Global grow lights market is expected to reach market size of $5,954.1 million by 2023, P&S Intelligence
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.
Insights on market segment
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. Owing to surging urbanization in Asia-Pacific, the regional grow lights market is expected to become the second largest by 2023.
Access Report Summary with Detailed TOC on "Grow Lights Market by Technology (HID, LED, Fluorescent), by Spectrum (Full, Partial), by Installation Type (New Installation, Retrofit), by Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Research), by Geography (U.S., Canada, Netherlands, U.K., Germany, Scandinavia, Japan, Australia, China, Singapore, Mexico, Brazil, Saudi Arabia, U.A.E.) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/grow-lights-market/report-sample
Europe remains the largest market throughout the forecast period
With high degree of urbanization, Europe has been the largest grow lights market. However, Asia-Pacific is expected to emerge strongly, mostly owing to the growing population and rising regional inclination towards modern farming techniques. The U.K., Germany, Netherlands and Scandinavia have been the major grow lights market in Europe, while in Asia-Pacific, Japan, Australia, China, and Singapore are the key countries.
Growth in indoor and vertical farming is the key growth driver
Increasing demand for indoor and vertical farming techniques that use grow lights to pace up crop production, is driving the demand of grow lights. The growing need for consistent supply of food among consumers coupled with the growing awareness of the benefits of using LED grow lights, is resulting in the growth of indoor and vertical farms, globally. In addition, the growing per capita spending and rising disposable income of the population are some other factors driving the adoption of both the farming techniques. Moreover, the governments of various countries are promoting indoor and vertical farms to use LED grow lights to work efficiently and speedily, which further drives the global demand of grow lights. Due to growing indoor and vertical farming, the grow lights market is expected to witness growth in coming years.
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. According to the United Nations’ Food and Agriculture Organization, the food production must increase by 70% to feed the global population for the next 40 years. This means that the agricultural sector and food producers are facing number of new challenges, such as irregular supply of food, and insufficient arable land. New farming methods and technologies are necessary to be developed to cope with the demands of food production.
Fragmented market structure
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 Installation Type