Worldwide Latest Market Research Report on “Global Grow Lights Market – Segmented by Technology (HID Lights, LEDs, Fluorescent Lights), Type of Installation (New, Retrofit), Application (Indoor Farming, Vertical Farming, Rooftop Farming), and Region – Growth, Trends, and Forecast (2019 – 2023) 2019-2023”
The Global Grow Lights market with CAGR of 13.1% 2019-2023. The report begins from overview of Industry Chain structure, and describes the industry environment, then analyses market size and forecast of Grow Lights by product, region, and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Alta LED Corporation
- General Electric Company
- GrowGeneration Corporation
- Heliospectra AB
- Natures Hydroponics
- OSRAM Licht AG
- PARsource Lighting Solutions
- Royal Philips Electronics BV
- SolarMax Technology
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Overview of Grow Lights Market:
The grow lights market was valued at USD 2.82 billion in 2017 and is expected to reach a value of USD 5.79 billion by 2023 at a CAGR of 13.10% over the forecast period of 20192023. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and the rest of the world.
Gardening has evolved to be a diverse field of occupation and business for the population, globally. Advancements in technology and innovation in the field of gardening is assisting enthusiastic growth of domestic plants, in a closed environment. Development of a garden within living condos and apartments are becoming increasingly common. Indoor gardening above all has centered food, décor, and freshening of the atmosphere. With the rise of new technology, in the grow lights and affordable gardening systems, research indicates that one-third of the millennia are practicing growing herbs, indoors. Growing environmental concerns and uncertainty over the existing rainfall patterns has led the population to willingly invest in the domestic garden set-up. The further developments in the innovative farming practices, like the vertical farming method have been driving the growth of grow lights market. On the contrary, the high set-up and maintenance cost are hindering the growth of the market.
Emergence of Vertical Farming Methods
Vertical farming, due to increasing food and its origin consciousness, has been a rapidly growing concept, globally. In the recent past, organic food sales were experiencing robust growth, and it is set to continue growing over the forecast period. Vertical farming (the use of hydroponic technology and stacking the layers vertically in a closed space), requires the controlled environment agriculture (CEA) technology. Grow lights play a crucial role in indoor farming, especially in the vertical farming methodology, as the lights can be adjusted, ensuring exposure to the maximum area. Globally, the two factors majorly driving the growth of the vertical farming industry are the demand for local organic food and the growing urbanization. Different research indicates that more than 80% of the earth’s population, i.e., beyond ten billion, by 2050 is estimated to reside in urban centers. Therefore, the requirements of the agricultural industry are expected to increase, immensely.
LED Lights Generate Huge Potential for Grow Lights
Over the recent years, light emitting diodes have evolved significantly and have become widely adopted lighting solution for indoor farming, worldwide. Its increasing popularity in indoor farming has been focused on the hobbyist and commercial greenhouse applications. Compared to other existing alternatives such as HID grow lights, LED grow lights are more energy-efficient, becoming the consumer favorite in the market. Further, with an operational lifecycle span of about five to seven years, and cost saving, in the long run, they are considered quite a sustainable solution.
Presently, dominating the market, LEDs are replacing the conventional fluorescent lights, as a number of retrofit installations involve LED lights. LED grow lights span across a wide range of products with diverse light intensity and their coverage area. Such offerings have helped sustain the market presence of LED grow lights. LED market has been very dynamic, with rapid technology changes, which cater to the requirements such as high intensity and wide coverage area. In addition, an increasing application in the vegetative growth and supplemental flowering and fruiting is found. The initial cost investment required for setting up the LED grow lights was a strong restraining factor for the growth of the market. However, the consumers acquired insights into the long-term benefits of the technology, leading to rapid growth of LED grow lights, over the forecast period.
North American to Witness a Significant CAGR
The legalization of growing marijuana in North America, mainly in the United States, for medical and recreational purposes has created a huge potential opportunity for the grow lights market to expand. With growing urbanization and the highest migration rate towards the urban settlements, the region is at a turnaround point in the agricultural industry, with immense pressure on industrial production. The legalization of marijuana has further created huge potential opportunities for the grow lights market, as consumers are now setting up small-scale indoor farming plantations. The growing popularity among the consumers and their preferences for the local and organically produced food have created a huge demand for the organic production units. Moreover, with the United States government encouraging the organic and small-scale vendors dealing with organic food, a record of 12% of the total businesses include organic products based enterprises. Millennial parents have driven the shift toward organic products, by centering the emphasis on urban establishments and hence driving the growth of the indoor farming methods in the country. The population growth and the continuing trends, has led to innovative farming technologies, such as vertical farming, which is accelerating the adoption of grow lights in North America.
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Reasons to Purchase the Report
The Global demand for Grow Lights Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2019 and 2025 compared to a few years ago, signifying the rapid pace of change.
Global Grow Lights Market highlights the following key factors:
- A complete informative analysis of Grow Lights industry, which includes a valuation of the parental market.
- Emerging trends by sections and regional markets.
- Major developments in market dynamics & market overview.
- Grow Lights Market shares and methods of key players in the Grow Lights market.
- Current and predictable size of Grow Lights market from the outlook of both value and volume.
- Reporting and estimation of recent industry developments.
- References to companies for establishment their position in the Grow Lights market.
Grow Lights Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Grow Lights Market players in detail. Grow Lights Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Key Features of the Grow Lights Market Report:
- Grow Lights Market insights and finger analysis will help take knowledgeable decision in the changing competitive dynamics.
- To build up a far-reaching, verifiable, every year refreshed and financially perceptive data dependent on execution, capacities, objectives, and systems of the world is driving organizations.
- To help current providers reasonably evaluate their money related, advertising and innovative capacities opposite driving contenders.
- To supplement associations internal competing data gathering endeavors by giving vital investigation, information understanding, and knowledge.
- Five-year forecast measure would give a clear understanding of future growth.
- Investigation of upcoming and past market information will help in organizing an outline of current business strategies.
- Comprehensive information of market players will help understand consumer demands and market scope.
- Development opportunities and forecast buyer requests will evoke the collection of revenue.
- A comprehensive analysis of the changing competitive dynamics will keep you ahead of the competitors.
- The fresh proficient elements such as industry production study, revise product-launching events, growth and risk factors will help in the forecast feasibility analysis.
- To distinguish the slightest focused market specialties with huge development potential.
The growth of this market worldwide is subjected to various factors; including consumer world-class Grow Lights Market of many Grow Lights Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
In conclusion, Grow Lights Market report presents the descriptive analysis of the parent market based on elite players, present, past and futuristic data that will serve as a profitable guide for all the Grow Lights Market competitors.
Mr. Ajay More
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