Greenhouse Grow Light Market Size was worth USD 1.33 billion in 2018 and estimated to be growing at a CAGR of 11.9%, to reach USD 2.26 billion by 2023
Greenhouse Grow Light Market Overview
A greenhouse is a house made of glass. It has glass walls and a glass roof. People grow tomatoes and flowers and other plants in them. A greenhouse stays warm inside, even during winter. Sunlight shines in and warms the plants and air inside.
Grow lights, particularly LEDs are used in a huge range of farming-related applications, owing to the advantages they offer such as high low power consumption, reliability, and spectral intensity.
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The growth of the global Greenhouse Grow Light market is majorly driven by the rise in adoption of greenhouses, owing to rapid innovation in technology and rising disposable incomes of people willing to invest in farming. Technological innovations have further helped in lowering the costs of necessary Grow Light which aids in increasing the feasibility of owning a greenhouse. The adoption of greenhouse adoption technologies and encouragement from governments also act as drivers of market growth.
Greenhouse Grow Light Market Forecast Report (2018-2023)
Greenhouse Grow Light Market Size was worth USD 1.33 billion in 2018 and estimated to be growing at a CAGR of 11.9%, to reach USD 2.26 billion by 2023.
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Greenhouse Grow Light Market Segmentation
The Global Greenhouse Grow Light market segmentation by spectrum, installation, technology, application and by region. On the basis of spectrum, the market is segmented into partial spectrum and full spectrum. On the basis of installation, the market is categorized into new installations and retrofit. On the basis of technology, the market is segmented into high-intensity discharge, fluorescent lighting, LED and others. On the basis of application, the market is segmented into indoor farming, vertical farming, commercial greenhouse, TURF and landscaping, research, and other applications.
The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. In 2015, Europe led the global Greenhouse Grow Light market in terms of market share. Owing to the beginning of greenhouse culture in Europe because of favourable climate conditions. The market for this Greenhouse Grow Light in Asia-Pacific area is amplifying because more of supportive government policies and increasing demand for greenhouses. The Asia-Pacific and other rising nations are foreseen to develop at a quick pace in the Greenhouse Grow Light market in the following years when compared with the seasoned markets of developed regions.
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Major Players:
The major companies dominating this market for its products and services are
- Royal Philips
- General Electric Company
- Osram Licht AG
- Gavita Holland B.V
- Lumigrow Inc.
- Heliospectra Ab.
- Iwasaki Electric Co., Ltd.
- Illumitex Inc.
- Hortilux Schreder B.V.
- Sunlight Supply Inc.
Key Developments in the Market
- August 2017 – GrowGeneration Corp. underwent a strategic partnership with LumiGrow Inc., a smart horticultural lighting company. The company with their 13 locations in CO, CA, WA, and NV, selling to both commercial and home cannabis growers, stocked LumiGrow 650e commercial LED fixtures with in-store displays that exhibit LumiGrow smart LED technology controlled by their smartPARTM cloud-based software. This partnership was to ensure that professional-grade LED lighting technology and reliable support will remain easily accessible for cannabis growers.
- May 2017 – In Light Fair 2017 in Philadelphia, Osram launched a new horticulture lighting technology, Oslon Square Hyper Red. This third-generation 2 watt LED featured improved emission characteristics, higher optical output, and impressive corrosion resistance, so plant lighting systems based on the Oslon Square Hyper Red can be made particularly economical.
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