Grow Lights Market
Global Grow Lights Market
The increasing requirement for grow light growth chambers and rising government support for the adoption of LED (light-emitting diode) lights are some of the factors behind the progress of the grow lights market globally. In 2016, the market generated a revenue of $2,653.2 million, and it is expected to attain a size of $5,954.1 million by 2023, progressing at a CAGR of 12.5% during the forecast period (2017–2023). Based on spectrum, the grow lights market is bifurcated into full and partial. Of these, during the historical period (2013–2016), the full bifurcation led the market in terms of revenue, and it is expected to continue leading it during the 2017–2023 period. Such lamps offer the full electromagnetic spectrum of light and closely imitate the sunlight which is visible to the human eye. On the basis of technology, the grow lights market is categorized into LED, high intensity discharge, fluorescent, and others. Out of these, in 2016, the LED category held the dominating revenue share of 33.0% in the market, and it is predicted to maintain its dominance during the forecast period. LEDs, which include panels that have various diodes, have an average life of about 50,000 hours. The price of a decentquality LED grow light is higher as compared to other lighting types, but its long-term benefits in terms of energy saving make it suitable for indoor plant cultivation. The growing government support for the adoption of LED lights is fueling the global grow light market progress. Government authorities, globally, are seeking ways to reduce energy consumption by imposing regulations and promote a shift to LED lighting by offering subsidies. This is supporting the ongoing research on photobiology or LED effects on different plant species and also helping increase the investments in grow light technologies. Hence, the rising support of various countries’ government and the increasing adoption of grow light growth chambers are predicted to strengthen the market during the forecast period.
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