The global market for grow light is expected to witness tremendous demand in areas deprived of natural daylight. Grow light acts as a substitute for sunlight by creating a light spectrum that is similar to the sun’s light, thus, helping plants during the process of photosynthesis. In simple terms, any light source that can stimulate the growth of plants by emitting an electromagnetic radiation that aids photosynthesis can be called as grow light. Several geographical regions are deprived of sunlight for prolonged periods of time during the year. The paucity of sunlight in these regions affects the growth of plants and deteriorates the flora of the region. Plants that hold significance across key industries as well important breeds of flowering plants are exposed to grow light in order enhance their growth. It is anticipated that the global market for grow plants would trace a lucrative trail over the forthcoming years. Several types of lights are used to create a fitting light spectrum that can aid the process of photosynthesis in plants. Indoor gardening, food production, horticulture, plant propagation, and hydroponics are some of the key areas where grow light is extensively used. As the farmers become increasingly aware of the benefits of grow lights, the demand within the global market is expected to reach greater heights over the times to come.
The report on the global market for grow light predicts that the total market revenue would reach a value of US$6,596.0 Mn by 2025. Furthermore, the report projects that the CAGR of the global market for grow light for the period between 2017 and 2025 would settle at 8.46%.
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LEDs to Emerge as Leading Technology Segment
Various types of technologies are used to create a light spectrum for grow light; some of the key technologies include high intensity discharge, LEDs, and Fluorescent light. Amongst these key segments based on the type of technology, the demand for LEDs is expected to grow by leaps and bounds. The prominence of the LED segment owes to the manifold benefits served by light emitting diodes (LEDs). The primary reason behind the popularity of LEDs is their energy efficiency and high net output. Furthermore, LEDs have a longer life relative to other technologies used for grow light, which also bolsters demand for LED technologies. Creation of a light spectrum is much easier with LEDs because they can closely mimic the light spectrum of the sunrays. Hence, it is safe to estimate that the global market for grow light would reap in commendable demand from the LED segment over the coming years.
Europe to Hold Dominant Market Share
Amongst all the regional segments, Europe is expected to hold a dominant share of the global market for grow light. The supremacy of this regional segment can be attributed to the popularity of floriculture and horticulture across Europe. Netherlands has especially attracted commendable demand for grow light in recent times, which has further fortified the European market. The agricultural industry across Europe has become increasing reliant on grow light for the growth of plants, flowers, and vegetables. Moreover, a large number of prominent market players exist in the European region, which also contributes to the growth of the global market for grow light.
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Some of the leading players in the global market for grow light are General Electric Company, Philips Lighting, and Lumileds Holding B.V.