Grow Light Global Market Estimated To Reach USD 5.80 Billion By 2022
Business, Economy, Finances, Banking & Insurance
Press release from: Market Research Future
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
Grow Light Global Market – Overview
The Grow Light Market is growing at the rapid pace; mainly due to the increasing government initiatives to adopt technologies. According to a recent study report published by the Market Research Future, Globally, the market for Grow Light is expected to gain prominence over the forecast period. The market is forecasted to witness a thriving growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period. Globally the Grow Light Market is expected to reach 5.80 Billion by 2022 at CAGR of more than ~13% from 2016 to 2022.
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.
However, 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.
Grow light is an electric light rather an artificial source of light which is designed to stimulate plant growth by emitting an electromagnetic spectrum for photosynthesis. Grow light is widely used in applications where natural light is not available or where supplemental light required. It is basically a type of electronic lamp designed to accelerate plant growth by electronic magnetic spectrum.
Plant factories support farming practices that are not dependent on the climate. Food factories produce organic vegetables. With the land available for farming depleting quickly, new types of farming are evolving.
Double Ended HPS lights are typically used in large commercial greenhouse or large indoor commercial gardening applications where high ceilings require more powerful lights to reach the plants. DE HPS lights are ideal for flowering and fruit production.
UV Light Bulbs are beneficial for plants. UV light activates a plant’s defence mechanisms. UV causes plants to produce oils, antioxidant vitamins and flavonoids to protect themselves from the damaging effects of UV. These compounds produce the vibrant colours, smells and tastes of your plants. If the light source does not produce UV, the colour, smell and taste of the produce gets changed effectively.
LED specialized grow lights. LED specialized grow lights offer homogenous light distribution. Light distribution at precisely the right wavelengths is made possible. LED light sources offer light distribution for good photosynthetic response. Vendors are able to stimulate plant growth. Flora series LEDs provide accelerated photosynthesis and energy savings.
Grow lamps are used in a wide variety of applications, including Home hobbyist, Agricultural universities, Educational programs, Plant physiological research, Biotechnology, Pharmacology, Greenhouses and Plant factories.
Grow Light Market - Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Grow Light appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on product & technology launch, reputation and services. Well established players invest heavily in the R&D to develop products with the adept technologies that are completely on a different level compared to their competition, unrivalled design and features.
Key Players
• 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.)
The Global Grow Light Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Technology : Comprises LED, High Intensity Discharge, Fluorescent Lighting and other.
Segmentation By Installation : Comprises New Installation, Retrofit.
Segmentation By Application : Comprises Indoor Framing, Commercial Greenhouse, Vertical Framing, Landscaping and other.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and
Rest of the World.
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. Grow light is an electric light rather an artificial source of light which is designed to stimulate plant growth by emitting an electromagnetic spectrum for photosynthesis. Grow light is widely used in applications where natural light is not available or where supplemental light required. It is basically a type of electronic lamp designed to accelerate plant growth by electronic magnetic spectrum.
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.
Grow Light Global Market – Regional Analysis
Geographically, Europe accounted for the largest market share in the global grow light market, whereas Asia-Pacific is expected to grow significantly over the forecast period. 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.