Global Grow Lights Market - By Technology (HID Lights, LEDs, LEPs, Induction Lights), Type of Installation (New Installation, Retrofit Installation), Application, Industry, Geography, Trends, Forecast - (2017 - 2022)

Published - Jan 2017 | Category - ICT and Media | No. of Pages - 142 | Published By - Mordor Intelligence

Report Highlights

The global grow lights market was valued at USD 2.19 billion in 2016 and is estimated to grow at a CAGR of 15.71% during the forecast period 2017-2022 and reach USD 5.26 billion by 2022. We observed an increasing demand in the market, especially for solar-powered LED grow lights. Currently, the most commonly used grow lights are HIDs and fluorescents, but HIDs are slowly being replaced by LEDs and fluorescents due to their high efficiency and economy.

Global Grow Lights Market Dynamics

The explosive growth rate of the global population resulting in an increased demand for food and resources has made the human mind come up with innovative ideas like vertical and rooftop farming. Estimates show that by 2050, more than 80% of the world's population (which would have increased by 3 billion by then) would be living in urban areas, which is a clear indication of how important an invention vertical farming is. These revelations have led to a hike in the number of plant factories around the world, hence driving the global grow lights market. The requirement for species-specific lighting conditions in research and development laboratories has also had a significant impact on the market.

Research shows that LED grow lights market have the most untapped potential because of the low maintenance and running costs and the wide range of customization and flexibility that LEDs have to offer. Our analysts observed that the European markets have shown maximum improvements in the global grow lights market and is one to watch out for.

Global Grow Lights Market Segmentation

The global grow lights market is segmented on the basis of technology used (HID lights, fluorescent lights, LEDs, LEPs, induction lights), type of installation (new installation, retrofit installation), applications (indoor farming, vertical farming, commercial greenhouses, rooftop farming, and others), and by geography.

Key Players in the Global Grow Lights Market

Some of the major players discussed in this report are -

Royal Philips Electronics

General Electric Company

Alta LED Corporation

PARsource Lighting Solutions

Solarmax

Bridgelux

Heliospectra

OSRAM Licht AG

LumiFlow

What the report offers

Market definition for global grow lights market along with identification of key drivers, restraints, and opportunities for the market.

Market analysis for the global grow lights market, with region specific assessments and competition analysis on a regional scale.

Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a regional scale.

Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.

Identification and analysis of the macro and micro factors that affect the global grow lights market on the global and regional scale.

A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
 

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