Zion Market Research, the market research group announced the analysis report titled 'Plant Factory Grow Lights Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2022'
Sarasota, FL -- (SBWIRE) -- 01/17/2018 -- Zion Market Research has published a new report titled "Plant Factory Grow Lights Market by Technology (High-Intensity Discharge, Fluorescent Lighting, LED and Others) for Vertical Farming, Indoor Farming, Commercial Greenhouse, Turf and Landscaping, Research and Other Application: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, the global plant factory grow lights market was valued USD 2.73 billion in 2016 and is expected to reach around USD 5.11 billion by 2022, at a CAGR of 11.01% for the forecast period from 2017 to 2022.
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Plant factories are considered to be the future of farming. Growing methods such as vertical farming and the growing implementation of urban agriculture have increased the interest and investment for plant factories and related technology. Additionally, it is thought that plant factories can provide a more efficient way to provide food for the world's growing population.
The global market for plant factory grow lights is estimated to grow at a significant rate. The demand for organic plants and vegetables has grown worldwide while the comparative supply has not been able to match the demand. This has led to the evolvement of the plant factory system which is an automated farm with advanced technologies and can produce 24 hours a day without depending upon climate. Government initiatives and regulations to adopt energy-efficient LEDs can be one of the major driver the global plant factory and grow lights market. The plant factory grow lights market generates more production in lesser time which can be one of the drivers for the market.
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The global plant factory grow lights market is segmented into application, technology and regions. The application segment which includes vertical farming, indoor farming, commercial greenhouse, turf and landscaping, research and others. The technology segment includes high intensity discharge, fluorescent lighting, led and others. The market is analyzed based on five regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
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The major participants which includes APL engineered material, Daystar, Advanced lighting Technologies, Siemens Philips horticulture Lamps, General Electric, Hydrofarm, Iwasaki Electric, Sun System and Taiwan Floriculture Exports Association.
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