Grow Light Market Information and Industry Trends by 2024 - AeroFarms, Gavita International b.v., Lumileds, Philips Lighting, OSRAM, Valoya, Heliospectra AB, Sunlight Supply and Fluence Bioengineering
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Players in the grow light market include AeroFarms, Gavita International b.v., Lumileds, Philips Lighting, OSRAM, Valoya, Heliospectra AB, Sunlight Supply and Fluence Bioengineering Manufacturers are required to focus on product launches, collaborations, strategic partnerships, mergers, and acquisitions to sustain advancements in the grow light market. Continuous R&D activities help in reducing the costs of devices, furthering the expansion of grow light market. Valoya Ltd. launched a new product line titled BL series in January 2018.
Rapid urbanization has resulted in heavy population migration to urban areas, driving the demand for grow light market. This results in an increased demand for food in urban regions as the area for natural farming is severely limited. The application of this equipment in such regions enables the crop growth for the general population. In the aftermath of the Canadian government legalizing the cannabis production by means of LED devices, Heliospectra AB announced that it had received an order of USD 650,000 by an undisclosed company for the provision of its LX60 intelligent LED solution. Cannabis requires intensive illumination source for prolonged periods, spiking the demand for the grow light market.
LED grow light market segment is expected to show a high growth owing to the increased lifecycle, lower energy consumption, high-intensity output, and consistent performance. High-intensity discharge devices find applications in regions where the level of sunlight available is low and the temperature required for plant growth is not adequately warm. Fluorescent equipment segment of the grow light market is poised to grow at a fast rate during the forecast time period owing to its higher lifecycle and low power consumption. These are suitable for small-scale applications as they are relatively inexpensive devices. However, these devices are fragile in nature and may incur additional labor and maintenance costs. Therefore, they are suitable for plants requiring lower illumination and heat levels for growth.
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The rise of vertical farming techniques has had a positive effect on the rise of the grow light market across the world. This technique is on the rise owing to the space-saving characteristics, high crop yield, and lower interference from external environmental characteristics. The technology has high applications in this farming technique. However, grow light market expansion is obstructed by the inability of farmers to afford indoor or vertical farming techniques as the maintenance costs incurred by famers and horticulturists are higher than the conventional farming techniques. However, the profits obtained by this technique are higher than the maintenance costs. These methods require a higher amount of water, thereby making it unsuitable in regions such as African deserts with scant water resources, impacting the adoption of grow light market in these locations.
Grow light market has a promising scope for expansion by facilitating the use of automated and semi-automated farming techniques. For instance, automated facilities enable the user to have the added flexibility of concentrating on the other aspects of farming. With the commercialization of IoT, grow light market expansion will receive further impetus. There is a high demand for remote and connected technologies for better convenience and higher efficiency. Fluorescent LED devices exhibit varied spectrums of wavelength output and can drive the grow light market in the near future. For instance, the warm and red spectrum is recommended for the growth of flowers and the cool and blue spectrum is preferred for vegetative growth.
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Research applications are anticipated to witness growth in the coming years. Scientific experiments conducted on plants constitute the research field applications of the devices. The application of grow light market in commercial greenhouses is increasing at a rapid rate. The greenhouses allow greater control over the growth environment of a plant. Key factors such as fertilizer applications, irrigation, and atmospheric humidity can be altered to suit the growth of the plant.
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