The growing popularity of botanical research and testing has increased demand within the global grow light market. Cultivation of special breeds of plants necessitates the use of premium technologies and external aids. Several species of plants grow under artificially-created environments, and a large number of these species rely on grow light for their growth and nourishment. Grow light can be tailored according to the photo-absorption requirements of the plant. Therefore, the growth of the global grow light market largely depends on advancements in cultivation and horticultural practices. Development of specialised research labs to study plant behaviours has also given a thrust to market growth.
Transparency Market Research (TMR), in its report, estimates the total volume of the global grow light market to touch US$6,596.0 Mn by 2025. Furthermore, the CAGR of this market over the period between 2017 and 2025 is estimated at 8.46%. Vertical farming techniques have gained popularity in recent times, and farmers are focusing on optimizing this method of cultivation. Use of grow light in vertical farming shall emerge as a gamechanger for vendors operating in the global market. Greenhouse research and testing also calls for the use of grow light to create suitable environments for plants. The availability of large cultivation turfs has played an underhanded role in market maturity.
Advancements in Botanical Research to Aid Market Growth
The use of grow light provides a freehand to cultivation experts who can experiment on plant growth using different external environments. The ability to change the tone, brightness, and intensity of grow light has helped researchers in drawing important inferences. Furthermore, grow light can also be optimized for the right temperature, colour, and spectral output. The use of high-efficiency grow light devices is an important consideration for researchers. Cost optimization is an important dimension within botanical research, creating room for adoption of affordable grow light devices. Furthermore, researchers are pressing governments to increase investments in botanical studies.
Growing Relevance of New Plantation Techniques
Advancements in the agricultural sector have also played to the advantage of the vendors operating in the global grow light market. Use of customized light spectrums for growing food crops is amongst the leading factors responsible for market growth and maturity. Besides, the importance of grow light for aquatic plants and indoor hydroponics has also driven sales across the global grow light market. Indoor gardening has emerged as an important trend across the residential and commercial sector. Moreover, food propagation has attracted substantial investments from notable researchers. Considering the factors stated above, the global grow light market is set to tread along a lucrative growth track.
Some of the leading players in the global grow light market are Philips Lighting, General Electric Company,and Lumileds Holding B.V.
The review is based on TMR’s report titled, “Grow Light Market (Technology - LED, Fluorescent, and High Intensity Discharge (HID; Application - Indoor Farming, Vertical Farming, Greenhouse, Research, and Turf) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025”.
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