Market Overview:

Grow Lights market was worth at USD 3.23 billion in 2019, and it is estimated to reach USD 6.76 billion by 2024, at a CAGR of 13.14% over the forecast period (2019 - 2024). Growth light is a major component of the urban agriculture practices. It is commonly employed to provide all the light a plant needs to grow or in some cases, to supplement natural sunlight, particularly in cold countries that have low daylight hours, especially in the winter season. It is basically a kind of electronic lamp designed to accelerate plant growth by electronic magnetic spectrum.

Market drivers and restraints:

The major drivers contributing to the growth of the grow light market are growth in the indoor farming, government initiatives to adopt technologies such as LED, rising demand for energy efficiency, long lasting grow technology and environmentally safe products. Also, the demand for these products is rising in countries such as Netherlands where supplemental lighting is needed throughout the year. Nevertheless, low awareness among customers, high price 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.

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Report segmented as:

By technology:

HID lights
Fluorescent lights
LEDs
LEPs
Induction lights
By type:

New installation
Retrofit installation
By application:

Indoor farming
Vertical farming
Commercial greenhouses
Rooftop farming
Others
Geographical analysis:

The Europe region led the industry in 2016 and is estimated to remain dominant over the forecast period. Asia Pacific regional market is expected have significant growth over the forecasted period due to the growing expansion of genetically-modified crop technology. Growing urban population and commercialization of indoor farming is estimated to drive the African regional demand.

Important market players:

The major players in the world grow light market include 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.) and others.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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