Grow Light Market – Overview:
According to a recent study report published by Market Research Future, the Grow Light Market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
The global grow light market is showing immense growth; mainly due to the growing urban cultivation & vertical farming and growing adoption of environment-friendly production of fruits and vegetables. Steep increase in the adoption of LEDs for farming related applications is one major factor driving the growth of grow light market. Royal Philips, General Electric Company, Osram LichtAG, Gavita Holland B.V., and LumiGrow, Inc. are the major investors in the grow light market.
Based on application, commercial greenhouse sub segment is expected to hold the largest share of the grow light during the forecast period. This is owing to the low power consumption and spectral intensity being offered by grow light technology. Also, the market of vertical farming is expected to grow at a significant rate during the forecast period. This is owing to the increasing demand for fresh production and increase in the number of vertical farming applications.
Major Key Players
Royal Philips (Netherlands), General Electric Company (U.S.), Osram LichtAG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), Iwasaki Electric Co., Ltd. (Japan), Illumitex, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), and Sunlight Supply, Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Grow Light Market.
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Jan 2018 – Xerox Philips Lighting has installed LEDs at Madestein UK. The company supplies fresh lettuce and herbs to the UK’s major food retailers, food service companies and wholesale markets. They have Philips GreenPower LED toplighting to improve the quality of its crops.
September 2017 – Osram has launched a new product line for horticultural and architectural lighting. This will cover professional applications including linear and area lighting, high and low bay lighting and street lighting. It offers exceptional robustness, extensive color portfolio and scalable current, and impressive versatility.
December 2017 – Illumitex is expanding its LED offerings and horticultural science team. Its full spectrum is ideal for flowering plants and with the introduction of the X6 Full Spectrum optimized for flowering plants and digital horticulture applications.
Europe is expected to witness a significant growth and hold the largest market share during the forecast period. This is due to Netherlands being the leading exporter of horticultural produce which increases the usage of commercial greenhouse. Also the growing population in Europe is one major factor responsible for driving the growth of grow light market. Moreover, the concept of vertical farming is gaining popularity in this region and is helping in boosting the market growth. Grow light market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to increasing awareness regarding the benefits of grow light technology.
The market of grow light appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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