Global Plasma Lighting Market: Overview
Due to their multiple benefits, plasma lightings are widely used in industries like horticulture and indoor farming. Since these lights can effectively mimic sun’s spectrum, they are the best fit for greenhouse industry. Plasma lights have 100 CRI (Color Rendering Index) rating, which make these lights closest to the novel concept of ‘bottled sunlight’. This, as a result, propels optimal photosynthesis for plants, and hence plasma lights are extensively used by businesses to boost the production of crops throughout the year. Backed by these advantages, the global plasma lighting market is expected to witness a robust growth in the forecast period of 2019–2027.
A report by Transparency Market Research offers insights that can help readers have a clear picture of the dynamics of the market. The report provides detailed analysis of the global plasma lighting market in perspective of challenges, opportunities, developments, and trends.
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Global Plasma Lighting Market: Notable Developments and Competitive Landscape
Currently the global plasma lighting market has a handful of players who dominate the landscape, making it a consolidated market. Looking at lucrative opportunities such as growing demands in various industries and untapped regional markets, various new players are jostling to tap these opportunities in the market. This influx of players is making the present scenario quite competitive.
Several players are incorporating strategies such as new product launches, mergers, and acquisitions to withstand the competition. These strategies allow the players to consolidate their shares or positions in the global plasma lighting market.
By launching new products, companies showcase their technical expertises which help them attract new customers boosting their profit quotient. Moreover, it also opens doors for other players to upgrade their portfolios in the domain, which further generates better revenue potential for them.
- In August 2018, Creavision Ltd. launched its latest UV420 HEP plasma grow-lights at Autopot Show. The plasma light is capable to produce visible green and blue spectrum along with UV-A and UV-B light. Looking at the advantages, The Greenhouse Effect, a hydroponics company, ordered the plasma lights from Creavision. The Greenhouse Effect has been using the plasma lights to boost the quality of its products.
Some of the prominent players of global plasma lighting market are:
- Ceravision Ltd.
- LUMA Group
- Green De Crop
- Ka Shui International Holdings
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Global Plasma Lighting Market: Key Drivers
Safety of Employees in Tight Space Needs Better Lighting Solutions
Industrial application of plasma lights has increased exponentially in recent years. As a result of stringent policies by Governments of India, the U.S., and Canada, it is mandatory for the businesses to arrange for sufficient illumination ensuring unobstructed visibility in select hazard-prone jobs. The policies call for implementation of plasma lights in mines, caves, and other jobs characterized by constrained spaces. On account of such needs, the global plasma lighting market is experiencing consistent demands for new products in the forecast period.
Indoor Farming Necessitates Extensive Use of Plasma Lightings
As per the estimations by United Nations, by 2050, 80% of total global population will be living in urban areas metropolitan cities. This expansion of urban population is expected to reduce the availability land which was previously used for farming and agriculture. As a result, the food production to meet the needs of rapidly growing population is expected to be a daunting task. To avoid this demand-supply gap in future, the governmental authorities are promoting indoor farming massively. To maintain the productivity, these indoor farms need sunlight 24 by 7, which cannot be achieved naturally. It is here that plasma lights come in handy. As mentioned earlier, these lights have ability to mimic sunlight, hence can enhance photosynthesis in plants. Resultantly, farmers are incorporating plasma lightings in their indoor farms, thereby aiding the growth of the market in the coming few years.
Global Plasma Lighting Market: Regional Analysis
On the basis of region, the global plasma lighting market has its presence in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these regions, Europe is expected to witness whoppinggrowth during the forecast period. The prominenceof the region is attributed largely to rising technological advancements and presence of major players in countries includingGermany and the U.K.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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