResearchInsight/arc-based-plasma-lighting-companies.asp?utm_source=PRNewswire&utm_medium=Referal&utm_id=PaidPR].
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