Global Grow Light Market Size of USD 6.3 billion in 2017


Posted April 21, 2020 by Goal_T

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The global grow light market is expected to be valued at USD 6.3 billion by 2024, witnessing a CAGR of 11.7% during the forecast period. Light performs crucial role for the development of plant as it serves as the most significant energy resource for the plants to grow. Furthermore, it has been observed that there are several plants that flourish and grow without the use of sunlight and some blossom with the use of artificial grow lights. The commonly used grow lights are fluorescent bulbs, metal halide (MH) bulbs and high-pressure sodium (HPS) bulbs.

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The global grow light market is segmented into indoor farming, turf and landscaping, vertical farming, research, commercial greenhouse and others. Among all these application segments vertical farming is anticipated to witness fastest CAGR of 11.9% during the forecast period. Vertical farming enables growing of large number of plants within a single bounded structure such as in the form of building based and shipping container with the use of controlled environment agriculture and artificial lighting methodology. These structures are rapidly being used by the commercial crop growers to produce vegetables and fruits in all seasons in urban formations.

Geographically, Europe is the largest grow light market due to increasing awareness related to the significance of alternative farming, ever-expanding populations and less accessibility of productive agricultural land is expected to fuel the growth of grow light market in this region. Moreover, Asia-Pacific is expected to further witness the significant growth of this market due to increasing adoption of improved technology of crop.

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Some of the key players in global grow light market include Koninklijke Philips N.V., General Electric Company, Osram Licht AG, Gavita Holland B.V., Illumitex, Inc., Hortilux Schreder B.V., Iwasaki Electric Co., Ltd., LumiGrow, Inc., Heliospectra AB, and Sunlight Supply, Inc.

Global Grow Light Market Coverage

Technology Insight and Forecast 2014 - 2024

LED
HID
Metal-halide lamps
High-intensity sodium lamps
Combination MH and HPS lamps
Ceramic metal halide lamps
Others (conversion bulbs and switchable ballasts)
Fluorescent
CFL
White
Neutral
T5
Others
Spectrum Insight and Forecast 2014 - 2024

Partial Spectrum
Full Spectrum
Installation Insight and Forecast 2014 - 2024

Retrofit
New Installation
Application Insight and Forecast 2014 - 2024

Indoor Farming
Vertical Farming
Commercial Greenhouse
Research
Turf and Landscaping
Others
Geographical Segmentation

Grow Light Market by Region

North America

U.S.
Canada
Mexico
Europe

Germany
U.K.
France
Italy
Rest of Europe
Asia-Pacific

Japan
China
India
Australia
Rest of Asia-Pacific
Rest of the World (RoW)

Brazil
Saudi Arabia
U.A.E
Other Countries

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Last Updated April 21, 2020