A recent report published by Infinium Global Research on grow light market provides an in-depth analysis of segments and sub-segments in the global as well as regional grow light market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional grow light market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global grow light market. According to the report, the global grow light market is projected to grow at a CAGR of 9.3% over the forecast period of 2019-2025.
Market Insight
Grow light effectively used for plant growth since 1868, today it is available with a different type of lamps in a market such as high-pressure sodium lights, high-intensity discharge (HID) lights, metal-halide lights, light-emitting diodes (LEDs) and others. The grow light is an artificial source of light that emits an electromagnetic spectrum for photosynthesis in order to stimulate plant growth. It is a basic electronic lamp which is designed to accelerate plant growth by the electromagnetic spectrum. Grow lights are used for cultivating plants that are out of season or situation when there is insufficient light to grow plants naturally because of lack of sunlight in winter. Based on the type of grow light a different range of color is used to mimic specific outdoor conditions including color, temperature and sun’s light.
The rising demand for energy-efficient products which are environmentally safe and simultaneously growing trend of indoor farming and government initiatives for the adoption of new technologies such as LED are helping to grow the demand of the grow light products around the world. Furthermore, the less power consumption, increasing demand for greenhouse practices are helping to boost the market of grow light products. However low consumer awareness and high cost are the major restraint factors for the growth of grow light market in the near future.
The Asia Pacific is estimated to account for the largest share in the grow light market, owing to the growing demand of the grow light products in greenhouse farming and indoor farming. Further, the growing trend of commercial farming and the increasing number of commercial livestock farms are helping to grow the demand of the grow light market in the Asia-Pacific region. Furthermore, focus on the development and growth of the livestock population by farmers and the adoption of advanced technologies for farms are helping to grow the demand for the grow light market in this region.
Segment Covered
The report on global grow light market covers segments such as technology, installation, spectrum, and application. On the basis of technology, the sub-markets include high-intensity discharge, led, and fluorescent lighting. On the basis of installation, the sub-markets include retrofit, and new installation. On the basis of spectrum, the sub-markets include full-spectrum, and partial spectrum. On the basis of application, the sub-markets include turf and landscaping, vertical farming, indoor farming, and greenhouse.
Companies Profiled:
The report provides profiles of the companies in the market such as Hortilux Schreder B.V, General Electric Company, Royal Philips, Platinum LED Lights LLC, Osram LichtAG, Gavita Holland B.V, Sunlight Supply, Heliospectra AB, and LumiGrow, Inc.
Report Highlights:
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of grow light market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
