The "Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global grow light market reached a value of US$ 3.26 Billion in 2020. Looking forward, the global grow light market to exhibit strong growth during the next five years.
A grow light, or plant light, is an artificial source of light that emits light in the electromagnetic spectrum to promote photosynthesis and accelerate growth in plants. It is commonly available in fluorescent, high-intensity discharge (HID), light-emitting diodes (LED) and incandescent variants.
They are primarily used for supplementing sunlight, color and temperature to the crops and can be customized according to a specific goal, such as flowering inhibition, anthocyanin accumulation and enhanced rooting. Owing to this, they find extensive applications in vertical farming, indoor farming, commercial greenhouses, landscaping, and for other purposes.
Significant growth in the agricultural sector is one of the key factors driving the growth of the market. Furthermore, widespread adoption of vertical and indoor farming practices is also providing a boost to the market growth. The hydroponic farming systems use multiple grow lights to maintain an adequate amount of sunlight and protecting the plants from damage caused by insects and pests.
Additionally, the rising demand for food as a result of the increasing population, coupled with the limited availability of cultivable land, is also impacting the product demand positively. Grow lights aid in maintaining the optimal yield and plant quality, thereby meeting the steadily rising food demand across the globe.
Apart from this, various technological advancements, including the development of smart grow lights integrated with the Internet of Things (IoT), are acting as another growth-inducing factor.
Other factors, including various innovations in the field of agricultural sciences and the implementation of favorable government policies, are projected to drive the market in the upcoming years.
The competitive landscape of the industry has also been examined with some of the key players being Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc.
Key Questions Answered in This Report:
What was the grow light market size in 2020?
What are the major global grow light market drivers?
What are the major trends in the global grow light market?
What is the impact of COVID-19 on the global grow light market?
What will be the size of the global grow light market by 2026?
What is the leading technology in the global grow light market?
What is the major installation type in the global grow light market?
What is the global grow light market breakup by the spectrum?
What is the global grow light market breakup by application?
Which is the leading regional market in the global grow light industry?
Who are the leading players in the global grow light industry?
Key Topics Covered:
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Grow Light Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology
7 Market Breakup by Installation Type
7.1 New Installations
7.2 Retrofit Installations
8 Market Breakup by Spectrum
8.2 Partial Spectrum
9 Market Breakup by Application
9.1 Indoor Farming
9.2 Vertical Farming
9.3 Commercial Greenhouse
9.4 Turf and Landscaping
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
12.2 Research and Development
12.3 Raw Material Procurement
13 Porters Five Forces Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
Gavita International B.V.
General Electric Company
Koninklijke Philips N.V.
Osram Licht AG
Shenzhen Juson Technology Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/o4yd1k
View source version on businesswire.com: https://www.businesswire.com/news/home/20210420005788/en/
Laura Wood, Senior Press Manager
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