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 (2018 – 2024). The extensive utilization of indoor cultivation and vertical farming for the production of crops is expected to contribute towards the growth of global grow light market at an extensive rate. Based on technology, the market is categorized into high-intensity discharge (HID), fluorescent, light emitting diode (LED) and others. HID is further sub segmented into high intensity sodium lamps, metal-halide lamps, ceramic metal halide lamps, combination MH and HPS lamps and others. Moreover, fluorescent is further sub segmented into T5 and CFL (white light and neutral). HID segment is predicted to witness a CAGR of 10.7% during the forecast period.
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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.
Increasing demand for vertical and indoor farming techniques that are extensively using grow lights in order to rapidly increase the speed of crop production; and increasing requirement for constant food supply among the consumers along with increasing popularity among the users regarding LED grow lights are boosting the demand for grow lights in vertical and indoor farms across the globe. Moreover, the government organization of various developed as well as developing nations are propelling commercial growers to use LED lights in order to enable efficient and steady operations that is further pertaining towards the growth of global grow light market.
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Geographically, Europe have been contributing largest revenue throughout the estimated period due to increasing awareness related to 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.
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.
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