With a number of new manufacturers and service providers entering the market, the vendor landscape of the global grow light market is becoming increasingly competitive, observes Transparency Market Research in a recent report. Well-established vendors putting more emphasis on expansion across emerging markets that offer highly promising untapped growth opportunities. Leading companies in the market 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.
According to the report, the global 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 between 2017 and 2025.
LED Lights to Remain Grow Lights of Choice, Thanks to Long Life and Energy Efficiency
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In terms of technology, the segment of LED grow light is likely to expand at the most promising pace during the forecast period, thanks to the vast advantages of LED lights, including energy efficiency and lifetime, and many more. Furthermore, LED grow light precisely mimics the spectrum of light required for the natural growth of plants. LED grow light provide a balanced and broad spectrum of light for plant growth. Additionally, many LED grow lights have built-in switches to swap the vegetative and flowering growth cycles of plants with ease.
Geographically, Europe is expected to hold the dominant market share for grow light during the forecast period. The regional market is expected to rise to a valuation of US$1,961.3 mn by 2025. Growth will be mainly attributed to the booming horticulture and floriculture industries across the region, especially across the Netherlands. The presence of leading industry players, rising preference to urban farming practices, and the increasing adoption of grow lighting for the growth of vegetables, fruits, and flowers are also expected to drive the market in this region.
Vast Rise in Vertical and City Farming Initiatives Build Solid Foundation for Market Growth
Some of the key factors working in favor of the global grow light market include the rising awareness regarding the vast benefits of grow lights when cultivating plants in indoor environments or in conditions that feature low-light and a lack of natural daylight. With city farming and vertical farming practices increasingly taking root, the demand for grow lights is also witnessing a massive rise. Grow lights are helping farmers cultivate healthy plants regardless of the weather conditions or the season, which comes as a boon as arable land consistently shrinks and weather conditions increasingly fluctuate across the globe.
For agricultural produce that can sustain the mounting global population, technologies such as grow lights are witnessing vast encouragement from regulatory bodies as well. Apart from these factors, the rising awareness regarding the fact that the use of grow lights can help boost crop productivity by as much as a factor of ten is also acting in favor of the global grow light market. Moreover, rising government initiatives to promote the use of energy-efficient lighting technologies such as LEDs are also expected to drive the grow light market globally.