“Grow lights market to exhibit a high growth between 2017 and 2022”
The grow lights market was valued at USD 2.50 billion in 2016 and is likely to grow at a CAGR of 11.86% between 2017 and 2022. The key factors driving the growth of the market include growth in indoor farming practices, government initiatives to encourage the adoption of solid state lighting (SSL) technology such as LED, and rising demand for energy-efficient and long lasting grow lights technology. However, the high costs of energy-efficient grow lights are restraining the growth of this market.
“Commercial greenhouses to hold a major share of the grow lights market between 2017 and 2022”
Commercial greenhouses have witnessed increased automation in the last decade, and the concept of controlled environment agriculture (CEA) is being implemented in the greenhouses to maintain optimum growing conditions and obtain a higher yield. The growers are gradually realizing the potential benefits of cultivating plants inside a greenhouse; this has contributed to the development of commercial greenhouses. LED grow lights can be easily programmed and integrated into the CEA setup within a greenhouse. Hence, growers with greater investment capabilities have started shifting toward LED grow lights from conventional lighting systems.
“Grow lights market in RoW to grow at a high rate in the coming years”
The market in RoW is expected to grow at a high rate between 2017 and 2022, owing to the increasing adoption of indoor farming practices especially in the Middle East and South American regions. The urban farming methodologies to meet the increasing demand for food and to mitigate the issues related to water scarcity and extreme temperatures have led to the increasing use of grow lights in this region. The grow lights market for vertical farming applications is expected to grow at a significant rate in this region in the near future. The Middle East and Africa hold a major share of the grow lights market in RoW.
Breakdown of the profile of the primary participants:
- By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
- By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
- By Region: North America - 45%, APAC - 30%, Europe - 20%, and RoW - 5%
The major key players operating in the grow lights market include Royal Philips (Netherlands), General Electric Company (U.S.), Osram Licht AG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), Iwasaki Electric Co., Ltd. (Japan), Illumitex, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), and Sunlight Supply, Inc. (U.S.).
In this report, various segments such as technology, installation, application, spectrum, and geography of the grow lights market have been covered. It also discusses the key drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across four main regions: North America, Europe, APAC, and RoW (comprising South America, the Middle East, and Africa). The Porter’s five forces analysis has been included in the report, along with the description of each of its forces and their impact on the said market.
Reasons To Buy the Report:
- This report includes the market statistics pertaining to technology, installation, application, and geography.
- The Porter’s five forces framework has been utilized, along with the value chain analysis, to provide an in-depth insight into the grow lights market.
- The major drivers, restraints, challenges, and opportunities for the grow lights market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for markets based on technology, installation, application, and geography have been conducted to give an overall view of the market.
- A detailed competitive landscape has been provided that includes key players, revenue of key players, and strategic developments, among others.