Global Grow Lights Market Size, Status and Forecast 2021-2025
The Grow Lights Market report provides a unique tool for evaluating the market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date Marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments and focuses on market capacities and on the changing structure of the Grow Lights.
The grow lights market was valued at USD 3.65 billion in 2019, and it is expected to reach USD 7.65 billion by 2025, at a CAGR of 13.14% over the forecast period (2020-2025).
– Increasing number of plant factories, need for sustainable development and rise in urban agriculture are current catalysts for the grow lights market.
– Fresh and nutritious vegetables, beautiful floral arrangements, fragrant herbs, etc. are being demanded all year round, and it has become easier at the touch of a button with the pervasiveness of e-commerce. Indoor Farming represents the largest market share with the availability of affordable yet fashionable grow lights.
– Growing environmental concerns and uncertainty over the existing rainfall patterns has led the population to invest in the domestic garden set-up willingly. The further developments in the innovative farming practices, like the vertical farming method, have been driving the growth of grow lights market. On the contrary, the high set-up and maintenance cost are hindering the growth of the market.
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Top Leading Companies of Global Grow Lights Market are Royal Philips Electronics BV, General Electric Company, Heliospectra AB, OSRAM Licht AG, Illumitex Inc., LumiGrow Inc., Everlight Electronics Co. Ltd, Iwasaki Electric Co., Ltd., Grow LED Hydro, Epistar Corp. and others.
Industry News and Updates:
– March 2019 – Signify, the world leader in lighting used the Philips GreenPower LED production module range to provide Japanese food supplier Prime Delica capability to grow high-quality lettuce varieties, spinach, and coriander all year round.
Key Market Trends:
Indoor Farming to Hold Largest Market Share
– With the rise of new technology in the grow lights and affordable gardening systems indicates that one-third of the millennia are growing herbs, indoors.
– One of the major benefits of indoor agriculture is its higher yield when compared with traditional farming. Enclosing facilities creates ideal growing environments, leading to less harvest time and repeat the harvest more times in a year.
– For example, according to the 2016 estimates of USDA, the average yield of conventionally grown tomatoes in the United States was estimated to be 805 cwt per acre or 1.85 pounds per square foot. In the same year, greenhouse hydroponic tomato farmers in the country experienced an average yield of 10.59 pounds per square foot.
– Further, in regions like North America, indoor farming activities are multiplying. According to Agrilyst Inc., North America has an average yield of 5.5 pounds per square foot per indoor farm that is producing leafy green vegetables in 2016. Over the forecast period, such high productivity is expected to draw more investments into the sector, creating more opportunities for the grow lights market over the forecast period.
Asia-Pacific to Witness the Fastest Growth Rate During the Forecast Period
– Asia-Pacific is one of the fastest growing regions for grow lighting. Rapid increase in urban agriculture, such as vertical farming, greenhouses, and growth chambers are fueling the demand for growth light in the region. Countries, like Japan, Taiwan, and China are the major source of demand for grow lights in the region and are estimated to stay so over the forecast period.
– In Japan, the urban agriculture establishments are addressed as plant factories and the country’s largest plant factory with a capacity of producing more than 20,000 heads of lettuce in a day, in just over a 3000-square-meter facility.
– Also, the country’s government and private sector encourage urban agriculture practices. For example, electronics giant Fujitsu, in recent years, converted its factories, that were formerly semiconductor manufacturing establishments, into plant factories.
– Taiwan is emerging as a major player for grow lights market housing the largest indoor plant production facility in the Asia-Pacific region. Over the forecast period, increasing urban agriculture initiatives in countries, like China and India, are expected to drive the demand for grow lights in the region.
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Highlights of the Grow Lights Market Report:
– Detailed overview of Grow Lights Market
– Changing the Grow Lights market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected Grow Lights market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Grow Lights Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Grow Lights Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Grow Lights industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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