Grow Lights - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Grow Lights Market is accounted for $3.05 billion in 2018 and is expected to reach $9.72 billion by 2027 growing at a CAGR of 13.7% during the forecast period. Some of the factors such as growth in indoor farming practices, increasing number of plant factories, and need for sustainable development among growers driving the market growth. However, huge costs of energy-efficient and better quality grow lights, and requirement of different light spectrums for different crops are restraining the market.
A grow light is an artificial light source, generally an electric light, designed to stimulate plant growth by emitting a light appropriate for photosynthesis. Grow lights are used in applications where there is either no naturally occurring light or where supplemental light is required. Grow lights either attempt to provide a light spectrum similar to that of the sun, or to provide a spectrum that is more tailored to the needs of the plants being cultivated.
By technology, Light-Emitting Diode (LED) is estimated to have a lucrative growth because of the increase in demand for energy-efficient and economical grow lights among consumers and increasing government activities to support the adoption of LED lights over the globe. Based on geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to the rapid growth in urban agriculture, such as vertical farming, greenhouses, and growth chambers. Countries, like Japan, Taiwan, and China are the major source of demand for grow lights in the region and are estimated to stay so over the forecast period.
Some of the key players in Global Grow Lights market include General Electric Company, Gavita Holland B.V., Iwasaki Electric Co., Ltd., Royal Philips Electronics BV, Heliospectra Ab., Osram Licht AG, Lumigrow Inc., Hortilux Schreder B.V., Illumitex Inc., Everlight Electronics Co. Ltd, Sunlight Supply Inc., Epistar Corp., Grow LED Hydro, and Signify NV.
• Partial Spectrum
• Full Spectrum
Light Sources Covered:
• High-pressure Sodium (HPS)
• Fluorescent Lights
• Light Emitting Diodes
• Other Light Sources
• New Installations
• Retrofit Installations
• High-intensity Discharge (HID) Lights
• Fluorescent Lighting
• Light-Emitting Diode (LED)
• High-Intensity Discharge
• Other Technologies
• Commercial Greenhouse
• Indoor Farming
• TURF and Landscaping
• Vertical Farming
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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