The global market for grow light is expected to witness tremendous demand in areas deprived of natural daylight. Grow light acts as a substitute for sunlight by creating a light spectrum that is similar to the sun’s light, thus, helping plants during the process of photosynthesis. In simple terms, any light source that can stimulate the growth of plants by emitting an electromagnetic radiation that aids photosynthesis can be called as grow light. Several geographical regions are deprived of sunlight for prolonged periods of time during the year. The paucity of sunlight in these regions affects the growth of plants and deteriorates the flora of the region. Plants that hold significance across key industries as well important breeds of flowering plants are exposed to grow light in order enhance their growth. It is anticipated that the global market for grow plants would trace a lucrative trail over the forthcoming years. Several types of lights are used to create a fitting light spectrum that can aid the process of photosynthesis in plants. Indoor gardening, food production, horticulture, plant propagation, and hydroponics are some of the key areas where grow light is extensively used. As the farmers become increasingly aware of the benefits of grow lights, the demand within the global market is expected to reach greater heights over the times to come.
The report on the global market for grow light predicts that the total market revenue would reach a value of US$6,596.0 Mn by 2025. Furthermore, the report projects that the CAGR of the global market for grow light for the period between 2017 and 2025 would settle at 8.46%.
LEDs to Emerge as Leading Technology Segment
Various types of technologies are used to create a light spectrum for grow light; some of the key technologies include high intensity discharge, LEDs, and Fluorescent light. Amongst these key segments based on the type of technology, the demand for LEDs is expected to grow by leaps and bounds. The prominence of the LED segment owes to the manifold benefits served by light emitting diodes (LEDs). The primary reason behind the popularity of LEDs is their energy efficiency and high net output. Furthermore, LEDs have a longer life relative to other technologies used for grow light, which also bolsters demand for LED technologies. Creation of a light spectrum is much easier with LEDs because they can closely mimic the light spectrum of the sunrays. Hence, it is safe to estimate that the global market for grow light would reap in commendable demand from the LED segment over the coming years.
Europe to Hold Dominant Market Share
Amongst all the regional segments, Europe is expected to hold a dominant share of the global market for grow light. The supremacy of this regional segment can be attributed to the popularity of floriculture and horticulture across Europe. Netherlands has especially attracted commendable demand for grow light in recent times, which has further fortified the European market. The agricultural industry across Europe has become increasing reliant on grow light for the growth of plants, flowers, and vegetables. Moreover, a large number of prominent market players exist in the European region, which also contributes to the growth of the global market for grow light.
Some of the leading players in the global market for grow light are General Electric Company, Philips Lighting, and Lumileds Holding B.V.
Global Grow Light Market: Overview
The report provides an in-depth analysis of the global grow light market for the period 2017 – 2025, wherein 2016 is the base year, data for the year 2015 is considered as historical information and the years from 2017 to 2025 is the forecast period. The report also provides compound annual growth rate (CAGR %) from 2017 to 2025 for all the segments in the scope of study. The report covers key trends prevailing in the global grow light market over the forecast period. The study also describes various factors impacting the global grow light market growth during the forecast period including market drivers, restraints, and opportunities.
Global Grow Light Market: Scope of the Report
The study provides a holistic perspective on global grow light market growth in terms of revenue estimates (in US$ Mn) globally. The market estimates have been analyzed by taking into account the impact of various economic, political, technological, social, and legal and the existing market dynamics influencing market growth. The report would include executive summary, providing the overview of the global grow light market. The report provides industry development and key market indicators for the global grow light market.
Furthermore, report provides market attractiveness analysis, for each segment based on their CAGR and market share. There is an inclusion of porter’s five forces analysis about the industry competition, market dynamics and the most profitable segments in the market. This research study on the global grow light market provides a detailed cross segment and cross country analysis based on the different segments including technology and application. Based on the technology, the market is segmented into LED, fluorescent, high intensity discharge (HID), and others. Others include plasma and induction grow light. Furthermore, by application, the grow light market is segmented into indoor farming, vertical farming, greenhouse, research, turf, and others. Others segment includes landscape and space. The report also covers profiles of major players, their growth strategies and focuses on the recent developments under the competition matrix section and includes market positioning analysis of key players operating in the grow light market.
Global Grow Light Market: Competitive Dynamics
The competition matrix for key players in the global grow light market notes their capabilities and growth potential and also benchmarks the key companies in the global grow light market on the basis of top line growth, market share, segment growth, infrastructure capabilities, market position, product offerings, R&D focus and future outlook.
Under the company profiles section, the report also includes an overview of the players operating in the market, the annual revenue generated by them in the past two or three years, SWOT analysis, regional breakdown and their relevant business segment revenue. The report also contains market share analysis of the key players in the grow light market for the year 2016 based on their revenues generated for the same year.
The key players profiled in this report include – LumiGrow Inc., Philips Lighting, General Electric Company, Lumileds Holding B.V, Fluence Bioengineering, Inc., Heliospectra AB, Gavita International B.V., Illumitex, OSRAM Licht Group, and Sunlight Supply, Inc., among others
The global Grow light market has been segmented as follows:
Global Grow light market, by Technology
- High Intensity Discharge (HID)
Global Grow light market, by Application
- Indoor Farming
- Vertical Farming
Global Grow light market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- The Netherlands
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America