According to a new market report by Lucintel, the future of the grow light market looks promising with opportunities in the indoor farming, commercial greenhouse, and vertical farming applications. The global grow light market is expected to grow with a CAGR of 21% from 2020 to 2025. The major growth drivers for this market are increasing demand for indoor farming in urban areas and increasing government support towards the adoption of LED lights.
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In this market, High intensity Discharge (HID) lights, Light Emitting Diodes (LED), and fluorescent are the major sources used.
Within this market, commercial greenhouse is expected to remain the largest application over the forecast period due to increased automation in the last decade of its and the concept of controlled environment agriculture (CEA) is being implemented in greenhouses to maintain optimum growing conditions and obtain a higher yield.
Europe is expected to remain largest market during the forecast period due to the growing awareness regarding the importance of alternative farming, owing to the less availability of fertile agricultural land and increasing population.
Koninklijke Philips N.V., Osram Licht AG, General Electric Company, Heliospectra AB, Dool Industries, Illumitex Inc., Gavita International B.V., Lumigrow Inc., Iwasaki Electric Co. Ltd., Sunlight Supply Inc., Hydrofarm Inc., and Fluence Bioengineering Inc. are among the major manufacturers of the grow light market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the grow light market by light source, installation type, application and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Global Grow Light Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global grow light market by light source, installation type, application and region as follows:
By Light Source [$M shipment analysis for 2014 – 2025]:
By Installation Type [$M shipment analysis for 2014 – 2025]:
New Installation
Retrofit
By Application [$M shipment analysis for 2014 – 2025]:
Indoor Farming
Commercial Greenhouse
Vertical Farming
Others
By Region [$M shipment analysis for 2014 – 2025]:
United States
Canada
Mexico
China
Japan
India
South Korea
This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com.
About Lucintel
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