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. 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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The segmental insight into the grow light market is conducted on the basis of installation, application, technology, and region. Based on the technology, the grow light market is segmented into high-intensity discharge, LED, fluorescent lighting, and others. On the basis of installations, the grow light market is bifurcated into retrofit and new installation. Based on the applications, the grow light market is segmented into commercial greenhouse, indoor farming, vertical farming, landscaping, and others. Based on the region, the grow light market is segmented into Europe, Asia-Pacific, North-America, and the rest of the regions.
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Detailed Regional Analysis
The regional study of the grow light market encompasses regions such as Europe, Asia-Pacific, North-America, and the rest of the regions. The European region controls the lion's stake in the worldwide market owing to the more dynamic environmental lobby and understanding of environmental issues. In the forecast period, the regional market of Asia Pacific is anticipated to develop extensively as a market. Owing to highly developed technological expansion, the incidence of several key players in the market, and growing awareness about the environment are expected to benefit the market further. The North American region is another noteworthy market with the United States of America and Canada being important country-based markets here. The market of the MEA region is restricted due to the dearth of awareness, education, and technological development. The demand to diversify from present cultivation practices is estimated to boost the grow light market in the coming period. Moreover, several countries in the UAE are using vertical farming practices as the soil available in the region is not cultivable, this trend can lead to a significant development in the market share of grow lights.
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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