The major factors that are driving the growth of global grow light market include the broad application of indoor cultivation and vertical farming for the production of crops at a rapid rate. The extensive responsiveness concerning the adoption of alternative farming in several developed as well as developing countries is further expected to bolster the growth of the grow light market.

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Based on technology, the market is categorized into high-intensity discharge (HID), fluorescent, light emitting diode (LED) and others. HID is further sub-segmented into high-intensity sodium lamps, metal-halide lamps, ceramic metal halide lamps, combination MH and HPS lamps and others.

Partial lights are extremely beneficial for the growth of crops at various stages and are used for emitting lights of specific spectrum such as blue, yellow or green.

The global grow light market is segmented into indoor farming, turf and landscaping, vertical farming, research, commercial greenhouse and others. Among all these application segments vertical farming is anticipated to witness fastest CAGR of 11.9% during the forecast period. Vertical farming enables the growing of large number of plants within a single bounded structure such as in the form of building based and shipping container with the use of controlled environment agriculture and artificial lighting methodology.

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Some of the key players in global grow light market include Koninklijke Philips N.V., General Electric Company, Osram Licht AG, Gavita Holland B.V., Illumitex, Inc., Hortilux Schreder B.V., Iwasaki Electric Co., Ltd., LumiGrow, Inc., Heliospectra AB, and Sunlight Supply, Inc.

Source: VynZ Research