The global market for grow light has
intense competition among the manufactures and the service provider,
observes Transparency Market Research (TMR). The prominent players in
the market are making efforts to grow their geographical reach by
investing in mergers and acquisitions. These players are also expanding
their reach in emerging economies to grab opportunities in those
regions. Prominent players in the global grow light market include
Illumitex, LumiGrow Inc., Philips Lighting, General Electric Company,
Heliospectra AB, OSRAM Licht Group, Gavita International B.V., and
Sunlight Supply, Inc.
According to TMR, the global grow light
market is expected to increase at 8.46% of CAGR during the forecast
period 2017 to 2025. The valuation of the market is anticipated to reach
US$6.59 bn by the end of 2025.
On the basis of technology, the LED
segment is expected to lead the market owing to the vast advantages of
LED lights. LED lights are energy efficient, long life, and provide
accurate light for the growth of the plants. Geographically, Europe is
leading the global grow light market and is projected to do so over the
forecast period. The valuation for this market in Europe is expected to
reach US$ 1.91 bn by the end of forecast tenure.
Growing Significance in Agriculture Sector will Boost Demand for Grow Lights
Technological advancements in grow
lights are considered as one of the major driving factors. Growing
significance of grow lights in several applications such as in the
greenhouse, indoor farming, turf, and vertical farming has also
benefited the grow light market. Rising government initiatives to make
people aware of the benefits of using LED lights and running schemes on
it will boost the demand for grow lights.
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Grow light is also making a remarkable
change in the agriculture sector. These lights help in cultivating
plants in an enclosed environment or in places where there the light is
insufficient. Farmers are largely benefitted as they can cultivate
healthy plants irrespective of the weather conditions or the season. As
the trend for indoor gardening is increasing, grow lights will be very
effective for the growth of plants grow indoors.
Horticulture, food production, plant
propagation, and hydroponics are some of the main areas where grow light
is used on regular basis. Furthermore, the growing popularity of
vertical farming and farming within cities have grown demand for grow
lights at a tremendous rate. The use of these lights will further rise
the production of crops regardless of the availability of fertile land
or climate. Numerous types of lights are used to create a fitting light
spectrum that can support the process of photosynthesis in plants.
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