The global grow light market is expected to be valued at USD 6.3 billion by 2024, witnessing a CAGR of 11.7% during the forecast period (2018 – 2024). The extensive utilization of indoor cultivation and vertical farming for the production of crops is expected to contribute towards the growth of global grow light market at an extensive rate.
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Grow light technology is extremely beneficial in lengthening the time frame for natural day light that further exaggerate the growth rate and plant yields. There is several artificial lighting that includes LED lighting, high pressure sodium lighting and plasma lighting that make the crop available throughout the year. Increasing awareness regarding the use of alternative farming in various developed as well as developing economies is expected to further aggravate the growth of the market.
Implementations of several stringent standards in order to assess the quality of crops grown by grow lights and low quality of light emissions offered by the artificial lightings are the major factors that are hindering the growth of the grow light market.
Globally industry players of global grow light market are leveraging market growth through business developments, new product development, technological developments and contacts in order to increase their market share.
Geographically, Europe have been contributing largest revenue throughout the estimated period due to increasing awareness related to significance of alternative farming, ever expanding populations and less accessibility of productive agricultural land is expected to fuel the growth of grow light market in this region. Moreover, Asia-Pacific is expected to further witness the significant growth of this market due to increasing adoption of improved technology of crop.
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Furthermore, various developing countries in this region are emphasizing upon the development of crops using LED lights that enables efficiency in production of crops and less utilization of energy. These lights further helps in reducing the emission of greenhouse gases and replaces the conventional incandescent light bulbs that are further fuelling the growth of grow light in this region.
Some of the key players in global grow light market include Koninklijke Philips N.V., General Electric Company, Osram Licht AG, Gavita Holland B.V., Illumitex, Inc., Hortilux Schreder B.V., Iwasaki Electric Co., Ltd., LumiGrow, Inc., Heliospectra AB, and Sunlight Supply, Inc.
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