Press Release / Business / Grow Light Market Growth, Trends, Opportunities, Segmentation and Forecast to 2023

Grow Light Market Growth, Trends, Opportunities, Segmentation and Forecast to 2023

Grow Light Market Highlights
According to Market Research Future Analysis, Grow Light Market has been valued at USD ~6 billion by 2022 growing with ~13% of CAGR during forecast period 2018 to 2022
The growth in the indoor farming, government initiatives to adopt technologies such as LED, growing demand for energy efficiency, long lasting grow technology and environmentally safe products are the factors boosting the growth of the grow light market. Also, a high commercial greenhouses practice in countries such as Netherlands is propelling the growth of the market.
The key drivers contributing to the growth of the grow light market are growth in the indoor farming, government initiatives to adopt technologies such as LED, growing demand for energy efficiency, long lasting grow technology and environmentally safe products. Also, the demand for these products is increasing in countries such as Netherlands where supplemental lighting is required throughout the year.
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Grow Light Market key players
The key players in the global grow light market include Osram LichtAG (Germany), General Electric Company (U.S.), Iwasaki Electric Co., Ltd. (Japan), LumiGrow, Inc. (U.S.), Gavita Holland B.V. (Netherlands),  Hortilux Schreder B.V. (Netherlands), Sunlight Supply, Inc. (U.S.),  Heliospectra AB (Sweden), Royal Philips (Netherlands), Platinum LED Lights LLC (U.S.) and others.
Latest Industry News
VividGro:  the horticultural LED division of Lighting Science, has announced a partnership with Happy Sprouts Farm that produces and sells nutrient-packed microgreens and shoots. Happy Sprouts will now use GroBar lighting services of VividGro®. 22 AUG 2018
VividGro: has launched FlowerMax™. This is intelligent lighting, and control system for the flowering stage for all crops. 23 AUG 2018.
Grow Light Market Segments
Out of these applications, vertical farming accounted for the largest market share because it allows the growing of more number of plants within a single enclosed structure, with the usage of artificial lightings and these can be produce fruits and vegetables throughout the year, within urban areas.
Out of these installations, retrofit accounted for the largest market share, majorly when light intensity decreases, the grow lights are required to be retrofitted. Also, the introduction of new grow light technologies such as LED, plasma, and induction are boosting the growth of this segment.
By Region, MRFR analysis shows that, Europe accounted for the largest market share, because Netherlands is a leading exporter of horticultural produce which increases the usage of commercial greenhouse. Also, the concept of vertical farming is gaining popularity in this region.
Asia-Pacific region is expected to grow significantly over the forecast period, majorly due to increasing awareness about the benefits of this technology.
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Grow Light Market Regional Analysis
The regional segmentation of the global grow light market covers North America, Europe, Asia Pacific, and the rest of the world (RoW). Europe holds the lion’s share in the global market due to the more active environmental lobby and awareness about environmental consciousness. During the forecast period, Asia Pacific is expected to grow significantly as a market. Due to advanced technological development, the presence of many key players in the market and increasing awareness about the environment, North America is another significant market with the United States of America (USA) and Canada being key country-based markets here. The MEA region is a small market due to lack of awareness, lack of education and lack of technological development.
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