Grow Lights Market - Growth, Trends, and Forecast (2019-2024)

Market Overview

The grow lights market was valued at USD 3.23 billion in 2018, and it is expected to reach USD 6.76 billion by 2024, at a CAGR of 13.14% over the forecast period (2019-2024). Growth light is a key component of the urban agriculture practices. It is generally used to provide all the light a plant needs to grow or in some cases, to supplement natural sunlight, especially in cold countries that have low daylight hours, especially in the winter season. 

An increasing number of plant factories, need for sustainable development, and rise in urban agriculture are current catalysts for the grow lights market. 

Grow lights are widely used in the growth and cultivation of various kinds of plants,such as fresh and nutritious vegetables, beautiful floral arrangements, fragrant herbs etc. With the pervasiveness of e-commerce , purchasing them has become easier for farmers and agronomists ,just want a click via internet. In the classification of grow light application, indoor farming occupies the largest market share. And there are also a wide range of grow lights which are use to assist indoor planting. all them are available online.

Growing environmental concerns and uncertainty over the existing rainfall patterns has led the population to willingly invest in the more efficient garden planting mode. innovative farming practices, like the vertical farming method ,have been driving the growth of grow lights market virtually in the long run. on the contrary, high installation and maintenance costs also limit and impede faster market growth.

Key Market Trends

Indoor Farming to Hold Largest Market Share

One of the major benefits of indoor agriculture is its higher yield compared to traditional farming. Enclosing facilities creates ideal growing environments, leading to less harvest time and increase the frequency of harvest throughout the year.

For example, according to the 2016 estimates of USDA, the average yield of conventionally-grown tomatoes in the United States was estimated to be 805 cwt per acre or 1.85 pounds per square foot. In the same year, greenhouse hydroponic tomato farmers in the country experienced an average yield of 10.59 pounds per square foot.

Further, in regions like North America, indoor farming activities are multiplying.According to Agrilyst Inc., North America had an average yield of 5.5 pounds per square foot per indoor farm of leafy green vegetable produce, in 2016. Over the forecast period, such high productivity is expected to draw more investments into the sector and create more opportunities for the grow lights market .

The Asia-Pacific region is expected to be the fastest growth area of grow lights market

Asia-Pacific is one of the fastest-growing regions for the grow lights market. The fast growth of   urban agriculture, such as vertical farming, greenhouse, and planting chamber, is driving the demand of grow lights in this region. Some regions, like Japan and China are the major source of demand for grow lights. it is estimated that a high demand will continue for some time to come.

In Japan, the urban agriculture establishments are addressed as plant factories . the largest plant factory of the country occupies more than three thousand square meter and has the capacity to produce over 20 thousand lettuce plants in a day .

In addition, the country’s government and private sector encourage urban agriculture practices. For example, electronics giant Fujitsu, in recent years, converted its factories, that were formerly semiconductor manufacturing establishments, into plant factories.

Taiwan,China,as one of major players of grow lights market in the Asia Pacific region,house the largest indoor plant production facility in this area. Over the forecast period, increasing urban agriculture supportive measure in countries, like China and India, are expected to drive the demand for grow lights in the region.

Competitive Landscape

With advancements in smart and connected systems, the grow light market is witnessing technological innovations by major players, like Atop lighting and other companies. With more investments inclined toward large-scale deployment of grow lights, companies are improving manufacturing process and designing new grow lights to meet the new demand coming from actual application.

Last year , Atop lighting has launched several new led grow lights , among these lights , Horti-spec single tube allow to grow high quality lettuce, spinach and coriander year-round, providing products with high vitamin and nutritional content for customers.

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