Grow Light Market by Product and Geography - Global Forecast and Analysis 2019-2023
Global Grow Light Market: About this market
Technavio’s grow light market analysis considers sales from HID lights, LED lights, fluorescent lights, and others. Our analysis also considers the sales of grow light in APAC, Europe, North America, South America, and MEA. In 2018, the HID light segment had a significant market share. However, the LED light segment will have the largest market share during the forecast period. Factors such as high energy efficiency of LED lights and their long lamp life will play a significant role in the LED light segment to change its market position. Also, our global grow light market report looks at factors such as growing popularity of urban culture, advances in LED lighting technology for horticulture applications, and growing emphasis on expansion of horticulture projects and product offerings. However, high ownership for grow lights, constraints related to lighting complexities and crop range, and stringent regulations in North America and Europe may hamper the growth of the grow light industry over the forecast period.
Global Grow Light Market: Overview
Growing popularity of urban agriculture
Governments, organizations, and individuals have been focusing on innovating farming techniques, such as urban farming due to the shortage of arable land and water. The growing adoption of urban agriculture such as vertical farming, is a practice of producing vegetables in vertically stacked layers or surfaces that may be integrated into structures and skyscrapers. Grow light solutions are being increasingly adopted in urban agriculture projects to reduce the dependency on natural light sources. With rapid advances in LED grow lights, urban farmers can replicate natural light wavelengths and color components to facilitate plant growth. This will lead to the expansion of the global grow light market at a CAGR of almost 19% during the forecast period.
The rising popularity of hydroponic farming systems
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. Hydroponic systems refer to the method of growing plants without any soil or compost. Gardeners are opting for electrical illumination for indoor farming applications. This growing popularity of hydroponic farming systems is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global grow light market during the forecast period 2019-2023, click here.
With the presence of several major players, the global grow light market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading grow light manufacturers, that include Gavita International BV, General Electric Co., Iwasaki Electric Co. Ltd., OSRAM Licht AG, Signify NV.
Also, the grow light market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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