Grow Light Market to Reach $5 Billion by 2022 - Increasing Commercial Greenhouse & Vertical Farming Practices - Research and Markets
DUBLIN, April 03, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Grow Light Market - Global Forecast to 2022" report to their offering.
The grow lights market is expected to grow at a CAGR of 11.86 % between 2017 and 2022 to be valued at USD 5.11 Billion by 2022. Grow lights, especially LEDs are used in a wide range of farming-related applications, owing to the advantages they offer such as high reliability, low power consumption, and spectral intensity. The increasing commercial greenhouse and vertical farming practices, which require the use of different grow lights, are driving the growth of the overall grow lights market.
This market is segmented on the basis of technology, installation, application, spectrum, and geography. The applications include vertical farming, indoor farming, commercial greenhouse, turf and landscaping, and research. Among all these applications, commercial greenhouse held the largest market share in 2016.
On the basis of technology, the grow lights market has been segmented into high-intensity discharge (HID), fluorescent lighting (FL), light emitting diode (LED), and other lighting technologies (induction and plasma lighting). Traditional lighting technologies such as high-intensity discharge (HID) and fluorescent lighting (FL) are quite popular among commercial growers as well as hobbyists. LED grow light is a new technology in horticultural lighting and is proving to be far more effective than other lighting technologies. Though LED grow lights are expensive, their long-term benefits in terms of energy efficiency make them an ideal option for indoor plant cultivation.
The grow lights market, on the basis of installation, has been segmented into retrofit and new installations. The market for retrofit installations is likely to hold a larger market share in the coming years. In the context of the grow lights market, retrofitting is defined as removing an existing grow light and installing a new one, either of the same lighting technology or of a different lighting technology. New installations are generally characterized by the expansion of existing facilities or setting up of a new facility, such as a new greenhouse or a vertical farm.
Companies Mentioned
- Gavita Holland B.V.
- General Electric Company
- Heliospectra AB.
- Hortilux Schreder B.V.
- Illumitex Inc.
- Iwasaki Electric Co., Ltd.
- Lumigrow Inc.
- Osram Licht AG
- Royal Philips
- Sunlight Supply Inc.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Spectrum Used for Grow Lights
8 Grow Lights Market, By Installation
9 Grow Lights Market, By Technology
10 Grow Lights Market, By Application
11 Grow Lights Market, By Geography
12 Competitive Landscape
13 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/48t5js/grow_light_market
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