The
global grow light market is anticipated to reach USD 8.64
billion by 2025, growing at a CAGR of 14.1%, according to a new report by Grand
View Research, Inc. The increased use of vertical farming and indoor
cultivation, for producing crops, is likely to spur the market demand over the
forecast period. Grow light helps in extending the hours of the natural
daylight which further increases the health, growth rate and yield of the
plants. Artificial lighting, such as high-pressure sodium lighting, LED
lighting and plasma lighting can extend the availability of crops throughout
the season.
According to
the UN, by 2050, around 80 percent of the world's population will live in
cities. People continuously move into cities to get access to training,
service, jobs, culture and entertainment and all the other things cities’
offer. This means that the demand for food is increasing in these areas at the
same time as the availability of arable land around cities is very limited.
Artificial
lighting helps in extending the hours of the natural daylight which further
increases the health, growth rate and yield of the plants. Artificial lighting,
such as high-pressure sodium lighting, LED lighting can extend the availability
of crops (throughout a season). LED lighting systems produce dual-band color
spectrum and generate low heat. They are anticipated to witness significant
growth over the forecast period.
The U.S.
government has increasingly started to legitimize cannabis plantation across
various states. With this initiative, cannabis cultivation is on a verge to
become a big business in some parts of the country. Cannabis growers prefer
Controlled-Environment Agriculture (CEA) to enhance product quality and yield.
This set up consumes a high amount of electricity. As government officials and
power companies are trying to convert this into a green industry, they are
encouraging the use of LEDs to reduce power consumption and greenhouse gas
emissions.
Full
Research Report On Global Grow Light Market Analysis:
www.grandviewresearch.com/industry-analysis/grow-light-market
www.grandviewresearch.com/industry-analysis/grow-light-market
Further
key findings from the report suggest:
- The escalating urban
population and lack of arable land around cities is expected to drive the
market.
- The plasma technology
segment is expected to portray high growth rate with a CAGR of 23.2% over
the projected period
- New installations and
replacement lights, increasing urban cultivation, increasing vertical
farming and government initiatives are expected to be the drivers of the
market over the forecast period.
- The Asia Pacific regional
market is expected to have significant growth over the forecast period,
owing to the technological advancement and commercial vertical farms
- The key players of the
market include AeroFarms (U.S.), Everlight Electronics Co., Ltd. (Taiwan),
and Gavita Holland bv (U.)
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the grow light market based on
application, product, system, technology, installation, spectrum, and regions:
Application
Outlook (Revenue, USD Million; 2014 - 2025)
- Indoor
Farming
- Vertical
Farming
- Commercial
Greenhouse
- Others
Product
Outlook (Revenue, USD Million; 2014 - 2025)
- <
300 Watt
- >
300 Watt
System
Outlook (Revenue, USD Million; 2014 - 2025)
- Hardware
- Software
Technology
Outlook (Revenue, USD Million; 2014 - 2025)
- High
Intensity Discharge (HID)
- LED
- Fluorescent
- Plasma
Installation
Outlook (Revenue, USD Million; 2014 - 2025)
- New
Installation
- Retrofit
Spectrum
Outlook (Revenue, USD Million; 2014 - 2025)
- Partial
Spectrum
- Full
Spectrum
Regional
Outlook (Revenue, USD Million; 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Japan
- South
America
- Brazil
- Middle
East and Africa (MEA)
View press
release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-grow-light-market
www.grandviewresearch.com/press-release/global-grow-light-market
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range of
industries, from technology to chemicals, materials and healthcare.
For more
information: www.grandviewresearch.com
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