Industry Background:
Grow Light is an electric lighting, which is a form of artificial lighting that designed to stimulate plant growth by emitting an electromagnetic spectrum for photosynthesis. Grow Light market is expected to mark significant growth over forecasted period owing to increasing consumers spending on energy efficiency products, providing government initiatives for adopt of grow light, long lasting environmentally safe products and technological advancement. There has been significant rise in number of people adopting light emitting diodes (LED) bulbs with figure stood up to 29% in United States alone in 2018, the future for grow light looks promising. This result in rising popularity of incandescent bulbs at homes, increasing demand of compact fluorescent and escalating need for electrical illumination of grow light may trigger demand and help in industry expansion.According to AMA, the market for Grow Light is expected to register a CAGR of 12.8% during the forecast period to 2026. This growth is primarily driven by Increase in Number of Factories Plant that Boost the Grow Light Market., Rapid Demand of Indoor Farming Practices. and Rise in Demand Due to Long Lasting as Compared to Traditional Grow Light..
Globally, a noticeable market trend is evident Rise in demand of grow light in developing countries.
. The Semiconductors sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Aerofarms Ltd. (United States), Gavita Holland B.V. (The Netherlands), Lumileds Holding B.V. (The Netherlands), Philips Lighting Ltd. (The Netherlands), OSRAM Licht Group (Germany), Valoya Ltd. (Finland), Heliospectra AB (Sweden), Sunlight Supply, Inc. (United States) and Fluence Bioengineering, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In June 2018, OSRAM acquired Fluence Bioengineering, which is specializes in LED grow lights. This acquisition is beneficial in providing horticultural solutions and planned to offers high efficiency in automation and IoT platform called Lightelligence in smart lighting applications.
In November 2018, Hydrofarm Holdings Group, Inc. launched a PHOTOBIO LED Product Line with the partnership of SANANBIO that is beneficial in providing horticultural LED product line that formulated with high power greenhouse and indoor growing. It also offers highest quality technology and indoor farming applications.
Market Drivers
- Increase in Number of Factories Plant that Boost the Grow Light Market.
- Rapid Demand of Indoor Farming Practices.
- Rise in Demand Due to Long Lasting as Compared to Traditional Grow Light.
Market Trend
- Rise in demand of grow light in developing countries.
- Technological advancements in glow light expected to increase the market.
Restraints
- High Cost Associated with Energy Efficient Glow Light Hampers the Market.
- Lack of Awareness among the Customers.
Opportunities
Proliferation of Government Investments in Green House Leads to boost the Grow Light Market. and Upsurge Demand of High Reliability and Low Consumption Grow Light.
Challenges
Limitation due to Light Pollution are Anticipated to threat the Market. and Fluctuation of Raw Materials is anticipated to Challenge the Market.
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Grow Light Study Sheds Light on
The Grow Light Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Grow Light industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Grow Light industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.