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. Light performs a crucial role in the development of the plant as it serves as the most significant energy resource for the plants to grow. Furthermore, it has been observed that there are several plants that flourish and grow without the use of sunlight and some blossom with the use of artificial grow lights. The commonly used grow lights are fluorescent bulbs, metal halide (MH) bulbs, and high-pressure sodium (HPS) bulbs.
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The major factors that are driving the growth of the global grow light market include the broad application of indoor cultivation and vertical farming for the production of crops at a rapid rate. The extensive responsiveness concerning the adoption of alternative farming in several developed as well as developing countries is further expected to bolster the growth of the grow light market.
The global grow light market is segmented into indoor farming, turf and landscaping, vertical farming, research, commercial greenhouse, and others. Among all these application segments vertical farming is anticipated to witness the fastest CAGR of 11.9% during the forecast period. Vertical farming enables the growth of a large number of plants within a single bounded structure such as in the form of building-based and shipping containers with the use of controlled environment agriculture and artificial lighting methodology. These structures are rapidly being used by the commercial crop growers to produce vegetables and fruits in all seasons in urban formations.
Geographically, Europe is the largest grow light market due to increasing awareness related to the 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 the increasing adoption of improved technology of crop.
Some of the key players in the 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.
Global Grow Light Market Coverage
Technology Insight and Forecast 2014 - 2024
- LED
- HIDMetal-halide lamps
- High-intensity sodium lamps
- Combination MH and HPS lamps
- Ceramic metal halide lamps
- Others (conversion bulbs and switchable ballasts)
- Fluorescent
- CFL
- White
- Neutral
- T5
- Others
- Partial Spectrum
- Full Spectrum
- Retrofit
- New Installation
- Indoor Farming
- Vertical Farming
- Commercial Greenhouse
- Research
- Turf and Landscaping
- Others
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