Grow light Market Size, Share, Growth Forecasts Analysis and Market Demand 2023

According to the market research report published by Market Research Future (MRFR), the Waterproof Bluetooth Speakers Market size is predicted to grow at a CAGR of 13%between 2018-2023, to reach $ 5.80 billion by 2023. The need of economical grow light technology in cities, increasing government support for the adoption of LED lights, rising disposable income among consumers in developing countries, and surge in per capita global GDP over the years, are expected to boost the growth of market during the forecast period.

The global grow light market is expected to reach USD 5.80 billion by the end of 2022 with ~13% CAGR during forecast period 2017-2022

Market Scenario:

Grow light is an electric light rather an artificial source of light which is designed to stimulate plant growth by emitting an electromagnetic spectrum for photosynthesis. Grow light is widely used in applications where natural light is not available or where supplemental light required. It is basically a type of electronic lamp designed to accelerate plant growth by electronic magnetic spectrum.

The key drivers contributing to the growth of the grow light market are growth in the indoor farming, government initiatives to adopt technologies such as LED, growing demand for energy efficiency, long lasting grow technology and environmentally safe products. Also, the demand for these products is increasing in countries such as Netherlands where supplemental lighting is required throughout the year.

Key Players

The key players in the global grow light market include Osram LichtAG (Germany), General Electric Company (U.S.), Iwasaki Electric Co., Ltd. (Japan), LumiGrow, Inc. (U.S.), Gavita Holland B.V. (Netherlands),  Hortilux Schreder B.V. (Netherlands), Sunlight Supply, Inc. (U.S.),  Heliospectra AB (Sweden), Royal Philips (Netherlands), Platinum LED Lights LLC (U.S.) and others.

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However, low awareness among consumers, high cost of capital are the factors hindering the growth of the overall growth of the market. Whereas, high reliability, low power consumption, high commercial greenhouse practices are also propelling the growth of the grow light market.

Geographically, Europe accounted for the largest market share in the global grow light market, whereas Asia-Pacific is expected to grow significantly over the forecast period.

Study Objectives of Global Grow Light Market:

To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global grow light market.

To provide insights about factors affecting the market growth.

To analyze the global grow light market based porter’s five force analysis etc.

To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).

To provide country level analysis of the market with respect to the current market size and future prospective.

To provide country level analysis of the market for segment by technology, installation, application and region.

To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.

To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Grow Light

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Segments

For the purpose of this study, Market Research Future has segmented the market of grow light into technology, installation, application and region.

By Technology:

LED

High Intensity Discharge

Fluorescent Lighting

Others

By Installation-

New Installation

Retrofit

By Application:

Indoor Framing

Commercial Greenhouse

Vertical Framing

Landscaping

Others

By Region:

North-America

Europe

Asia-Pacific

RoW

Regional Analysis:

Regionally, Europe accounted for the largest market share, because Netherlands is a leading exporter of horticultural produce which increases the usage of commercial greenhouse. Also, the concept of vertical farming is gaining popularity in this region.

Asia-Pacific region is expected to grow significantly over the forecast period, majorly due to increasing awareness about the benefits of this technology.

Intended Audience:

Manufacturers

Distributors

Research firms

Consultancy firms

Software Developers

Vendors

Semiconductor Manufacturers

Stakeholders

End-user sectors

Technology Investors

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