The grow lights market is expected to reach USD 4.19 Billion by 2022, at a CAGR of 9.63% between 2016 and 2022. Factors which are driving the grow lights market include the rise of vertical farms in urban establishments, legalization of marijuana cultivation in North America, and the need to install energy efficient and long-lasting lighting technology to accelerate plant growth in horticultural applications.
Pune, India -- (SBWIRE) -- 04/20/2016 -- The grow lights market was valued at USD 2.07 Billion in 2015 and is expected to increase to USD 4.19 Billion by 2022, at a CAGR of 9.63% between 2016 and 2022. The base year used for study is 2015 and the forecast period is between 2016 and 2022. This report provides a detailed analysis of the grow lights market based on technology, type of installation, application, and geography. The demand for horticultural produce is increasing all over the world due to the rising population. Grow lights are being used to accelerate plant development and obtain a greater yield from the available growing area, to meet this demand. The emergence of vertical farming in urban areas is also proving to be a major driver for grow lights market as a large number of grow light units can be installed within a single vertical farm.
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LED technology to hold the largest share in the grow lights market
The LED technology is witnessing a significant evolution in horticultural applications and the R&D is aimed at introducing grow lights that can cover the entire photosynthetically active radiation (PAR) range. The light spectrum emitted by these LEDs can be adjusted to suit the different types of plants, which allows the growers more flexibility in plant selection. Moreover, these lights offer an improved energy-efficiency over conventional lighting technologies and also a longer operational life of around three to five years.
The market for the vertical farming is expected to grow at the highest growth rate
The concept of vertical farming is emerging across major urban centers and is expected to drive the demand for grow lights during the forecast period. It offers urban residents an access to fresh horticultural produce, without compromising on its taste or other quality aspects.
The grow lights market in Europe expected to hold the largest share during the forecast period
Europe has been a leading market for grow lights, especially for supplemental lighting in commercial greenhouses. The growers and lamp manufacturers in this region have used their experience in greenhouses to develop and deploy grow lights for indoor growing applications as well. The adoption of artificial lighting is particularly high in the Netherlands, and the Scandinavian countries, whereas the demand is increasing from other European countries.
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The major companies in the grow lights market include Royal Philips Electronics N.V. (Netherlands), General Electric Company (U.S.), Osram Licht AG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), Iwasaki Electric Co. Ltd. (Japan), Illumitex, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), iGrow Induction Lighting LLC. (U.S.), and Sunlight Supply, Inc. (U.S.) among others.
This research report categorizes the global grow lights market on the basis of technology, type of installation, application, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the grow lights market. The Porter's Five Forces analysis has been included in the report with a description of each of its forces and their respective impact on the grow lights market.
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