NEW YORK, April 5, 2016 /PRNewswire/ -- The grow lights market is expected to be valued at USD 4.19 billion by 2022, at a CAGR of 9.63% between 2016 and 2022. A key influencing factor for the growth of the market is the emergence of vertical farming to meet the growing demands for fresh horticultural produce in urban areas across the world. Besides, the legalization of growing marijuana for medical and recreational purposes in North America is another factor that is encouraging the demand for grow lights in this market.
"LED set to be the dominating technology in grow lights market"
LED grow lights are expected to be the most preferred grow lights technology between 2016 and 2022. The growth is attributed to the improved energy efficiency offered by LED technology, long operational life, and the ability to vary the light spectrum depending on the type of plant being grown and its current growth stage.
"Vertical farming application expected to grow rapidly in the near future"
The grow lights market is expected to grow at the highest CAGR in the vertical farming application during the forecast period. The growth of vertical farms because of increased demand for horticultural produce would drive the grow lights market
"Europe to be the largest market for grow lights"
The European region is estimated to be the largest market for grow lights during the forecast period. The need to provide supplemental lighting to plants in commercial greenhouses set to drive the grow lights market in this region.
Break-up of profiles of primary participants for the report is given below:
- By Company Type: Tier 1 – 7%, Tier 2 – 23%, and Tier 3 – 70%
- By Designation: C-level –46%, Director level – 24%, VP level – 30%
- By Region: North America - 51%, Europe – 32%, APAC – 12%, RoW – 5%
The key players in the market include Royal Philips Electronics N.V. (Netherlands), General Electric Company (U.S.), Osram Licht AG (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), iGrow Induction Lighting LLC. (U.S.), and Sunlight Supply, Inc. (U.S.) among others.
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