Grow Light Market By Basis Of Technology Used (HID Lights, Fluorescent Lights, LEDs, LEPs, Induction Lights), Type Of Installation (new Installation, Retrofit Installation), Applications (indoor Farming, Vertical Farming, Commercial Greenhouses, Rooftop Farming, And Others)
According to the report Global Light Market, published by Market Data Forecast, the Market is worth USD 2.5 billion in 2016 and estimated to grow at a CAGR of 11%, to reach USD 4.21billion by 2021. The global Grow Light market is developing at an exceptionally quick pace.
Grow Light is an artificial source of light which is used to stimulate plant growth. This is generally used where there is no sufficient light or no natural light.
An example where this type of light is used are during winters when there is lack of sunlight. The amount of light that plants receive is increased by this artificial source of light.
Grow Light either replicate the emission spectrum similar to that of sun or according to the needs of the plant. They are used for various purposes like food production, horticulture, indoor gardening and plant propagation.
Although grow lights are mostly used on industrial level, they can used for household purposes also.
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The driving components for plant industrial facilities and grow lights showcase are the expanding interest for the capacity to develop locally and reliably, scarcity of space for cultivating particularly in urban communities, and the need to build the yield per unit range without hurting nature. Governments are likewise reassuring plant industrial facilities and grow lights for enhancing the generation.
The opportunities in this market are fluctuating and can run from innovative technologies in grow lights, consolidated utilization of normal lighting with simulated lighting, building up a sun oriented power based plant manufacturing plant to building numerous level plant production lines which would additionally diminish space necessity.
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The Global market for Grow Light is segmented on the basis of technology, type of installation, applications and region. Based on technology, the market is segmented into HID lights, fluorescent lights, LEDs, LEPs, induction lights.
Traditional lighting technologies like HID and fluorescent lighting (FL) are quite popular. LED grow light is a new technology in horticultural lighting and is proving to be far more effective than other lighting technologies.
Although LED grow lights are costly, their long-term advantages in terms of energy efficiency make them an ideal option. Based on type of installation, the market is segmented into new installation and retrofit installation.
Based on applications, the market is segmented into indoor farming, vertical farming, commercial greenhouses, rooftop farming, and others.
Geographically, the Grow Light market is fragmented into North America, Europe, Asia-Pacific, Latin America and Middle East Asia. Europe is estimated to constitute the largest share in this market, while the Asia Pacific region is expected to witness the fastest growth and overtake North America, being the second largest share holder for the market during the forecast period.
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Royal Philips Electronics, OSRAM Licht AG, PAR source Lighting Solutions, Bridgelux, General Electric Company, Alta LED Corporation, Solarmax,Heliospectra,LumiFlow are the leaders in the global Grow Light market.
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