The grow lights market is projected to reach USD 2.5 billion in 2025 from USD 1.0 billion in 2020, at CAGR of 19.9%
NEW YORK, June 1, 2020 /PRNewswire/ -- The grow lights market is projected to reach USD 2.5 billion in 2025 from USD 1.0 billion in 2020, at CAGR of 19.9%.
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Major factors influencing the grow lights market's growth are the increasing adoption of indoor farming in urban areas; ongoing government initiatives to support energy-efficient lighting; the growing need for long-lasting, energy-efficient, and economical grow lights; the 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.
New installations to hold larger share of grow lights market during forecast period
The demand for fresh horticultural produce is increasing with the growing population.This is expected to encourage growers to set up new greenhouses and expand their existing production facilities to cultivate higher yield each year.
The emergence of vertical farms, particularly in urban settings, is also contributing to the overall increase in horticultural output. Plants grown in vertical farms are entirely dependent on artificial lighting for photosynthesis; this factor is driving the growth of the market for new installations.
Among all applications, commercial greenhouses held largest share of grow lights market in 2019
The commercial greenhouse accounted for the largest share of nearly 47% of the grow lights market, by application, in 2019.Commercial greenhouses have witnessed increased automation in the last decade, and the concept of controlled environment agriculture (CEA) is being implemented in greenhouses to maintain optimum growing conditions and obtain a higher yield.
Growers are gradually realizing the potential benefits of cultivating plants inside a greenhouse; this has contributed to the development of commercial greenhouses.
Europe to hold largest share of grow lights market during forecast period
Europe is expected to continue to dominate the grow lights market during the forecast period.This region has been using grow light systems for the past few decades in controlled environment agriculture (CEA) such as greenhouses, vertical farming, and indoor farming.
The use of grow lights in this region is gradually increasing; from being a supplemental lighting source, grow lights are becoming the primary source of light in indoor farming operations.The population of Europe has grown significantly in recent years, and countries in the region are importing fruits and vegetables from the external markets of Africa and Asia in frozen form.
To reduce dependency on imports, some of the major countries in this region are increasingly adopting CEA to obtain fresh produce from locally cultivated farms. This, in turn, is expected to generate a huge demand for grow light systems in the future.
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.
Breakdown of primary participants' profile:
-- By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
-- By Designation: C-level Executives = 40%, Directors = 25%, and Others = 35%
-- By Region: North America = 40%, Europe = 30%, APAC = 20%, and RoW = 10%
Research Coverage:
Watt, lighting type, installation type, offering, application, and geography are the segments covered in this report. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons to Buy the Report:
-- This report includes statistics pertaining to the grow lights market in terms of watt, lighting type, installation type, offering, application, geography, along with their respective market sizes.
-- Major drivers, restraints, opportunities, and challenges for the grow lights market have been provided in detail in this report.
-- The report includes illustrative segmentation, analysis, and forecast for the grow lights market based on its segments and subsegments.
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