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Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

  • March 2020
  • 100 pages
  • ID: 5878759
  • Format: PDF
  • IMARC Group

Summary

Table of Contents

The global grow light market reached a value of US$ 3.65 Billion in 2019. A grow light, or plant light, is an artificial source of light that emits light in the electromagnetic spectrum to promote photosynthesis and accelerate growth in plants. It is commonly available in fluorescent, high-intensity discharge (HID), light-emitting diodes (LED) and incandescent variants. They are primarily used for supplementing sunlight, color and temperature to the crops and can be customized according to a specific goal, such as flowering inhibition, anthocyanin accumulation and enhanced rooting. Owing to this, they find extensive applications in vertical farming, indoor farming, commercial greenhouses, landscaping and for other purposes.

Significant growth in the agricultural sector is one of the key factors driving the growth of the market. Furthermore, widespread adoption of vertical and indoor farming practices is also providing a boost to the market growth. The hydroponic farming systems use multiple grow lights to maintain an adequate amount of sunlight and protecting the plants from damage caused by insects and pests. Additionally, the rising demand for food as a result of the increasing population, coupled with the limited availability of cultivable land, is also impacting the product demand positively. Grow lights aid in maintaining the optimal yield and plant quality, thereby meeting the steadily rising food demand across the globe. Apart from this, various technological advancements, including the development of smart grow lights integrated with the Internet of Things (IoT), are acting as another growth-inducing factor. Other factors, including various innovations in the field of agricultural sciences and the implementation of favorable government policies, are projected to drive the market in the upcoming years. Looking forward, the analyst expects the market to reach levels worth US$ 7.13 Billion registering a CAGR of 11.7% during 2020-2025.

Breakup by Technology:
HID
LED
Fluorescent
Others

Breakup by Installation Type:
New Installations
Retrofit Installations

Breakup by Spectrum:
Full-Spectrum
Partial Spectrum

Breakup by Application:
Indoor Farming
Vertical Farming
Commercial Greenhouse
Turf and Landscaping
Others

Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Argentina
Columbia
Chile
Peru
Others
Middle East and Africa
Turkey
Saudi Arabia
Iran
United Arab Emirates
Others

Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc.

Key Questions Answered in This Report:
How has the global grow light market performed so far and how will it perform in the coming years?
What are the key regional markets?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the installation type?
What is the breakup of the market based on the spectrum?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the market?
What is the structure of the global grow light market and who are the key players?
What is the degree of competition in the market?

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