Grow Light Market by Product and Geography - Global Forecast and Analysis 2019-2023

The global grow light market size will grow by USD 5.47 billion during 2019-2023. This market report provides a detailed analysis of the market by product (HID lights, LED lights, fluorescent lights, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on many market vendors, including Gavita International BV, General Electric Co., Iwasaki Electric Co. Ltd., OSRAM Licht AG, and Signify NV.

Key Insights on Grow Light Market - Global Forecast 2019-2023

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Industry Overview

The rising demand for food from urban areas because of the growing urbanization has put pressure on the agricultural sector. This has further created a shortage of arable land and water. As a result, governments, organizations, and individuals have been focusing on innovating farming techniques, such as urban farming, on making local food products easily accessible. Urban agriculture such as closed-environment vertical farming has become prevalent across the US, Canada, the Netherlands, and other countries. As closed-environment urban farming techniques involve the use of artificial lighting, the sales of grow light solutions is increasing. With rapid advances in LED grow lights, urban farmers can replicate natural light wavelengths and color components to facilitate plant growth. This will further fuel the demand for grow lights, driving market growth.

Hydroponic farming systems have gained a high rate of acceptance for cultivating plants indoors because of factors such as limited availability of arable land for farming. The demand for hydroponic farming systems is one of the major grow light market trends that have increased the sale of CFL, HID, HPS and LED grow light solutions. Vendors, such as Arize Lynk, have been offering LEDs for multiple indoor farming spaces such as growth chambers and rooms, greenhouses, and vertical farms to increase sales. As a result of these factors, the grow light market will register a CAGR of almost 19% during 2019-2023.

Top Companies in Grow Light Market

The global market is fragmented. To help clients improve their market positions, this grows light market forecast report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. This grow light market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

The report offers a detailed analysis of several leading grow light manufacturers, including:

• Gavita International BV
• General Electric Co.
• Iwasaki Electric Co. Ltd.
• OSRAM Licht AG
• Signify NV

Market Segmentation

Grow Light Market by Product

• HID lights
• LED lights
• Fluorescent lights
• Others

The HID lights market segment held the largest market share in 2018 as they are used as the primary source of light to aid the flowering cycle of plants. However, the additional ownership cost incurred to adopt double-ended HID grow lights will hamper the growth of the market segment and weaken its position by one place. The LED lights segment will account for the highest grow light share over the forecast period. The high energy efficiency of LED lights and their long lamp life will boost the growth of the market segment during the forthcoming years. This report provides an accurate prediction of the contribution of all the segments to the growth of the grow light market size.

Grow Light Market by Region

• APAC
• Europe
• MEA
• North America
• South America

With a complete study of the growth opportunities for companies, it has been identified that Europe will account for the highest share of the grow light throughout the forecast period. Factors such as the growing emphasis on food safety that fuel the popularity of indoor vertical farming techniques and the introduction of various products by market vendors are contributing to grow light market growth in this region.

Major Highlights of the Grow Light Market - Global Forecast 2019-2023

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the grow light during the next five years
• Precise estimation of the global grow light market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the grow light industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of grow light companies

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