Global Grow Light Market, By Technology (LED, High Intensity Discharge, Fluorescent Lighting), By Installation (New Installation, Retrofit), By Application (Indoor Framing, Commercial Greenhouse, Vertical Framing) - Forecast 2022
According to Market Research Future Analysis, Grow Light Market has been valued at USD ~6 billion by 2022 growing with ~13% of CAGR during forecast period 2018 to 2022.
Market Scenario:
It is an artificial source of light basically an electric light which is designed to stimulate plant growth by emitting an electromagnetic spectrum for photosynthesis. Grow light is widely used in applications where natural light is not available or where supplemental light required and also to accelerate plant growth.
The demand for these products is increasing in countries such as Netherlands where supplemental lighting is required throughout the year which is helping the market to grow. Also, factors such as growth in the indoor farming, government initiatives regarding various technologies such as LED, low power consumption and high commercial greenhouse practices are driving the growth of the grow light market.
However, low awareness among consumers, high cost of capital are the factors hindering the growth of the overall growth of the market. Various firms investing lump sum amount to adopt these practices for production of fruits and vegetables. Also, vertical framing and indoor framing is widely used in the European region because of factories can produce fruits and vegetables anytime of the year.
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Key Players
The key players in the global grow light market include Osram LichtAG (Germany), General Electric Company (U.S.), Iwasaki Electric Co., Ltd. (Japan), Lumi Grow, Inc. (U.S.), Gavita Holland B.V. (Netherlands), Hortilux Schreder B.V. (Netherlands), Sunlight Supply, Inc. (U.S.), Heliospectra AB (Sweden), Royal Philips (Netherlands), Platinum LED Lights LLC (U.S.) and others.
Study Objectives of Global Grow Light Market:
To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global grow light market.
To provide insights about factors affecting the market growth.
To analyze the global grow light market based porter’s five force analysis etc.
To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
To provide country level analysis of the market with respect to the current market size and future prospective.
To provide country level analysis of the market for segment by technology, installation, application and region.
To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Grow Light
Segments
For the purpose of this study, Market Research Future has segmented the market of grow light into technology, installation, application and region.
By Technology:
LED
High Intensity Discharge
Fluorescent Lighting
Others
By Installation-
New Installation
Retrofit
By Application:
Indoor Framing
Commercial Greenhouse
Vertical Framing
Landscaping
Others
By Region:
North-America
Europe
Asia-Pacific
RoW
Regional Analysis:
Regionally, Europe accounted for the largest market share, because Netherlands is a leading exporter of horticultural produce which increases the usage of commercial greenhouse. Also, the concept of vertical farming is gaining popularity in this region.
Asia-Pacific region is expected to grow significantly over the forecast period, majorly due to increasing awareness about the benefits of this technology.
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Intended Audience:
- Manufacturers
- Distributors
- Research firms
- Consultancy firms
- Software Developers
- Vendors
- Semiconductor Manufacturers
- Stakeholders
- End-user sectors
- Technology Investors
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