Grow Lights Market Rising at 9.63% CAGR to 2020: LED Technology to Dominate Global Market

09 Mar, 2016, 01:00 ET from RnR Market Research

PUNE, India, March 9, 2016 /PRNewswire/ --

LED is set to be the dominating technology in grow lights market with vertical farming application expected to grow rapidly in the near future, while Europe projected to be the largest geographic market for grow lights.

Complete report on global grow lights market spread across 144 pages, profiling 11 companies and supported with 69 tables and 54 figures is now available at http://www.rnrmarketresearch.com/grow-lights-market-by-technology-hid-fl-led-others-induction-plasma-type-of-installation-new-retrofit-application-indoor-farming-commercial-greenhouse-vertical-farming-turf-landscaping-others-a-st-to-2022-market-report.html   

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 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.

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

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.

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. Order a copy of Grow Lights Market by Technology (HID, FL, LED, Others (Induction, Plasma)), Type of Installation (New, Retrofit), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf & Landscaping, Others), and Geography - Global Forecast to 2022 research reports at http://www.rnrmarketresearch.com/contacts/purchase?rname=504195  

The study validates the market size of segments and sub-segments through secondary research and in-depth primary interviews. Various industry leaders in Tier 1, Tier 2, and Tier 3 companies were contacted for primary interviews. The in-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the digital signature market. In Tier 1 (7%), Tier 2 (23%) and Tier 3 (70%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (46%), Director Level (24%) and other (30%) from various key organizations operating in the global grow lights market. The primary interviews were conducted worldwide covering regions such as North America (51%), Europe (32%), APAC (12%) and Row (5%).

On a related note, another research on LED Grow Light Market Forecast to 2020 says, the LED grow light market is expected to rise to more than $1.9 Billion by 2020, growing at a Compound Annual Growth Rate (CAGR) of 26.93% between 2015 and 2020. Vertical farming is the fastest growing application in the LED grow light market with a CAGR of 30.29% from 2015 to 2020. In this report, the LED grow light market is segmented on the basis of spectrum into partial spectrum and full spectrum. Companies like Alta LED Corporation, Bridgelux, Inc., Cree, Inc., Ever light Electronics Co. Ltd., General Electric Company, Heliospectra AB, Illumitex, Inc., Lumigrow, Inc., Osram Licht AG and Royal Philips Electronics N.V. have been profiled in this 119 pages research report available at http://www.rnrmarketresearch.com/led-grow-light-market-by-wattage-type-of-installation-new-retrofit-spectrum-partial-full-application-indoor-farming-commercial-greenhouse-vertical-farming-turf-landscaping-research-and-others-and-geography-forecast-to-2020-market-report.html .

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