Agricultural Grow Lights Market Is Predicted To Reach USD 5.04 Billion With A CAGR Of 11.86% According To Market Data Forecast Report.

Agricultural Grow Lights Market Is Predicted To Reach USD 5.04 Billion With A CAGR Of 11.86% According To Market Data Forecast Report.

ID: 6601 | October 2018 | Region: Global

The Agricultural Grow Lights Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Agricultural Grow Lights Market is estimated to be USD 2.88 billion in 2016 and predicted to rise to USD 5.04 billion by 2021 with a CAGR of 11.86%. The market is segmented by Technology (HID, Fluorescent, LED, Induction, and Plasma), Type of Installation (New and Retrofit), Spectrums (Partial Spectrum, Full Spectrum) and Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Research). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.

Grow lights, especially LEDs are used extensively in farming-related applications, due to the advantages they offer such as high reliability, low power consumption, and spectral intensity. The increasing commercial greenhouse and vertical farming practices, which require the use of different grow lights, are driving the growth of the overall grow lights market. Factors such as constantly growing demand for food coupled with depleting availability of land for farming is further going to aid the market growth. Moreover, plant factories that allow the growing of vegetables indoors all year round using LED lights that minimize power consumption. It artificially creates the environment necessary for plants to grow by controlling the amount of culture solution, air, and light from light-emitting diodes. Because the amount of light, temperature, humidity, and carbon dioxide concentration levels can be optimized without being affected by the weather, not only is the growth rate better than those grown in open fields, even the yield is at least ten times higher.

 The global Agricultural Grow Lights market is segmented on the basis of Technology, Type of Installation, Spectrums, and Application. On the basis of Technology, it is segmented into HID, Fluorescent, LED, Induction, and Plasma. Traditional lighting technologies such as high-intensity discharge (HID) and fluorescent lighting are quite popular among commercial growers as well as hobbyists. Even though LED grow light is a new technology, it is proving to be far more effective than other lighting technologies. Though LED grow lights are expensive, their long-term benefits in terms of energy efficiency make them an ideal option for indoor plant cultivation. On the basis of Type of Installation, it is segmented into New and Retrofit. The market for retrofit installations is likely to hold a larger market share during the forecast period. Retrofitting is defined as removal of an existing grow light and installing a new one, either of the same lighting technology or of a different lighting technology. New installations are generally characterized by the expansion of existing facilities or setting up of a new facility, such as a new greenhouse or a vertical farm. On the basis of Spectrums, it is segmented into Performance Partial Spectrum, Full Spectrum. On the basis of Application, it is segmented into Indoor Farming, Commercial Greenhouse, Vertical Farming, Research

On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Europe was the leading market for grow lights. Within Europe, the Netherlands is a leading exporter of horticultural produce, grown within its numerous automated commercial greenhouses. Due to extensive use of grow lights, vertical farming is also gaining popularity in Europe. The rising population in Europe is a major driver for the increasing need to practice indoor horticulture in this region. Moreover, the severe cold in winters and insufficient sunlight in parts of Europe mandates indoor growing with the help of artificial lightings. North America was the second major market for grow lights in 2016. The emergence of vertical farms and the booming market for cannabis cultivation are further driving the demand for grow lights in this region. Asia Pacific is expected to register the highest CAGR in the coming years. In places, like Japan, where there is a deficiency in the environment, plant factories have continued to thrive with the use of LED grow lights in large warehouse type entities that provide food for the general public and for people who need specialized nutrition.

The market is dominated by companies like Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V., LumiGrow, Inc., Heliospectra AB, Transcend Lighting Inc., Iwasaki Electric Co., Ltd., Illumitex Inc., Hortilux Schreder B.V. and Sunlight Supply Inc.

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