San Francisco, California, January 29, 2018 – There are no limitations to escalating food demand in the foreseeable future on the back of increasing population of the world but in the same times, the segment of organic food has emerged that is redefining the food industry. For both these purposes, indoor farming is gaining strong popularity and consequently, the market for grow light is flourishing. According to a recent business and commerce publication by TMR Research, the demand in the global grow light market will expand at an impressive CAGR during the forecast period of 2017 to 2025, gaining traction from a number of factors such as growth in indoor farming practices, government initiatives and regulations to adopt energy-efficient LEDs, need to increase production yield in shorter span of time, and necessity for energy-efficient and long-lasting grow light technology.
On the other hand, the analysts of the report have made the stockholders aware of a few restraints that may obstruct the prosperity of the global grow light market, such as high cost of these products that are energy-efficient and better quality, requirement of different light spectrums for different crops. In addition to that, the lack of standard testing practices that can assess the product quality and their fixtures and availability of low quality light offered by alternatives such as artificial lightings are also reflecting negatively over the market. Nevertheless, the analysts have highlighted a few opportunities that may help the stockholders carve a niche for themselves, such as increase in the number of vertical farming methods, customization for specific intensity and wavelength, retrofitting the traditional lighting sources with LED grow lights, and legalization of growing marijuana in the U.S.
This report contains in-depth analysis of all these factors and their eventual implications over the demand have been evaluated. Then, the report bifurcates the market into several segments in order to explore the profitability of various aspects of the market. Realizing the fact that many of its audiences work under limited geographies, the report has divided and showcased the lucrativeness of various regions and countries in terms of demand. Finally, the report has a featured chapter on the competitive landscape of the global grow light market, wherein a number of leading companies have been profiled for their business overview, product portfolio, geographical presence, and resent strategic decisions.
Based on spectrum, the grow light market can be segmented into full spectrum and partial spectrum, whereas technology-wise, the market can be bifurcated into LED, fluorescent lighting, high intensity discharge, and other technologies. On the basis of installation, the market can be classified into new installation and retrofit. Application-wise, the market for grow light can be categorized into vertical farming, commercial greenhouse, indoor farming, turf and landscaping, research, and others. Geographically, the report takes stock of the potential of demand for grow light that can be expected out of every important region and country including the U.S., Mexico, and Canada in North America, Germany, France, the U.K., Russia, Netherlands, Belgium, and Italy in Europe, China, India, Australia, Japan, and New Zealand in Asia Pacific, and the Middle East and Africa.
American companies such as General Electric Company, Bridgelux, Inc., Alta LED Corporation, Cree, Inc., Lumigrow, Inc., and Illumitex, Inc. are currently ahead of the curve in the global grow lights market along with a few other International players such as Everlight Electronics Co. Ltd. from Taiwan, Heliospectra AB from Sweden, Osram Licht AG from Germany, and Royal Philips Electronics N.V. from the Netherlands. The report picks out the top three and top five companies who currently hold the major shares and highlights the opportunities new players may have.
Get Sample Copy of this Report