Global Grow Light Market (Size of USD 6.3 billion in 2017) to Witness 11.7% CAGR During 2018–2024

Light performs a crucial role in the development of the plant as it serves as the most significant energy resource for the plants to grow. Furthermore, it has been observed that there are several plants that flourish and grow without the use of sunlight and some blossom with the use of artificial grow lights. The commonly used grow lights are fluorescent bulbs, metal halide (MH) bulbs, and high-pressure sodium (HPS) bulbs.

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The major factors that are driving the growth of global grow light market include the broad application of indoor cultivation and vertical farming for the production of crops at a rapid rate. The extensive responsiveness concerning the adoption of alternative farming in several developed as well as developing countries is further expected to bolster the growth of the grow light market.

However, the implementations of several stringent standards in order to assess the quality of crops grown by grow lights and low quality of light emissions offered by the artificial lightings are the factors that are expected to hamper the growth of global grow light market.

Partial lights are extremely beneficial for the growth of crops at various stages and are used for emitting lights of the specific spectrum such as blue, yellow or green.

The global grow light market is segmented into indoor farming, turf and landscaping, vertical farming, research, commercial greenhouse, and others.

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Europe is the largest grow light market due to increasing awareness related to the significance of alternative farming, ever-expanding populations and less accessibility of productive agricultural land is expected to fuel the growth of grow light market in this region.

Some of the key players in global grow light market include Koninklijke Philips N.V., General Electric Company, Osram Licht AG, Gavita Holland B.V., Illumitex, Inc., Hortilux Schreder B.V., Iwasaki Electric Co., Ltd., LumiGrow, Inc., Heliospectra AB, and Sunlight Supply, Inc.

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