According to IMARC Group’s latest report, titled “Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global grow light market reached a value of US$ 3.26 Billion in 2020. A grow light, or plant light, refers to an artificial light source that provides an electromagnet light spectrum to promote photosynthesis and accelerate growth in plants. It is available in fluorescent, high-intensity discharge (HID), light-emitting diodes (LED), and incandescent variants. Grow lights are primarily used for supplementing sunlight, color, and temperature to the crops and can be tailored according to a specific goal, such as flowering inhibition, anthocyanin accumulation, and enhanced rooting. Owing to this, they find extensive applications in vertical farming, indoor farming, commercial greenhouses, and landscaping.
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Significant growth in the agricultural sector, along with the rising popularity of vertical and indoor farming practices, is primarily driving the market growth. Besides this, the emergence of hydroponic farming systems has induced the usage of grow lights to provide an adequate amount of sunlight and prevent the plants from damage caused by insects and pests. Additionally, the growing demand for food due to the increasing population, coupled with the limited availability of cultivable land, is also catalyzing the adoption of grow lights in sustainable farming methods. Besides this, various technological innovations such as the integration of the Internet-of-Things (IoT) with smart grow lights are expected to further propel the global market for grow light in the coming years. Looking forward, IMARC Group expects the global grow light market to exhibit strong growth during the next five years.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Everlight Electronics
- Gavita International B.V.
- General Electric Company
- Heliospectra AB
- Illumitex Inc.
- Koninklijke Philips N.V.
- Osram Licht AG
- Shenzhen Juson Technology Co. Ltd.
Breakup by Technology:
Breakup by Installation Type:
- New Installations
- Retrofit Installations
Breakup by Spectrum:
- Partial Spectrum
Breakup by Application:
- Indoor Farming
- Vertical Farming
- Commercial Greenhouse
- Turf and Landscaping
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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