Grow Light Market Revenue and Growth Rate Research Report 2019
The global grow light market is expected to reach USD 5.80 billion by the end of 2022 with ~13% CAGR during forecast period 2017-2022 grow light market are low awareness among consumers, high cost of capital are the factors hindering the growth of the overall growth of the market. Whereas, high reliability, low power consumption, high commercial greenhouse practices are also propelling the growth of the grow light market.
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
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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), 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.
Market Highlights
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.
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.
Grow Light Market
According to market research future, the market segmentation of grow light market can be 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
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.
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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.
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.
Figure 2global Grow Light Market, By Technology (%)
Figure 3global Grow Light Market, By Installation (%)
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