Greenhouse Grow Light Market Size was worth USD 3.65 billion in 2016 and estimated to be growing at a CAGR of 11.9%, to reach USD 6.40 billion by 2021.
Hyderabad, India -- (SBWIRE) -- 03/17/2018 -- A grow light or plant light is a synthetic source of light, typically an electrical light, designed to stimulate plant growth by emitting a light suitable for photosynthesis. Grow lights are utilized in applications wherever there is either no natural light or wherever supplemental light is needed. A greenhouse may be a house made of glass. It is a farm with controlled conditions that enable the best growth of the plants in it.
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Greenhouse Grow light Market Size was worth USD 3.65 billion in 2016 and is projected to be growing at a CAGR of 11.9%, to achieve USD 6.40 billion by 2021. Demand for several seasonal vegetables and fruits across the year are projected to promote the Greenhouse market, which in turn is estimated to propel the growth of the Greenhouse Grow Light Market.
Growing awareness concerning the importance of alternative farming, due to the less presence of fertile agricultural land and increasing population, have been the key factors anticipated to spur the greenhouse grow light market demand. Unlike typical farming, Greenhouse farming will manufacture crops throughout the year, which ends in augmented productivity. The changing environmental conditions that deprive the farmer of sufficient daylight are also a reason for the market growth.
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The growth and development of plants are dependent on the growing environmental conditions, as they are adjusted to different agro-ecological regions. The climate variability affects all elements of crop production together with cropping area, intensity, and yield. Therefore, farmers typically grow crops specific to location. For example, crops like rice, cereals, and pulses, which are monsoon crops, must be cultivated in areas with adequate rain.
Europe dominated the global Greenhouse Grow light market in terms of market share, attributable to unfavorable daylight conditions in the region. The Asia-Pacific market is predicted to grow with the best CAGR because of the growth of awareness concerning greenhouse lighting in the developing countries like India and China.
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The major companies in the today's market include Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V, Lumigrow Inc., Heliospectra Ab., Iwasaki Electric Co. Ltd., Illumitex Inc., Hortilux Schreder B.V., and Sunlight Supply Inc.
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