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.
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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.
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.