Market Overview
The preference for indoor farming is estimated to motivate the grow light market 2020. The semiconductors & electronics industry reports are formed by Market Research Future, which highlights market options for progress. A 13 % CAGR is estimated to ensure income touching USD 6 Billion by the end of the forecast period.
The change in urban farming practices brought about by the demand for organic produce and reduce d supply of quality produce is motivating the development of grow light market research. Moreover, the rise in popularity of certain crops grown indoors, such as cannabis is further expected to bolster the market share of grow light in the coming period.
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Segmental Analysis
The segmentation of the grow light market research is conducted on the basis of technology, installation, application, and region. Based on the technology, the grow light market is segmented into LED, fluorescent lighting, high-intensity discharge, and others. On the basis of installations, the grow light market is divided into retrofit and new installation. Based on the application, the grow light market is segmented into a commercial greenhouse, indoor farming, vertical farming, landscaping, and others. Based on the region, the grow light market is segmented into Europe, North America, Asia-Pacific, and RoW.
Detailed Regional Analysis
The regional analysis of the grow light market is segmented into regions such as Europe, North America, Asia-Pacific, and RoW. The European region was accountable for the most significant market stake; the Netherlands is a prominent exporter of horticultural produce, which amplifies the use of commercial greenhouses. Furthermore, the idea of vertical farming is acquiring popularity in this region quickly. The Asia-Pacific region is likely to develop extensively over the forecast period, chiefly due to the escalating knowledge about the benefits of this particular technology. The North American regional market is another noteworthy market with key country-based markets such as the U.S. and Canada being present here. The MEA region is relatively underdeveloped in the grow light market owing to the lack of awareness and technological development.
Competitive Analysis
The state of technological development is estimated to be staggered as the development of the global market is at a relative standstill. The effect of unpredictable events has created substantial barriers that will have to suitably addressed and overcome to achieve normalcy in the global market. The need to invest in building a robust consumer base is estimated to rank on the top priorities of market leaders for the upcoming period. The weakening of trade channels is projected to present new challenges that have to be overcome expediently in the coming years. The regulations in various regions can be relied upon to rebuild market clout gradually in the future. The reinvention of the supply chains by integrating robust technology in them is estimated to spur the development of the market in the coming period. The establishment of a definite competitive advantage is estimated to spur market development in the forecast period. The inducements offered by the government are expected to display a positive influence on the overall market development in the impending period.
The decisive contenders in the grow light market are LumiGrow, Inc. (U.S.), Osram LichtAG (Germany), Iwasaki Electric Co., Ltd. (Japan), Gavita Holland B.V. (Netherlands), Royal Philips (Netherlands), Sunlight Supply, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), Heliospectra AB (Sweden), General Electric Company (U.S.), Platinum LED Lights LLC (U.S.) and others.
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