Grow Light Market Research Report, Types, Technology, Application and Region Forecast to 2022
Market
Overview
The preference for indoor farming is
estimated to motivate the grow light market 2020. The semiconductors &
electronics industry reports are formed by Market Research Future, which
highlights market options for progress. A 13 % CAGR is estimated to
ensure income touching USD 6 Billion by the end of the forecast period.
The change in urban farming practices
brought about by the demand for organic produce and reduce d supply of quality
produce is motivating the development of grow
light market.
Moreover, the rise in popularity of certain crops grown indoors, such as
cannabis is further expected to bolster the market share of grow light in the
coming period.
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Segmental Analysis
The
segmental insight into the grow light market is conducted on the basis of
installation, application, technology, and region. Based on the technology, the
grow light market is segmented into high-intensity discharge, LED, fluorescent
lighting, and others. On the basis of installations, the grow light market is
bifurcated into retrofit and new installation. Based on the applications, the
grow light market is segmented into commercial greenhouse, indoor farming,
vertical farming, landscaping, and others. Based on the region, the grow light
market is segmented into Europe, Asia-Pacific, North-America, and the rest of
the regions.
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Detailed Regional Analysis
The regional study of
the grow light market encompasses regions such as Europe, Asia-Pacific,
North-America, and the rest of the regions. The European region controls the
lion's stake in the worldwide market owing to the more dynamic environmental
lobby and understanding of environmental issues. In the forecast period, the
regional market of Asia Pacific is anticipated to develop extensively as a
market. Owing to highly developed technological expansion, the incidence of
several key players in the market, and growing awareness about the environment
are expected to benefit the market further. The North American region is
another noteworthy market with the United States of America and Canada being
important country-based markets here. The market of the MEA region is
restricted due to the dearth of awareness, education, and technological
development. The demand to diversify from present cultivation practices is
estimated to boost the grow light market in the coming period. Moreover,
several countries in the UAE are using vertical farming practices as the soil
available in the region is not cultivable, this trend can lead to a significant
development in the market share of grow lights.
Competitive
Analysis
The state of technological development is
estimated to be staggered as the development of the global market is at a
relative standstill. The effect of unpredictable events has created substantial
barriers that will have to suitably addressed and overcome to achieve normalcy
in the global market. The need to invest in building a robust consumer base is
estimated to rank on the top priorities of market leaders for the upcoming
period. The weakening of trade channels is projected to present new challenges
that have to be overcome expediently in the coming years. The regulations in
various regions can be relied upon to rebuild market clout gradually in the
future. The reinvention of the supply chains by integrating robust technology
in them is estimated to spur the development of the market in the coming
period. The establishment of a definite competitive advantage is estimated to
spur market development in the forecast period. The inducements offered by the
government are expected to display a positive influence on the overall market
development in the impending period.
The decisive
contenders in the grow light market are LumiGrow, Inc. (U.S.), Osram LichtAG
(Germany), Iwasaki Electric Co., Ltd. (Japan), Gavita Holland B.V.
(Netherlands), Royal Philips (Netherlands), Sunlight Supply, Inc. (U.S.),
Hortilux Schreder B.V. (Netherlands), Heliospectra AB (Sweden), General
Electric Company (U.S.), Platinum LED Lights LLC (U.S.) and others.
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