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“Grow lights market to exhibit a high growth between 2017 and 2022”The Grow Lights Market was valued at USD 2.50 billion in 2016 and is likely to grow at a CAGR of 11.86% between 2017 and 2022. The key factors driving the growth of the market include growth in indoor farming practices, government initiatives to encourage the adoption of solid state lighting (SSL) technology such as LED, and rising demand for energy-efficient and long lasting grow lights technology. However, the high costs of energy-efficient grow lights are restraining the growth of this market.
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The objectives of the study of this report
• To define, describe, and forecast the grow lights market on the basis of technology, installation, application, and geography
• To describe the spectrums used in grow lights
• To forecast the market size of various segments with regard to four main regions—North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To use the Porter’s five forces model to gauge the entry barriers to this market, along with the analysis of the value chain and market roadmaps to study the evolution
• To strategically analyse the micro markets with respect to individual growth trends, future prospects, and contributions to the total market
• To analyse the opportunities for stakeholders by identifying high-growth segments in the grow lights market
• To strategically profile key players, comprehensively analyse their market share and core competencies, and detail the competitive landscape of the market
• To analyse the competitive developments such as joint ventures, mergers and acquisitions, new product launches and developments, business expansions, and research and development (R&D) carried out in the grow lights market
“Commercial greenhouses to hold a major share of the grow lights market between 2017 and 2022”
Commercial greenhouses have witnessed increased automation in the last decade, and the concept of controlled environment agriculture (CEA) is being implemented in the greenhouses to maintain optimum growing conditions and obtain a higher yield. The growers are gradually realizing the potential benefits of cultivating plants inside a greenhouse; this has contributed to the development of commercial greenhouses. LED grow lights can be easily programmed and integrated into the CEA setup within a greenhouse. Hence, growers with greater investment capabilities have started shifting toward LED grow lights from conventional lighting systems.
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“Grow lights market in RoW to grow at a high rate in the coming years”
The market in RoW is expected to grow at a high rate between 2017 and 2022, owing to the increasing adoption of indoor farming practices especially in the Middle East and South American regions. The urban farming methodologies to meet the increasing demand for food and to mitigate the issues related to water scarcity and extreme temperatures have led to the increasing use of grow lights in this region. The grow lights market for vertical farming applications is expected to grow at a significant rate in this region in the near future. The Middle East and Africa hold a major share of the grow lights market in RoW.
Breakdown of the profile of the primary participants:
• By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
• By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
• By Region: North America - 45%, APAC - 30%, Europe - 20%, and RoW - 5%
The major key players operating in the grow lights market include Royal Philips (Netherlands), General Electric Company (U.S.), Osram Licht AG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), IwasakiElectric Co., Ltd. (Japan), Illumitex, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), and Sunlight Supply, Inc. (U.S.).
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Release ID: 180691
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