What’s driving the Grow Light Market Size?| Key participants are Aerofarms Ltd., Gavita Holland B.V., Lumileds Holding B.V., Philips Lighting Ltd., OSRAM Licht Group, Valoya Ltd., Heliospectra AB, Sunlight Supply

Global Market Insights, Inc. has added a new report on Grow Light Market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.

Grow Light Market size is expected to register a high CAGR during the forecast period led by rising food needs owing to unprecedented growth in the global population. The UN Food and Agriculture Organization reported that the world population is poised to grow by over a third or 2.3 billion from 2009 to 2050, making food supply a prime issue owing to the limitation of farming space. This technology aids in tackling these issues by extending the daylight hours available for the growth of vegetation by using a full-spectrum of artificial illumination, which comprises the same elements found in the natural sunlight.

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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 industry.

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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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 industry 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.

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 industry expansion will receive further impetus. There is a high demand for remote and connected technologies for better convenience and higher efficiency.

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The grow light market in economies including the U.S., Canada, and the UK due to their higher spending capacity dominates in terms of revenue. Grow light market is expanding in countries including Northern Canadian states, Siberia, and parts of Argentina and Chile, where natural sunlight is available for fewer hours as the night time exceeds daytime hours. The devices are used in these regions to support the crop growth in the absence of natural sunlight.

Players in the grow light industry include Aerofarms Ltd., Gavita Holland B.V., Lumileds Holding B.V., Philips Lighting Ltd., OSRAM Licht Group, Valoya Ltd., Heliospectra AB, Sunlight Supply, Inc., and Fluence Bioengineering, Inc. 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 industry. Valoya Ltd. launched a new product line titled BL series in January 2018.

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Global Market Insights, Inc.
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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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