Global Grow Light Market was valued US$ 3.46 Bn in 2019 and is anticipated to reach US$ XX Bn by 2027 at a CAGR of about XX % during a forecast.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Grow lights are basically used for cultivating plants, which are out of season or situation of insufficient light to grow plants naturally.
An increase in the demand for energy-efficient products, which are ecologically safe and trend of indoor farming and government initiatives for the adoption of innovative technologies like LED in lighting application are expected to drive the growth in the global grow light market. On the other hand, low consumer awareness is expected to limit the growth of global grow light market during the forecast period.
Farmers across the globe are progressively shifting toward hydroponic systems for plant cultivation because of the limited access to outdoor space for gardening and cultivation. Despite sunlight is a key element in the expansion of hydroponic systems, gardeners are gradually opting for electrical illumination for interior farming applications. The grow light solutions are widely adopted for hydroponic systems. Rise in popularity of hydroponic farming systems is expected to drive the global grow light market growth.
The vertical farming sector is expected to drive the significant growth in the global grow light market. Vertical farming deliver the features such as low transportation cost, less water requirement and technology advancement like internet of things are the key factors. Lighting system with the LED is expected to dominate the growth in global grow light market. Lighting system devices usage an LED lighting system, which delivers dual band colour spectrum and maintains efficiency and low heat dissipation.
Region-wise, The Asia Pacific is estimated to share US $ XX Mn share in the global grow light market because of the rise in demand of the grow light products in greenhouse farming and indoor farming. An increase in trend of commercial farming and number of commercial livestock farms are exepcted to increase the demand of the grow light market in the Asia-Pacific region. The development and growth of the livestock population by farmers and the adoption of advanced technologies for farms are expected to boost the growth in the grow light market in th region.
The objective of the report is to present a comprehensive analysis of Global Grow Light Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report.
External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Grow Light Market dynamics, structure by analysing the market segments and project the Global Grow Light Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Grow Light Market make the report investor’s guide.
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Scope of the Global Grow Light Market
Global Grow Light Market, by Technology:
Global Grow Light Market, by Installation:
Global Grow Light Market, by Application:
• Indoor Farming
• Vertical Farming
• Commercial Greenhouse
Global Grow Light Market, by Region:
• North America
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players analyzed in the Global Grow Light Market:
• Royal Philips
• General Electric Company
• Gavita Holland B.V.
• LumiGrow, Inc.
• Heliospectra AB
• Borst Bloembollen B.V.
• Transcend Lighting Inc.
• Sunlight Supply Inc.
• Beacon Lighting India
• Walters Garden, Inc.
• Osram Licht AG
• Green Sense Farms
• Shenzhen Juson Technology Co., Ltd.
• General Electric Company
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