Grow Lights Market Worth $2.5 Billion in 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, May 21, 2020 /PRNewswire/ -- According to the new research report on the "Grow Lights Market by Offering (Hardware, and Software & Services), Installation Type (New and Retrofit), Application (Commercial Greenhouses, Vertical Farming, Indoor Farming, and Others), Lighting Type, Watt, and Geography - Global Forecast to 2025", published by MarketsandMarkets(TM), the Grow Lights Market is projected to reach USD 2.5 billion in 2025 from USD 1.0 billion in 2020, at a CAGR of 19.9%.
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Major drivers for the grow lights market's growth are increasing adoption of indoor farming in urban areas; ongoing government initiatives to support energy-efficient lighting; a growing need for long-lasting, energy-efficient, and economical grow lights; and emerging trend of farm-to-table concept. Further, the rise of vertical farms, technological advancements in LED grow lights, the legalization of cannabis in different countries including the US, and the emergence of horticulture lighting software and calculator will create opportunities for the grow lights market. The major restraint for the market is the high setup and installation costs. The lack of standard testing practices for assessing product quality of grow lights and their fixtures pose a major challenge to this market.
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Toplighting is expected to hold larger share of grow lights market
Toplighting is the conventional lighting method in controlled environment agriculture. Nearly 94-96% of global crop production uses toplighting. Lamps with a particular spectrum of light are positioned above the plants. Interlighting is a relatively new concept, and the market for interlighting is expected to grow at a higher CAGR of 27.4% during the forecast period owing to the increasing awareness about this lighting technique. Interlighting provides greater light efficacy, which results in higher yield compared to toplighting as the design of interlighting allows a plant to absorb light rays from the entire spectrum.
>300-Watt segment is expected to hold larger market share of grow lights market during forecast period
>300-watt grow lights offer a full-spectrum light, which is safe for all stages of growing plants. These lighting fixtures cover an area of about 4×4 and a height of about 6.5 feet. The wide array of light helps stimulate photosynthesis. The intensity remains constant, thereby facilitating the rapid growth of plants. They come with high-quality fans and aluminum heat sinks, which ensure efficient heat dissipation and extended life.
In June 2019, Signify introduced a new Philips GreenPower LED production module 3.0 (49-635 watt) to help growers optimize multilayer crop cultivation of lettuce and other leafy greens, herbs, soft fruits, and young plants. The new module enables growers to adapt the color spectra easily to meet the needs of different crops and growth phases.
Browse in-depth TOC on "Grow Lights Market"
61 - Tables
50 - Figures
139 - Pages
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Grow lights market in APAC to grow at highest CAGR during forecast period
The grow lights market in APAC is expected to register the highest CAGR during the forecast period. Growing population, and increasing emphasis of regional governments on the adoption of LED lights in farming practices, along with fast-track urbanization, are the key factors driving the market growth in APAC. Additionally, to reduce transportation costs and minimize the distance between the market and production plant of fresh fruits and vegetables, farmers are focusing on urban farming, which is likely to generate demand for grow lights in the coming years.
Signify Holding (Netherlands), General Electric Company (US), Osram GmbH (Germany), Gavita International B. V. (Netherlands), Helliospectra AB (Sweden), Iwasaki Electric Co., Ltd. (Japan), Illumitex (US), Hortilux Schréder (Netherlands), California Lightworks (US), Zuzi Technology (China), AeroFarms (US), Emium LLC (US), InduLux Technologies (Canada), Valoya (Finland), Kessil (US), Thrive Agritech (US), VividGro (US), Bowery Farming, Inc. (US), Metropolis Farms (US), and Crop One Holdings (US) are a few major players in the grow lights market.
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