Grow Lights Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends & Forecast

Global grow lights market is expected to reach market size of $5,954.1 million by 2023. The market is expected to witness high growth with increasing indoor farming practices and growing demand for grow lights growth chambers due to surging population.

The need of economical grow light technology in cities, increasing government support for the adoption of LED lights, rising disposable income among consumers in developing countries, and surge in per capita global GDP over the years, are expected to boost the growth of grow lights market during the forecast period.

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Based on our analysis, LED based grow lights have been the largest as well as the fastest growing market. Being an efficient technology, the demand of such modern solutions is further projected to increase during the forecast period. Full spectrum based grow lights has been growing at higher pace, as compared to the partial spectrum.

The increasing demand for grow lights growth chambers with growing population is another important factor driving the grow lights market. The world population is growing steadily, while farmland and natural resources are becoming lesser day by day.

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Koninklijke Philips N.V., and General Electric are the top two companies operating in the grow lights market. There exists a stiff competition among other key players like Osram Licht AG, Dool Industries, Heliospectra AB, and Illumitex Inc.

Grow Lights Market Segmentation

By Technology

• LED
• Fluorescent
  • T5
  • CFL
• HID
  • High intensity sodium lamps
  • Metal-halide lamps
  • Ceramic metal halide lamps
  • Combination MH and HPS lamps
  • Others (conversion bulbs and switchable ballasts)
• Others (induction and plasma)

By Spectrum

• Full spectrum
• Partial spectrum

By Installation Type

• New
• Retrofit

By Application

• Commercial greenhouse
• Vertical farming
• Indoor farming
• Research
• Others (turf and landscapes, and rooftop farming)

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Created on Apr 26th 2019 04:05. Viewed 482 times.

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