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Grow Lights Market Research , Size, Growth, Trend and Forecast to 2022 | MarketsandMarkets

According to the new report "Grow Light Market by Technology (HID, Fluorescent, LED, Induction, and Plasma), Type of Installation (New and Retrofit), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Research), and Geography - Global Forecast to 2022

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Grow Lights Market Research , Size, Growth, Trend and Forecast to 2022 | MarketsandMarkets

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  1. MarketsandMarkets Presents Grow Lights Market Research , Size, Growth, Trend and Forecast to 2022 | MarketsandMarkets The grow lights market was valued at USD 2.50 billion in 2016 and is expected to reach USD 5.11 billion by 2022, at a CAGR of 11.86 % during the forecast period. Grow lights can be efficiently used to grow crops and vegetables indoors in any season. However, these crops would require artificial lighting for photosynthesis, which may not be favorable in a particular region due to extreme climatic conditions. A grow light is an electronic lamp designed to accelerate plant growth by emitting electromagnetic spectrum ideal for photosynthesis.

  2. Retrofit installations held a major share of the grow lights market than new installations in 2016. Retrofitting is generally performed in grow lights when the light intensity drops below the desired levels after regular usage, or when grow lights suffer any failure or damage during operations. Growers may retrofit their old grow lights with new ones of any technology to ensure that their plants get the required amount of light to grow. Hence, when the light intensity decreases, the grow lights are required to be retrofitted immediately. The introduction of new grow light technologies such as LED, plasma, and induction has provided the growers with more options to choose from, while retrofitting their grow light systems. LED grow lights offer variable spectrums that make them suitable for a large number of plants. As a result, this technology is being preferred by the growers for most of the applications. Vertical farming is an emerging application for grow lights, which is quite similar to indoor farming. The main difference between the two is that indoor farming is carried out on a single level, whereas vertical farms have two or more levels of growing equipment. Vertical farming allows the growing of more number of plants within a single enclosed structure, with the use of artificial lightings and Controlled Environment Agriculture (CEA) methods. These plant factories can be built to produce fruits and vegetables throughout the year, within urban establishments. As a result, the city dwellers can get fresh produce at competitive prices, and it can also become a source of revenue from unused real-estate. Consequently, the market for vertical farming applications is expected to exhibit a high growth in the coming years.

  3. Europe was the leading market for grow lights in 2016. Within Europe, the Netherlands is a leading exporter of horticultural produce, grown within its numerous automated commercial greenhouses. The concept of vertical farming is also gaining popularity in Europe. The rising population in Europe is a major driver for the increasing need to practice indoor horticulture in this region. Also, the severe cold in winters and insufficient sunlight in parts of Europe mandates indoor growing with the help of artificial lightings. Some of the major companies such as Royal Philips (Netherlands) and Osram Licht AG (Germany) are also responsible for the dynamic growth of the grow lights market in Europe. This region has always been at the forefront at utilizing artificial lighting to accelerate the growth of plants in greenhouses. The governments of several countries have launched different policies that has led to the growth of LED industry. In October 2014, the Government of India initiated a drive in which LEDs replaced 750 million incandescent bulbs. Under the project “Prakash Path”, Prime Minister Narendra Modi encouraged the use of LED lights for street lights and for residential, commercial, and government buildings. The LED lamp government procurement business model was jointly launched in 2015, by the Bureau of Energy Efficiency under the Ministry of Power, India SSL and Energy Efficiency Services Limited (EESL).

  4. The leading players operating in the grow lights market include Royal Philips (Netherlands), General Electric Company (U.S.), OsramLichtAG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), Iwasaki Electric Co., Ltd. (Japan), Illumitex, Inc. (U.S.), HortiluxSchreder B.V. (Netherlands), and Sunlight Supply, Inc. (U.S.) Contact:MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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