Grow Light Market Highlights
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. The growth in the indoor farming, government initiatives to adopt technologies such as LED, growing demand for energy efficiency, long lasting grow technology and environmentally safe products are the factors boosting the growth of the grow light market. Also, a high commercial greenhouses practice in countries such as Netherlands is propelling the growth of the market.
Grow light can be explained as a type of electronic lamp designed to accelerate plant growth by electronic magnetic spectrum. It is widely used in applications where natural light is not available or where supplemental light required. The key drivers contributing to the growth of the grow light market are growth in the indoor farming, government initiatives to adopt technologies such as LED, growing demand for energy efficiency, long lasting grow technology and environmentally safe products. Also, the demand for these products is increasing in countries such as Netherlands where supplemental lighting is required throughout the year.
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Factors such as low awareness among consumers, high cost of capital are hampering the growth of the market. European region accounted for the largest market share in the grow light market majorly due to high vertical farming practices. 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.
Grow Light Market 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), LumiGrow, 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.
Grow Light Market Segments
Out of these applications, vertical farming accounted for the largest market share because it allows the growing of more number of plants within a single enclosed structure, with the usage of artificial lightings and these can be produce fruits and vegetables throughout the year, within urban areas.
Out of these installations, retrofit accounted for the largest market share, majorly when light intensity decreases, the grow lights are required to be retrofitted. Also, the introduction of new grow light technologies such as LED, plasma, and induction are boosting the growth of this segment.
By Region, MRFR analysis shows that, 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.
Grow Light Market Research Future Analysis
The global grow light market is expected to grow significantly. The market is highly application basis. Vertical Farming segment of grow light market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
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.
Grow Light Market 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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Table Of Content
1market Introduction
1.1introduction
1.2scope Of Study
1.2.1research Objective
1.2.2assumptions
1.2.3limitations
1.3market Structure
2research Methodology
2.1research Network Solution
2.2primary Research
2.3secondary Research
2.4forecast Model
2.4.1market Data Collection, Analysis & Forecast
2.4.2market Size Estimation
Continued…
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List Of Tables
Table 1 Global Grow Light Market, By Technology
Table 2 Global Grow Light Market, By Installation
Table 3 Global Grow Light Market, By Application
Continued…
List Of Figures
Figure 1research Technology
Figure 2global Grow Light Market, By Technology (%)
Figure 3global Grow Light Market, By Installation (%)
Continued…
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