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Grow Light Market in LED Segment is Anticipated to Witness High Growth Over 2019 to 2025

Author : Ronak Bora | Published Date : 2019-06-04 

Global Grow Light Market analysis mainly introduces the changing market dynamics in terms of covering all details inside analysis and opinion, volume and value market share by players, by regions, by product type, by consumers and their price change details, cost/revenue structure. Additionally, the analysis offers a detailed breakdown of key market growth drivers and limitation along with impact analysis of the same.

LED grow light market segment is expected to show a high growth owing to the increased lifecycle, lower energy consumption, high-intensity output, and consistent performance. High-intensity discharge devices find applications in regions where the level of sunlight available is low and the temperature required for plant growth is not adequately warm. Fluorescent equipment segment of the grow light industry is poised to grow at a fast rate during the forecast time period owing to its higher lifecycle and low power consumption.

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These are suitable for small-scale applications as they are relatively inexpensive devices. However, these devices are fragile in nature and may incur additional labor and maintenance costs. Therefore, they are suitable for plants requiring lower illumination and heat levels for growth.

Rapid urbanization has resulted in heavy population migration to urban areas, driving the demand for grow light market. This results in an increased demand for food in urban regions as the area for natural farming is severely limited. The application of this equipment in such regions enables the crop growth for the general population. In the aftermath of the Canadian government legalizing the cannabis production by means of LED devices, Heliospectra AB announced that it had received an order of USD 650,000 by an undisclosed company for the provision of its LX60 intelligent LED solution. Cannabis requires intensive illumination source for prolonged periods, spiking the demand for the grow light market.

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The rise of vertical farming techniques has had a positive effect on the rise of the grow light market across the world. This technique is on the rise owing to the space-saving characteristics, high crop yield, and lower interference from external environmental characteristics. The technology has high applications in this farming technique. However, grow light industry expansion is obstructed by the inability of farmers to afford indoor or vertical farming techniques as the maintenance costs incurred by famers and horticulturists are higher than the conventional farming techniques. However, the profits obtained by this technique are higher than the maintenance costs.

The grow light market in economies including the U.S., Canada, and the UK due to their higher spending capacity dominates in terms of revenue. Grow light industry is expanding in countries including Northern Canadian states, Siberia, and parts of Argentina and Chile, where natural sunlight is available for fewer hours as the night time exceeds daytime hours. The devices are used in these regions to support the crop growth in the absence of natural sunlight.

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Players in the grow light market include Aerofarms Ltd., Gavita Holland B.V., Lumileds Holding B.V., Philips Lighting Ltd., OSRAM Licht Group, Valoya Ltd., Heliospectra AB, Sunlight Supply, Inc., and Fluence Bioengineering, Inc. Manufacturers are required to focus on product launches, collaborations, strategic partnerships, mergers, and acquisitions to sustain advancements in the grow light industry.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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