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Grow Lights Market

Grow Lights Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Technology (HID, Fluorescent, LED, Induction), Type of Installation (New and Retrofit), Application (Indoor Farming, Vertical Farming, Commercial Greenhouse, Research)

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Market Overview

Grow light is an electronic source of light used to stimulate plant growth artificially as it is designed to emit electromagnetic radiation similar to that required for photosynthesis. They are majorly used as indoor lighting systems that is right for the particular plant species to be grown and can be deployed for both on and off earth applications. The plants grown in space can be used as replacement of nutrient pills for astronauts and cosmonauts. The grow lights are emerging as an opportunity as a means of food production in the space for extra-terrestrial colonization. The blue LEDs are key for the vegetative growth stage in a plant, while the red LEDs drive fruiting and flowering.

Market Dynamics

This rapidly growing marketplace seeks to boost productivity in greenhouses and indoor commercial plant farming. Now-a-days, indoor farming has been evolving due to the increasing adoption of farm-to-table concept and surging demand for organic foods. Under the farm-to-table concept, restaurants and cafeterias directly acquire from local food producers, in which indoor farming is helpful. Organic food on the other hand also promotes indoor farming which has been imparting positive impact on the grow lights market. Inside the doors, one can control the environment better for organics.

As the farmers tend to optimize plant production, the grow light manufacturing companies seek to form light recipes for specific plants, with the idea of patenting these recipes. However, each plant species often reacts differently to different recipes and different species of the same plant also seem to react differently. Also, one plant may require different wavelengths of light depending on where it is at in its growth stage. Grow lights cannot meet requirement for specific plants, therefore, significant research is required to be done in this field. On the other hand, growers have observed that they have been able to achieve a rapid return on investment due to substantial decrease in the energy costs associated with using grow lights. Grow lights are also helpful in elongating the growth season, removing chemical contaminants from the food supplies, and also significantly reducing transportation costs for food production, which has been increasing its market demand.

Trends

The concept of multi-layer farming, has been evolving to increase the yield in the per unit area of the field, which leads to the idea of city farming. Besides, the evolving acceptance of Marijuana for medical and recreational purposes in indoor farming has also been observed in the grow lights market. Medical Marijuana is legal for use in 28 U.S. states, with several other states to continue following the league. For instance, Sacramento, California has only recently begun accepting commercial Marijuana grow rooms. Heliospectra said that it expects to receive additional orders and that it has already sold smaller numbers of units to customers in Colorado and Washington, where recreational Marijuana has now been made legal.

Growth Drivers

As the world population increases at an alarming rate every year, the growing demand for food production is a major driver for the increase in adoption of alternative advanced methods to match with the escalating food demand. The major advantages of grow lights growth chambers include round the year production feature, elimination of the need to use pesticides or herbicides, no crop failures due to undesirable weather conditions. Controlled environment agriculture is thus gradually revolutionizing the farming and food industry, and is consequently driving the grow lights market. Some countries having limited arable land and which were mainly reliant on importing fresh produce, now also have the option to grow much of their requirements locally, with the help of grow lights.

Restraints

The grow light technology is in its evolutionary stage, where LED grow lights have begun to replace the traditional high intensity discharge (HID) grow lights due to the advantages of compact size, customization of grow light spectrum, low power consumption and low maintenance cost. The higher deployment cost of a more advanced technology slows down the market growth to some extent. However, lower maintenance cost in the long run mostly offsets the hindrance of initial costing. The potential for LED-lighting sales in horticulture may grow with the increase in consumer awareness towards the usage pattern of a specific grow light, such as solid state lighting (SSL), so as to increase productivity.

Competitive Analysis

Grow lights is not a new concept; however, its adoption has not still been full-fledged. The grow lights market reported consolidated structure as the major market share is held by some of the key players. Some of the major players in the grow lights market are Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V., Transcend Lighting, LumiGrow Inc., Heliospectra AB., Illumitex, Inc., Hortilux Schreder B.V., Sunlight Supply, Inc. Some of the companies in the grow lights market have been entering partnerships, to share their technologies and enhance their products. For instance, Gavita Holland and Transcend Lighting have entered into a partnership for launching a portfolio of LED lighting products for the horticulture lighting market.

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