Global Grow Lights Market is valued at USD 4.01 Billion in 2019 and expected to reach USD 9.50 Billion by 2026 with the CAGR of 13.10% over the forecast period.
Increase in demand for energy-efficient and economical lights among consumers and rising government initiatives to the adoption of LED lights across the globe are expected to boost the growth of grow lights market over forecast period.
Scope of Global Grow Lights Market Reports –
Grow light is an electric light rather an artificial source of light which is designed to stimulate plant growth by emitting an electromagnetic spectrum for photosynthesis. Grow lights are widely used in applications where natural light is not available or where supplemental light required. This is basically a type of electronic lamp designed to accelerate plant growth by electronic magnetic spectrum. Grow lights or lamps are useful in indoor gardens where there is insufficient sunlight or no natural light at all to stimulate growth. Hence, the range of bulb types can be used as grow lights, such as incandescent, fluorescent lights, high-intensity discharge lamps (HID), and light-emitting diodes (LED). At present, the most widely used lights for professional use are HIDs and fluorescents. Here, the Indoor flower and vegetable growers typically use high-pressure sodium (HPS/SON) and metal halide (MH) HID lights, but fluorescents and LEDs are replacing metal halides due to their efficiency. Furthermore, the biggest advantage of LED grow lights for cannabis is the increased lifetime of the bulbs. The light emitting diodes have very high efficiency and low energy use which leads them to lasting up to eleven years of continuous lighting or twenty-two hours of half-time operation. Besides, the LED bulbs don’t stop working suddenly but slowly decrease in brightness, giving the consumer heads up in order to prepare for change. The most LED panel’s modular build, a grower is able to swap out the old LEDs for new ones and keep on growing. In addition, the indoor environment where constant lighting is important it is a big advantage to have long lifetime of the bulbs because this ensures less frequent maintenance service time and cost. However, the LED light bulbs produce the same amount of light as HID lights but consume fewer watts. This makes them the best grow lights for electricity savings.
Global Grow Lights Market report is segmented on the basis of product type, application, and by regional & country level. Based on product type, global Grow Lights market is classified as the High Intensity Discharge, Fluorescent Lighting, LED and Others. Based upon application, global Grow Lights is classified into Vertical Farming, Indoor Farming, Commercial Greenhouse, Turf and Landscaping, Research and Others.
The regions covered in this grow lights market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Global Grow Lights Market are,
Global Grow Lights Market Dynamics –
Increasing demand for indoor gardening practices and vertical farming are major factors driving growth of the global grow light market. According to the World Health Organization (WHO) in 2015, the estimated 350 million LED lamps have been sold since and the programme is aiming for 770 million by 2019. In addition, increasing demand for energy efficient light technology coupled government initiatives towards promoting awareness and adoption of solid state lightings and modern farming techniques are other factors driving growth of the global grow plant market. According to the World Health Organization (WHO) in 2027, LED lighting has the greatest potential impact on energy savings in the United States widespread use of LEDs could save about 348 TWh compared to no LED use of electricity, This is the equivalent annual electrical output of 44 large electric power plants (1000 megawatts each), and a total savings of more than 30 billion at today's electricity. The high reliability, low power consumption, high commercial greenhouse practices are also propelling the growth of the grow light market. However, low awareness among consumers, high cost of capital is restricting growth of the market. The recent development observed in the use of LED technology as a grow light, as it consumes low power and emits low heat radiations. In addition, the emerging development of Farm-to-Table concept, where local food is prepared using plants that are grown indoor or directly bought from the producer is probable to advance demand for grow lights in the global market. The most of LED grow lights include full spectrum, dimming and scheduling control into the product technology. The dimming controller enables the grower to customize the proportion of wavelengths transmitted to the plants. Moreover, there is no room for energy waste. Increasing R&D activities in grow light technology is expected to create lucrative business opportunities for key manufacturers in the global grow light market. This farming technique ensures fresh crops and at reasonable prices and can be used as an exceptionally greater source for revenue generation from the under-utilized real-estate constructions. Moreover, owing to all these advantages the market for vertical farming is expected to witness rapid growth in the near future, thereby strengthening the growth of global grow light market.
Global Grow Lights Market Regional Analysis –
North America is expected to witness considerable growth over the forecast period. According to the World Health Organization (WHO) in 2018, the Lighting makes up about 12% of energy consumption in an average household. This is much higher for commercial buildings about 30%. Globally, the increasing demand for grow lights is expected to witness growth in the upcoming future due to the growing nature of end-user industries of grow lights as well as due to the increase in government support for usage of grow lights for farming and related activities. According to the World Health Organization (WHO) in 2018, the United States consumed more energy than ever before, Primary energy consumption in the United States reached a record high of 101.3 quadrillion British thermal units up 4% from 0.3% above the previous record set in 2017.The Europe dominates the global grow light market and is expected to maintain its dominance during the forecast period. This growth can be attributed to increasing population, early adoption of this technology, and insufficient sunlight in some parts of Europe. The Asia Pacific regional grow light market is anticipated have significant growth over the projected period owing to the growing expansion of genetically-modified crop technology. Furthermore, various countries in this region are shifting towards energy-efficient LED lights to reduce energy consumption. Rapid growth in urban agriculture, such as vertical farming, green houses, and growth chambers, is fueling the demand for growth light in the region. These Countries like Japan, Taiwan, and China are the major source of demand for grow lights in the region and are estimated to stay so over the forecast period.
Key Benefits for Global Grow Lights Market Reports–
Global Grow Lights Market report covers in depth historical and forecast analysis.
Global Grow Lights Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Grow Lights Market report helps to identify opportunities in market place.
Global Grow Lights Market report covers extensive analysis of emerging trends and competitive landscape.
By Product Type: High Intensity Discharge, Fluorescent Lighting, LED, Others
By Application: Vertical Farming, Indoor Farming, Commercial Greenhouse, Turf and Landscaping, Research, Others
Regional & Country Analysis
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
Middle East and Africa
• Saudi Arabia
• South Africa
• Rest Of MEA
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