Grow Lights Market Research , Size, Growth, Trend and Forecast to 2022 | MarketsandMarkets

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MarketsandMarkets Presents
Grow Lights Market Research , Size, Growth, Trend
and Forecast to 2022 MarketsandMarkets The
grow lights market was valued at USD 2.50 billion
in 2016 and is expected to reach USD 5.11 billion
by 2022, at a CAGR of 11.86 during the forecast
period. Grow lights can be efficiently used to
grow crops and vegetables indoors in any season.
However, these crops would require artificial
lighting for photosynthesis, which may not be
favorable in a particular region due to extreme
climatic conditions. A grow light is an
electronic lamp designed to accelerate plant
growth by emitting electromagnetic spectrum ideal
for photosynthesis.
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Retrofit installations held a major share of the
grow lights market than new installations in
2016. Retrofitting is generally performed in grow
lights when the light intensity drops below the
desired levels after regular usage, or when grow
lights suffer any failure or damage during
operations. Growers may retrofit their old grow
lights with new ones of any technology to ensure
that their plants get the required amount of
light to grow. Hence, when the light intensity
decreases, the grow lights are required to be
retrofitted immediately. The introduction of new
grow light technologies such as LED, plasma, and
induction has provided the growers with more
options to choose from, while retrofitting their
grow light systems. LED grow lights offer
variable spectrums that make them suitable for a
large number of plants. As a result, this
technology is being preferred by the growers for
most of the applications. Vertical farming is an
emerging application for grow lights, which is
quite similar to indoor farming. The main
difference between the two is that indoor farming
is carried out on a single level, whereas
vertical farms have two or more levels of growing
equipment. Vertical farming allows the growing of
more number of plants within a single enclosed
structure, with the use of artificial lightings
and Controlled Environment Agriculture (CEA)
methods. These plant factories can be built to
produce fruits and vegetables throughout the
year, within urban establishments. As a result,
the city dwellers can get fresh produce at
competitive prices, and it can also become a
source of revenue from unused real-estate.
Consequently, the market for vertical farming
applications is expected to exhibit a high growth
in the coming years.
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Europe was the leading market for grow lights in
2016. Within Europe, the Netherlands is a leading
exporter of horticultural produce, grown within
its numerous automated commercial greenhouses.
The concept of 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.
Also, the severe cold in winters and insufficient
sunlight in parts of Europe mandates indoor
growing with the help of artificial lightings.
Some of the major companies such as Royal Philips
(Netherlands) and Osram Licht AG (Germany) are
also responsible for the dynamic growth of the
grow lights market in Europe. This region has
always been at the forefront at utilizing
artificial lighting to accelerate the growth of
plants in greenhouses. The governments of
several countries have launched different
policies that has led to the growth of LED
industry. In October 2014, the Government of
India initiated a drive in which LEDs replaced
750 million incandescent bulbs. Under the project
Prakash Path, Prime Minister Narendra Modi
encouraged the use of LED lights for street
lights and for residential, commercial, and
government buildings. The LED lamp government
procurement business model was jointly launched
in 2015, by the Bureau of Energy Efficiency under
the Ministry of Power, India SSL and Energy
Efficiency Services Limited (EESL).
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The leading players operating in the grow lights
market include Royal Philips (Netherlands),
General Electric Company (U.S.), Osram LichtAG
(Germany), Gavita Holland B.V. (Netherlands),
LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden),
Iwasaki Electric Co., Ltd. (Japan), Illumitex,
Inc. (U.S.), Hortilux Schreder B.V.
(Netherlands), and Sunlight Supply, Inc.
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