Grow Light Market Industry Analysis
Grow Light Market was valued US$3.1 Bn in 2017 and is anticipated to reach US$8.27 Bn by 2026 at a CAGR of about 11.5 % during a forecast.
The report on “Grow Light” is segmented by technology, by Installation and by region. Based on technology grow light market is divided into HID, LED, fluorescent, induction, and plasma. Based on Installation grow light market is bifurcated into new and retrofit. Based on application grow light market is divided into indoor farming, vertical farming, commercial greenhouse, and research. Regionally into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Grow light is mostly demand in the applications where natural light is not available. Grow Light of electronic lamps is accelerating growth by electronic magnetic spectrum. Grow light market shows growth in the government initiatives to adopt technologies such as LED, indoor farming, growing demand for energy efficiency, long lasting grow technology and environmentally safe products. Around 40% of grow lights are demand in countries such as Netherlands, where supplemental lighting is required throughout the year.
Global Grow Light Market
On the basis of technology, traditional lighting technologies such as fluorescent lighting (FL) and high-intensity discharge (HID) are quite popular among commercial growers as well as hobbyists. New technology in grow light such as LED have horticultural lighting and is proving to be far more effective than other lighting technologies. Though advance technologies are expensive still their long-term benefits in terms of energy efficiency make them an ideal option for indoor plant cultivation.
Among retrofit and new installations, a retrofit installation is likely to hold a larger market share in the forecasting period. In grow lights market retrofitting is defined as removing an existing grow light and installing a new one of the same lighting technology or of a different lighting technology. Thus, retrofit installations dominated the market. While new installations are generally characterized by the expansion of existing facilities or setting up of a new facility. New greenhouse or a vertical farm is the examples of new installations in Grow Lights
Recently UN has estimated around 80% of the world's population will live in cities by 2050. Thus demand for food is increasing in these cities areas at the same time as the availability of arable land around cities is very limited. So artificial grow light lighting helps in extending the hours of the natural daylight which further increases the health, growth rate and yield of the plants.
Europe holds major share of grow light. Europe is expected to grow at high CAGR during the forecast period. The high exporter of horticultural produce growth in numerous automated commercial greenhouses for grow light market in Netherlands (Europe). Usually Europe mandates indoor growing with the help of artificial lightings due to severe cold in winters and insufficient sunlight. North America was the second largest market for grow lights in 2016 and boost up the market share in the forecasting period.
Royal Philips, General Electric Company, Gavita Holland B.V., LumiGrow, Inc. , Heliospectra AB , Borst Bloembollen B.V. , Transcend Lighting Inc. , Sunlight Supply Inc., Beacon Lighting India , Walters Garden, Inc., Osram Licht AG, Green Sense Farms , Shenzhen Juson Technology Co., Ltd. , General Electric Company
Scope of the Global Grow Light Market
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Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electroni..