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.
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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.
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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.