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Grow Light Market Forecasts to 2027
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The rising popularity of indoor farming is expected to push the development of the grow light market 2020. The semiconductors and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. A 13% CAGR is estimated o bolster the market income levels to USD 6 billion by the end of the forecast period.
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The indoor farming revolution is one of the key factors that are motivating the grow light market size in the coming future. Moreover, the rise in the number of market players is estimated to benefit further the expansion of the grow light industry. The rise in the farming of hemp and cannabis, which are primarily grown through indoor farming is expected to positively impact the grow light market growth in the forecast period.
Segmental Analysis
The segmentation of the grow light market is conducted on the basis of technology, installation, application, and region. Based on the technology, the grow light market is segmented into LED, fluorescent lighting, high-intensity discharge, and others. On the basis of installations, the grow light market is divided into retrofit and new installation. Based on the application, the grow light market is segmented into a commercial greenhouse, indoor farming, vertical farming, landscaping, and others. Based on the region, the grow light market is segmented into Europe, North America, Asia-Pacific, and RoW.
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Detailed Regional Analysis
The regional analysis of the grow light market is segmented into regions such as Europe, North America, Asia-Pacific, and RoW. The European region was accountable for the most significant market stake; the Netherlands is a prominent exporter of horticultural produce, which amplifies the use of commercial greenhouses. Furthermore, the idea of vertical farming is acquiring popularity in this region quickly. The Asia-Pacific region is likely to develop extensively over the forecast period, chiefly due to the escalating knowledge about the benefits of this particular technology. The North American regional market is another noteworthy market with key country-based markets such as the U.S. and Canada being present here. The MEA region is relatively underdeveloped in the grow light market owing to the lack of awareness and technological development.
Competitive Analysis
The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The market is expected to record a stable growth rate in the coming years. The market competitors are expected to play a vital role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The competition in the market is manageable, which is inducing the entry of new players in the global market. The upgrades in production methods are estimated to transform the potential of the market in the forecast period.
The fundamental contenders in the grow light market are General Electric Company (U.S.), Gavita Holland B.V. (Netherlands), Heliospectra AB (Sweden), Iwasaki Electric Co., Ltd. (Japan), Osram LichtAG (Germany), LumiGrow, Inc. (U.S.), Schreder B.V. (Netherlands), Royal Philips (Netherlands), Hortilux Sunlight Supply, Inc. (U.S.), Platinum LED Lights LLC (U.S.) and others.
Industry Updates:
Apr 2020 Black Dog Grow Technologies, also known as Black Dog LED, has introduced an LED-lit, horticultural-lighting study project concentrating on optimizing the production of hemp flower. The Colorado Department of Agriculture (CDA) has approved the facility process. Happy Flower Company is joining with Black Dog to promote the product developed at the research facility, and Hawthorne Gardening Company has supplied equipment for the project.
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