Grow lights market was valued at USD 2.82 billion in 2017 and is expected to reach a value of USD 5.79 billion by 2023 at a CAGR of 13.10% over the forecast period of 2018-2023| Key Players - S ROYAL PHILIPS ELECTRONICS BV, ALTA LED CORPORATION, OSRAM LIG

North American to Witness a Significant CAGR

The legalization of growing marijuana in North America, mainly in the United States, for medical and recreational purposes has created a huge potential opportunity for the grow lights market to expand. The population growth and the continuing trends, has led to innovative farming technologies, such as vertical farming, which is accelerating the adoption of grow lights in North America.

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The rise of new technology, in the grow lights and affordable gardening systems is driving the market Vertical farming, due to increasing food and its origin consciousness, has been a rapidly growing concept, globally. In the recent past, organic food sales were experiencing robust growth, and it is set to continue growing over the forecast period. Light emitting diodes have evolved significantly and have become widely adopted lighting solution for indoor farming, worldwide. Its increasing popularity in indoor farming has been focused on the hobbyist and commercial greenhouse applications as it is more energy-efficient.

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Market Segments:
Grow lights market is segmented by:
1. Technology: High-intensity Discharge (HID) Lights, High-pressure Sodium (HPS), Light Emitting Diodes, Fluorescent Lights, Light Emitting Plasma Grow Lights, Induction Lights, Others
2. Type of Installation: New Installation, Retrofit Installations
3. Applications: Indoor Farming, Commercial Greenhouse, Vertical Farming, Rooftop Farming, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• August 2017: GrowGeneration Corp. underwent a strategic partnership with LumiGrow Inc., a smart horticultural lighting company. This partnership was to ensure that professional-grade LED lighting technology and reliable support will remain easily accessible for cannabis growers.
• May 2017: In Light Fair 2017 in Philadelphia, Osram launched a new horticulture lighting technology, Oslon Square Hyper Red. This third-generation 2 watt LED featured improved emission characteristics, higher optical output, and impressive corrosion resistance, so plant lighting systems based on the Oslon Square Hyper Red can be made particularly economical.

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