Grow Lights Market Report Showing Impressive Growth Rate by 2020-2024 | Industry Forecast by Size, Share, Types and Applications

This “Grow Lights Market” research report provides business experts opinion with efficient information on Grow Lights market, market growth rate, emerging business environments, and latest business-centric applications. This Grow Lights industry report lists and studies the leading participants also provide insights with strategic industry Analysis of the key factors influencing the market dynamics. Grow Lights market report focuses on to describe and analyze the value, market share, market competition landscape, SWOT analysis, and development plans in the next few years. The report also offers an in-depth analysis of the Grow Lights market with prime emphasis on factors such as drivers, restraints, trends, and opportunities.

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Market Overview:

The global grow lights market is valued at USD 3.23 billion in 2018 and is expected to reach USD 6.76 billion by 2024 at a CAGR of 13.14% over the forecast period (2019 - 2024). Growth light is a key component of the urban agriculture practices. It is generally used to provide all the light a plant needs to grow or in some cases, to supplement the natural sunlight, especially in cold countries that have low daylight hours, especially in winter season.
- Increasing number of plant factories, need for sustainable development and rise in urban agriculture are current catalysts for the grow lights market.
- Fresh and nutritious vegetables, beautiful floral arrangements, fragrant herbs, etc. are being demanded all year round, and it has become easier at the touch of a button with the pervasiveness of e-commerce. Indoor Farming represents the largest market share with the availability of affordable yet fashionable grow lights.
- Growing environmental concerns and uncertainty over the existing rainfall patterns has led the population to invest in the domestic garden set-up willingly. The further developments in the innovative farming practices, like the vertical farming method, have been driving the growth of grow lights market. On the contrary, the high set-up and maintenance cost are hindering the growth of the market.

Major Key Players of Grow Lights Market:

Royal Philips Electronics BV
General Electric Company
Heliospectra AB
OSRAM Licht AG
Illumitex Inc.
LumiGrow Inc.
Everlight Electronics Co. Ltd
Iwasaki Electric Co., Ltd.
Grow LED Hydro
Epistar Corp.

Scope of the Report:

Grow lighting is majorly produced for three light sources, which include Light Emitting Diodes (LED), High-intensity Discharge (HID) Lights, and Fluorescent Lights. In some cases, High-pressure Sodium (HPS) sources, Light Emitting Plasma, and Induction Lights are also used. The market is further segmented by installation type (New and Retrofit) and applications (Indoor Farming, Vertical Farming, Commercial Greenhouse).

The Report Covers:

Comprehensive research methodology of Grow Lights market
In-depth analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the Grow Lights market
Insights about market determinants which are inspiring the Grow Lights market
Detailed and extensive market segments with regional distribution of forecasted revenues
Extensive profiles and recent developments of market players Companies Mentioned

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Key Market Trends:

Indoor Farming to Hold Largest Market Share

- With the rise of new technology in the grow lights and affordable gardening systems indicates that one-third of the millennia are growing herbs, indoors.
- One of the major benefits of indoor agriculture is its higher yield when compared with traditional farming. Enclosing facilities creates ideal growing environments, leading to less harvest time and repeat the harvest more times in a year.
- For example, according to the 2016 estimates of USDA, the average yield of conventionally grown tomatoes in the United States was estimated to be 805 cwt per acre or 1.85 pounds per square foot. In the same year, greenhouse hydroponic tomato farmers in the country experienced an average yield of 10.59 pounds per square foot.
- Further, in regions like North America, indoor farming activities are multiplying. According to Agrilyst Inc., North America has an average yield of 5.5 pounds per square foot per indoor farm that is producing leafy green vegetables in 2016. Over the forecast period, such high productivity is expected to draw more investments into the sector, creating more opportunities for the grow lights market over the forecast period.

Asia-Pacific to Witness the Fastest Growth Rate During the Forecast Period

- Asia-Pacific is one of the fastest growing regions for grow lighting. Rapid increase in urban agriculture, such as vertical farming, greenhouses, and growth chambers are fueling the demand for growth light in the region. Countries, like Japan, Taiwan, and China are the major source of demand for grow lights in the region and are estimated to stay so over the forecast period.
- In Japan, the urban agriculture establishments are addressed as plant factories and the country’s largest plant factory with a capacity of producing more than 20,000 heads of lettuce in a day, in just over a 3000-square-meter facility.
- Also, the country’s government and private sector encourage urban agriculture practices. For example, electronics giant Fujitsu, in recent years, converted its factories, that were formerly semiconductor manufacturing establishments, into plant factories.
- Taiwan is emerging as a major player for grow lights market housing the largest indoor plant production facility in the Asia-Pacific region. Over the forecast period, increasing urban agriculture initiatives in countries, like China and India, are expected to drive the demand for grow lights in the region.

Key Questions Answered in This Report:

What are the market dynamics?
What are the key market trends?
What are the category growth drivers?
What are the constraints on category growth?
Who are the suppliers in this market?
What are the demand-supply shifts?
What are the major category requirements?

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Detailed TOC of Grow Lights Market 2019-2024:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Introduction to Market Drivers and Restraints
4.5 Market Drivers
4.5.1 Increasing Number of Plant Factories
4.5.2 Need for Sustainable Development Among Growers
4.6 Market Restraints
4.6.1 High Setup and Maintenance Costs
4.6.2 Constant Monitoring From the Providers is Required

5 MARKET SEGMENTATION
5.1 By Light Source
5.1.1 High-intensity Discharge (HID) Lights
5.1.2 High-pressure Sodium (HPS)
5.1.3 Light Emitting Diodes
5.1.4 Fluorescent Lights
5.1.5 Other Light Sources
5.2 By Installation Type
5.2.1 New Installations
5.2.2 Retro fit Installations
5.3 By Application Type
5.3.1 Indoor Farming
5.3.2 Vertical Farming
5.3.3 Commercial Greenhouse
5.3.4 Other Application Types
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Rest of Asia-Pacific
5.4.4 Rest of the World

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Royal Philips Electronics BV
6.1.2 General Electric Company
6.1.3 Heliospectra AB
6.1.4 OSRAM Licht AG
6.1.5 Illumitex Inc.
6.1.6 LumiGrow Inc.
6.1.7 Everlight Electronics Co. Ltd
6.1.8 Iwasaki Electric Co., Ltd.
6.1.9 Grow LED Hydro
6.1.10 Epistar Corp.

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS