PUNE, India, March 28, 2017 /PRNewswire/ --
The grow lights market was valued at USD
2.50 Billion in 2016 and is expected to reach USD 5.11 Billion by 2022, at a CAGR of 11.86 %
from 2017 to 2022; Key factors for growth include growth in indoor
farming practices, government initiatives while market is led by
RoW.
Browse 64 tables and 64 figures, 11 Company profiles spread
across 170 pages available at
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.
The grow lights market was valued at USD
2.50 billion in 2016 and is likely to grow at a CAGR of
11.86% between 2017 and 2022. The key factors driving the growth of
the market include growth in indoor farming practices, government
initiatives to encourage the adoption of solid state lighting (SSL)
technology such as LED, and rising demand for energy-efficient and
long lasting grow lights technology. However, the high costs of
energy-efficient grow lights are restraining the growth of this
market.
The major key players operating in the grow lights market
include Royal Philips (Netherlands), General Electric Company (U.S.),
Osram Licht AG (Germany), Gavita
Holland B.V. (Netherlands),
LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), IwasakiElectric Co., Ltd.
(Japan), Illumitex, Inc. (U.S.),
Hortilux Schreder B.V. (Netherlands), and Sunlight Supply, Inc.
(U.S.).
Royal Philips (Netherlands) holds a leading position in the
grow lights market and is a recognized brand in the lighting and
illumination business; it offers a diversified product portfolio
for horticultural applications. The company has developed
innovative products to cater to the horticultural lighting markets
by combining its expertise in lighting technologies with inputs
from plant psychologists. Its products come in a variety of shapes,
with a range of lumen outputs, which are offered at various price
points to suit a wide range of growers from hobbyists to commercial
growers. The company mainly focuses on partnering and collaborating
with other companies to grow in the LED grow lights market. For
instance, Philips partnered with Dummen Orange (Netherlands) in 2016. This partnership is
expected to benefit both the companies to exchange information as
well as conduct experiments to understand the effects of LED
Lighting on a variety of red roses and other crops. Philips offers
its horticultural lighting solutions in all the major markets
across the world with the help of its global distribution and
servicing capabilities.
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.
Commercial greenhouses have witnessed increased automation in
the last decade, and the concept of controlled environment
agriculture (CEA) is being implemented in the greenhouses to
maintain optimum growing conditions and obtain a higher yield. The
growers are gradually realizing the potential benefits of
cultivating plants inside a greenhouse; this has contributed to the
development of commercial greenhouses. LED grow lights can be
easily programmed and integrated into the CEA setup within a
greenhouse. Hence, growers with greater investment capabilities
have started shifting toward LED grow lights from conventional
lighting systems.
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 market in RoW is expected to grow at a high rate between
2017 and 2022, owing to the increasing adoption of indoor farming
practices especially in the Middle
East and South American regions. The urban farming
methodologies to meet the increasing demand for food and to
mitigate the issues related to water scarcity and extreme
temperatures have led to the increasing use of grow lights in this
region. The grow lights market for vertical farming applications is
expected to grow at a significant rate in this region in the near
future. The Middle East and
Africa hold a major share of the
grow lights market in RoW.
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.
Order a copy of Grow Light Market by Technology (HID,
Fluorescent, LED, Induction, and Plasma), Type of Installation (New
and Retrofit), Application (Indoor Farming, Commercial Greenhouse,
Vertical Farming, Research), and Geography - Global Forecast to
2022 research report at
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The initial capital required for the purchase of good-quality
LED grow lights is higher compared to that of conventional lighting
technologies such as FL and HID. This is mainly because each LED
grow light unit contains arrays of LEDs, specially designed for
horticultural applications. Often, these units contain different
types of LEDs with variation in watts and wavelengths to provide a
broad range of light spectrum and intensity for different types of
plants. High-powered LED grow lights are available in the market
for prices starting from USD 500. A
high-powered induction grow light also costs USD 1,300 or more, whereas high-powered plasma
grow light costs around USD 3,000.
The costs of these grow lights are higher compared to that of a
1,000 watt HPS light, which costs between USD 100 and USD 150 and provides sufficient light
for photosynthesis. This significant price difference is
restraining the growers to adopt energy-efficient grow light
technologies such as LED, induction lighting, and plasma
lighting.
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