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
Globally, the demand for grow light has increased tremendously especially in the areas that do not have enough access to sunlight. Grow light is a substitute of sunlight because it creates a light spectrum that is similar to sunlight and helps the plants during the process of photosynthesis. On a simpler note, any source of light that helps the plants to grow by emitting an electromagnetic radiation is known as grow light. Geographically, several regions do not have enough access to sunlight that can support the growth of plants, which has led to a decline in flora in these regions. Therefore, in these areas grow light plays a significant role and support the growth of various species of plants. Moreover, it has been analyzed that in coming years, the global market for grow light is expected to grow at a high rate due to its growing use in different areas and fields.
The global grow light market is categorized on the basis of technology, application, and geography. Based on technology, the market is segmented into LED, high intensity discharge (HID), fluorescent, and others. Out of these, LED segment is projected to lead the market due to its vast advantages of the LED lights. Moreover, the LED lights are energy efficient and provide accurate light for the growth of the plants. As compared to other light technologies, LED light has a longer life that has further boosted its demand at the global level.
The report elucidates on the global grow light market with the special focus on drivers, restraints, trends, and opportunities. The report also provides information about the regional growth of the market and various other segments contributing in the market. All these information provided in the report will help the players as well as the various others affiliated to the market.
Global Grow Light Market: Trends and Opportunities
According to various research, large number of people will be living in cities is projected to rise in the coming years because of various reasons such as to get jobs, training, services and others. Therefore, to feed this huge population there will be a need for different ways to produce food. To meet such scenario, grow light can play a significant role, as it is capable of supporting plants growth through photosynthesis. In addition to that, grow light also helps in extending the hours of the natural daylight that further increases the growth rate, health, and yield of the plants. Thus, the growing demand for grow light will rise in the near future and will fuel the market growth.
Global Grow Light Market: Regional Analysis
Geographically, the global grow light market is segmented into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. Out of these, Europe is projected to hold dominant share in the market during the forecast tenure. The reason behind its dominance is the growing popularity of horticulture and floriculture across the region. In the past few years, Netherlands attracted high demand for grow lights that have further strengthened the European market. In addition to that, the agriculture sector in the region is now being highly dependent on grow lights for the growth of flowers, plants, and vegetables. Presence of leading players in the regions has also contributed to the growth of this market.
Global Grow Light Market: Competition
The report gives out crucial information about the competitive landscape of the global grow light market. As the market is highly competitive, the report will provide insights that will help the players to take strategic measures in the future and will help them in improving their current position. Some of the prominent players in the market are Philips Lighting, General Electric Company, Heliospectra AB, Gavita International B.V., OSRAM Licht Group, and Lumileds Holding B.V. Several leading companies are also investing in strategic alliance and collaborations to strengthen their position in the global market.