Global Grow Light Market, By Geography, Spectrum (Partial, Full), Installation (New, Retrofit), Technology (High-Intensity Discharge, Fluorescent Lighting, LED), Application (Indoor Farming, Vertical Farming, Commercial Greenhouse, TURF & Landscaping, Research) – Industry Trends and Forecast to 2024
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The Global Grow Light Market accounted for USD 2.65 billion in 2016 growing at a CAGR of 12.2% during the forecast period of 2017 to 2024.
Global Grow Light Market presents a detailed analysis of key segments of the market, recent developments competitive landscape, growth opportunities in emerging and established markets and recommendations to market players by Geography, Spectrum, Installation, Technology, Application– Industry Trends and Forecast to 2024
The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Grow light is an artificial light powered by electricity which is specially designed to stipulate the plant growth by emitting an electromagnetic spectrum appropriate for photosynthesis. These lights are mostly tailor-made to cater essential light for plants in absence of natural light or supplemental light required in unfavourable climatic conditions.
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The market is majorly driven by increased demand and awareness about energy-efficient lighting, and growing demand for indoor farming practices. However, the high costs and tailor-made solutions may restrain the growth of the market.
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Major Market Drivers & Restraints:
- Increased demand and awareness about energy-efficient lighting
- Growing demand for indoor farming practices
- Increasing commercialization of grow lights in multiple verticals
- High costs of energy-efficient grow lights
- Customized lights for different crops
Major Market Competitors:
Some of the major players of the global grow light market are Philips, General Electric Company, Osram Licht AG, Lumigrow Inc., Heliospectra Ab., Iwasaki Electric Co., Ltd., Illumitex Inc., Hortilux Schreder B.V., Sunlight Supply Inc, AeroFarms, Gavita International B.V., Advanced Lighting Technologies, Inc., Hydrofarm, IWASAKI ELECTRIC CO. LTD., and others.
On the basis of spectrum
- Partial Spectrum
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On the basis of installation
- New Installation
- Retrofit Installation
On the basis of technology
- High-Intensity Discharge
- Fluorescent Lighting
On the basis of geography, the global grow light market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
Company Share Analysis:
The report for global grow light market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others.
The report also measures technology life line curve and market time line to analyze and do more affective investments.
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