The global grow Lights market is predicted to witness a compound annual growth rate of 10.79% during the forecast period to reach a total market size of US$6.109 billion by 2023, increasing from US$3.304 billion in 2017.
Rising adoption of vertical farming and indoor cultivation for the producing crops in many regions is driving the demand for indoor lighting solutions. Reduction in global arable land area and legitimize cannabis plantation will further push the demand for grow lights, thus augmenting their market growth.
However, high cost of energy efficient and quality grow lights is restraining the market growth to some extent. Furthermore, lack of standard solutions for various crops will further hinder the growth of grow light market over the forecast period.
Major industry players profiled as part of the report are Philips Lighting Holding B.V., General Electric Company, OSRAM Opto Semiconductors GmbH, Gavita International B.V., and LumiGrow Inc. among others.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments.
Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market.
The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions.
Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Key Topics Covered
2. Research Methodology 2.1. Research Process and Design 2.2. Research Assumptions
3. Executive Summary
4. Market Dynamics 4.1. Market Segmentation 4.2. Market Drivers 4.3. Market Restraints 4.4. Market Opportunities 4.5. Porter's 5 Forces Analysis 4.5.1. Bargaining Power of Suppliers 4.5.2. Bargaining Power of Buyers 4.5.3. Threat of Substitutes 4.5.4. Threat of New Entrants 4.5.5. Competitive Rivalry in the Industry 4.6. Life Cycle Analysis- Regional Snapshot 4.7. Market Attractiveness
5. Global Grow Lights Market Forecast by Type 5.1. Introduction 5.2. High Intensity Discharge (HID) 5.3. Light Emitting Diodes (LEDs 5.4. Fluorescents 5.5. Induction Lighting
7. Global Grow Lights Market Forecast by Geography 7.1. North America 7.1.1. United States 7.1.2. Canada 7.1.3. Mexico 7.1.4. Others 7.2. South America 7.2.1. Brazil 7.2.2. Argentina 7.2.3. Others 7.3. Europe 7.3.1. UK 7.3.2. Russia 7.3.3. France 7.3.4. Spain 7.3.5. Italy 7.3.6. Others 7.4. Middle East and Africa 7.4.1. UAE 7.4.2. Saudi Arabia 7.4.3. Israel 7.4.4. Others 7.5. Asia Pacific 7.5.1. India 7.5.2. China 7.5.3. Japan 7.5.4. Australia 7.5.5. Others
9. Company Profiles 9.1. Introduction 9.2. Philips Lighting Holding B.V. 9.3. General Electric Company 9.4. OSRAM Opto Semiconductors GmbH 9.5. Gavita International B.V. 9.6. LumiGrow Inc. 9.7. Heliospectra AB 9.8. Illumitex, Inc. 9.9. Sunlight Supply, Inc. 9.10. Hortilux Schreder