Grow light is also known as plant light and is an artificial source of light that emits controlled electromagnetic spectrums for stimulation of plant growth. Grow light aids in the process of photosynthesis. The color temperature, spectrum bandwidth, and luminosity of grow light can be adjusted depending upon plant type, stage of cultivation, and time period.
Europe dominates the global grow light market and is expected to maintain its dominance during the forecast period.
Increasing demand for indoor gardening practices and vertical farming are major factors driving growth of the global grow light market. In addition, increasing demand for energy efficient light technology coupled government initiatives towards promoting awareness and adoption of solid state lightings and modern farming techniques are other factors driving growth of the global grow plant market.
Current trend observed in the market is, use of LED technology as a grow light, as it consumes low power and emits low heat radiations. In addition, emerging trend of Farm-to-Table concept, where local food is prepared using plants that are grown indoor or directly bought from the producer is expected to further boost demand for grow lights in the global market. Increasing R&D activities in grow light technology is expected to create lucrative business opportunities for key manufacturers in the global grow light market. However, high setup and installation costs are expected to hamper growth of the global grow light market.
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The global grow light market is segmented on the basis of technology, installation, application, and region. On the basis of region, the global grow light market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe dominates the global grow light market and is expected to maintain its dominance during the forecast period. This growth can be attributed to increasing population, early adoption of this technology, and insufficient sunlight in some parts of Europe. The market in North America is expected to witness considerable growth over the forecast period. The market in Asia Pacific is expected to witness significant growth and is projected to register a CAGR of XX.X% during the forecast period.
Key players in the global grow light market are Royal Philips, Osram Licht AG, LumiGrow, Inc., Gavita Holland B.V., AeroFarms, Illumitex, Inc., General Electric Company, Heliospectra AB, Transcend Lighting Inc., and Sunlight Supply Inc.