Global Grow Light Market: Snapshot
A grow light is an electric lamp that operates as an artificial light source used to stimulate plant growth. Grow lights emit electromagnetic radiation in the evident light spectrum to simulate the process of photosynthesis, which is vital for the plant growth. It is very useful in the places where the amount of natural light is insufficient to support the plant growth.
According to the report, the grow light market is expected to reach US$ 6,596.0 Mn by 2025 and is projected to expand at a CAGR of 8.46% during the period from 2017 to 2025.
LED Lights to Witness Most Promising Demand Globally
The grow light market is segmented on the basis of technology and application. On the basis of technology, the grow light market is segmented into LED, fluorescent, high intensity discharge (HID), and others. Others include plasma and induction grow light. LED grow light is expected to grow at a significant growth rate during forecast period, owing to the many advantages including less energy consumption, increased lifetime, and many more. Furthermore, LED grow light precisely mimics the spectrum of light required for the plant growth. LED grow light provide a balanced and broad spectrum of light for the plant growth. Additionally, many LED grow lights have a built in switch to swap the vegetative and flowering growth cycles of the plant with ease.
On the basis of application, the grow light market is segmented into indoor farming, vertical farming, greenhouse, research, turf, and others. Others segment includes grow light used for the growth of landscape plant and plant in space. Indoor farming is expected to hold a higher market share, owing to the significantly booming indoor farming industry around the world. Indoor farming is used to fuel the local food supplies by growing vegetables under the atmosphere, which is completely controlled and healthy. Indoor farming uses an artificial or grow lighting to provide sufficient amount of light to the plants, which they would only get when grown outdoors.
Europe to Remain Key Consumer of Grow Lighting Systems
Europe is the major contributor to the global grow light market. The presence of major industry players, growing urban farming practices, and increasing adoption of the grow lighting for the growth of vegetables, fruits, flowers and many more is expected to drive the market in this region. The higher revenue share in Europe is accountable from the countries namely UK, and the Netherlands. Furthermore, horticulture is very significant across the European region especially in the Netherlands that results in the proliferation of well-established companies providing grow lighting solutions and components. These well-established players include Philips Lighting, Lumileds Holding B.V, Heliospectra AB, and OSRMA Licht Group.
North America is the second largest region in terms of market share owing to growing adoption of grow lights by large number of indoor and vertical farmers across the region. Furthermore, the higher market share across North America is mainly due to the rise in the indoor farming practices and the cultivation of the medical marijuana. The higher revenue in North America is accountable from the U.S. and Canada. Additionally, it is a home to some of the well-known players providing grow lighting solutions such as LumiGrow Inc., General Electric Company, and many more. Asia Pacific region is expected to grow at a significant rate during the forecast period. The growth in Asia Pacific region is accountable from the countries such as India and China. Additionally, this growth is attributed to the growing use of grow light by the increasing vertical farming industry across the region.
The key players operating in the global grow light market 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.
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