The global grow light market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing vertical farming & urban cultivation as well as wide adoption of environment-friendly production methods for fruits and vegetables.
A grow light is a type of electronic lamp that allows to accelerate plant growth by releasing solar radiation spectrum ideal for oxygenic. The LED light is commonly used in order to emit different range of light spectrum to plants to nurture normal growth even without needs for the sunlight. The introduction of advanced grow light has largely facilitates to grow different plants in a controlled environment and a limited space for plantation land. Using the technology, the photosynthesis process can still take place within plants and ensure proper growth of the plants including fruits, and vegetables, favorite herbs, year-round by using the fixture or correct bulb.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid growth of the overall global population has raised the demand for more vegetables and fruits, thus, fostering the growth of urban agriculture.
- Increasing awareness concerning the importance of the technology owing to the less availability of fertile agricultural, and alternative farming are key factors spurring the market.
- Good production results in indoor farming compared to traditional farming and availability of innovative technology can produce more crops production.
- Issues concerning to short battery life and incompatibility for large farming practices are major challenges that can hinder the market growth in the coming years.
- Strict government regulations for sustainable development in urban agriculture and integration of advanced techniques for farming are key factors offering immense growth opportunities of the market.
Scope of the Report
The report on the global grow light market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Grow Light Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Products (300 Watt and <300 Watt), Applications (Vertical Farming, Commercial Greenhouse, Indoor Farming, and Others), Technologies (LED, Fluorescent, High Intensity Discharge, and Plasma), Systems (Software and Hardware), Installations (Retrofit and New Installation), and Spectrums (Full Spectrum and Partial Spectrum)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Illumitex, Inc.; AeroFarms; and GAVITA Holland bv.
|
Market Segment Insights
300 Watt segment is expected to grow at a rapid pace
Based on products, the global grow light market is bifurcated into 300 watt and <300 watt. The 300 watt segment is expected to grow at a rapid pace during the forecast period due to increasing technological development in the product type to offer higher efficiency and energy conservation of the farming practices. However, the <300 watt segment is anticipated to hold a key share of the market in the coming years owing to the wide use of the product for large agricultural practices.
Vertical farming segment is projected to expand at a considerable CAGR
On the basis of applications, the market is segregated into vertical farming, commercial greenhouse, indoor farming, and others. The vertical farming segment is projected to expand at a considerable CAGR during the forecast period due to increasing use of advanced technology of light system in the farming activities. On the other hand, the commercial greenhouse segment is anticipated to account for a major market share during the forecast period due to wide popular of the greenhouse plantation for various fruits and plants.
LED segment is anticipated to dominate over the forecast period.
Based on technologies, the global grow light market is divided into LED, fluorescent, high intensity discharge (HID), and plasma. The LED segment is anticipated to dominate during the forecast period due to wide government initiatives and emergence of urban cultivation enterprise to accept energy efficient LEDs for farming practice. However, the plasma segment is anticipated to hold a key share of the market in the coming years as plasma lights have high opening costs but are economical in the long run. Plasma lights are useful for growth of vegetables.
Software segment is expected to exhibit a high growth rate
On the basis of systems, the market is bifurcated into software and hardware. The software segment is expected to exhibit a high growth rate during the forecast period growth due to rising demand for controlled-environment agriculture (CEA) and protection of environmental ecosystem using software. On the other hand, the hardware segment is anticipated to account for a major market share during the forecast period due to various use of hardware types including high intensity discharge (HID), LEDs, plasma lights, and ballasts.
Retrofit segment is expected to grow at a rapid pace
Based on installations, the global grow light market is bifurcated into retrofit and new installation. The retrofit segment is expected to grow at a rapid pace during the forecast period as it is relatively easy to upload JSON and retrieve or other structured data using platforms such as a REST based web service. However, the new Installation segment is anticipated to hold a key share of the market in the coming years due to availability of new installation units having delicate configuration of a hardware or software.
Partial spectrum segment is projected to expand at a considerable CAGR
On the basis of spectrums, the market is bifurcated into full spectrum and partial spectrum. The partial spectrum segment is projected to expand at a considerable CAGR during the forecast period as the partial spectrum lights release light of express spectrum including blue, yellow or green. These light spectrums are useful for various nutrients to several plants. On the other hand, the full spectrum segment is anticipated to account for a major market share during the forecast period since full spectrum lamps discharge light similar to sunlight. These lamps are useful at every growth stage of a plant.
North America is anticipated to constitute a key market share
In terms of regions, the global grow light market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to increasing awareness regarding the alternative farming and increasing population in the region. Moreover, less availability of fertile agricultural land for farming and plantation are the key factors projected to spur the regional market. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to wide replacement of traditional incandescent light bulbs with LEDs to reduce greenhouse gas emissions.
Segments
Segments Covered in the Report
The global grow light market has been segmented on the basis of
Products
Applications
- Vertical Farming
- Commercial Greenhouse
- Indoor Farming
- Others
Technologies
- LED
- Fluorescent
- High Intensity Discharge
- Plasma
Systems
Installations
- Retrofit
- New Installation
Spectrums
- Full Spectrum
- Partial Spectrum
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global grow light market are Illumitex, Inc.; AeroFarms; and GAVITA Holland bv. These players have adopted several business development method including business expansions, new product developments, partnerships, and contracts to enhance their market share.
Request For Customization
Enquiry Before Buying
Speak With Analyst
