The global grow light market is expected to be valued at USD 6.3 billion by 2024, witnessing a CAGR of 11.7% during the forecast period. Light performs crucial role for the development of plant as it serves as the most significant energy resource for the plants to grow. Furthermore, it has been observed that there are several plants that flourish and grow without the use of sunlight and some blossom with the use of artificial grow lights. The commonly used grow lights are fluorescent bulbs, metal halide (MH) bulbs and high-pressure sodium (HPS) bulbs.
Market Report "Global Grow Light Market – Analysis and Forecast (2014 – 2024)"
The major factors that are driving the growth of global grow light market include broad application of indoor cultivation and vertical farming for the production of crops at rapid rate. The extensive responsiveness concerning the adoption of alternative farming in several developed as well as developing countries are further expected to bolster the growth of the grow light market.
Moreover, it has been observed that the grow light technique is enormously useful in augmenting the time structure for natural daylight that is contributing towards the crop yields and growth rate. Furthermore, artificial lighting such as LED lighting, plasma lighting and high-pressure sodium lighting that make the crop accessible throughout the year across the globe.
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However, the implementations of several stringent standards in order to assess the quality of crops grown by grow lights and low quality of light emissions offered by the artificial lightings are the factors that are expected to hamper the growth of global grow light market.
Based on technology, the market is categorized into high-intensity discharge (HID), fluorescent, light emitting diode (LED) and others. HID is further sub-segmented into high-intensity sodium lamps, metal-halide lamps, ceramic metal halide lamps, combination MH and HPS lamps and others. Moreover, fluorescent is further sub-segmented into T5 and CFL (white light and neutral). HID segment is predicted to witness a CAGR of 10.7% during the forecast period.
On the basis of installation, the grow light market is segmented into retrofit and new installation. Among these two segments the retrofit installations is expected to contribute larger share during the forecast period. Retrofit installations are usually installed in grow lights when the grow lights are damaged or witness any failure and when the intensity of light drops beneath the anticipated level after routine utilization of these lights. In order to provide their crops with sufficient amount of light to grow the crop growers modify the old grow lights with the new lights of any particular technology to achieve this.
On the basis of spectrum, the market is categorized into partial spectrum and full spectrum. The partial spectrum category is anticipated to grow at a higher CAGR of 12.8% during the forecast period. The partial lights are extremely useful at various stages of plants growth that emits lights of precise spectrum such as blue, yellow or green. On the other hand, the full spectrum lights emit light that are similar to that of the sunlight and are extremely beneficial for the growth of crops at various stages. The increasing popularity of these two spectrums is thereby exaggerating the growth of thel grow light market.
Partial lights are extremely beneficial for the growth of crops at various stages and are used for emitting lights of specific spectrum such as blue, yellow or green. However, the light that is similar to sunlight is emitted by full spectrum lights and are considered to another beneficiary for the crop production by various commercial crop growers. Moreover, huge momentum of these spectrums is thereby expected to bolster the demand for global grow light market at an extensive rate.
The global grow light market is segmented into indoor farming, turf and landscaping, vertical farming, research, commercial greenhouse and others. Among all these application segments vertical farming is anticipated to witness fastest CAGR of 11.9% during the forecast period. Vertical farming enables growing of large number of plants within a single bounded structure such as in the form of building based and shipping container with the use of controlled environment agriculture and artificial lighting methodology. These structures are rapidly being used by the commercial crop growers to produce vegetables and fruits in all seasons in urban formations.
Geographically, Europe is the largest grow light market due to increasing awareness related to the significance of alternative farming, ever-expanding populations and less accessibility of productive agricultural land is expected to fuel the growth of grow light market in this region. Moreover, Asia-Pacific is expected to further witness the significant growth of this market due to increasing adoption of improved technology of crop.
Some of the key players in global grow light market include Koninklijke Philips N.V., General Electric Company, Osram Licht AG, Gavita Holland B.V., Illumitex, Inc., Hortilux Schreder B.V., Iwasaki Electric Co., Ltd., LumiGrow, Inc., Heliospectra AB, and Sunlight Supply, Inc.
Global Grow Light Market Coverage
Technology Insight and Forecast 2014 - 2024
Spectrum Insight and Forecast 2014 - 2024
Installation Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Grow Light Market by Region
Rest of the World (RoW)