Grow lights are artificial lights used in growing crops in indoor environments. These lights mimic natural light and provide nourishment to plants. Different types of grow lights used in cultivating crops are high intensity discharge (HID), light-emitting diode (LED), plasma, and fluorescent lights. They can provide heat and light at cost-effective prices, thus boosting practices of vertical farming and commercial greenhouses.
The legalization of cannabis in the United States in 2016 was a watershed moment for marijuana cultivators. The move led to a surge of medical and recreational marijuana growers instantly. Revered, a company involved in cannabis cultivation, has acquired the use of Heliospectra LX60 intelligent LED grow lights in its farms to accelerate the growth of these flowers.
Sustainable Indoor Farming Practices
Major applications of grow lights are commercial greenhouse, vertical farming, indoor farming, and others. The vertical farming segment is anticipated to grow robustly from 2014 to 2025 on account of being an accepted farming method in various countries such as China, Japan, and the Netherlands. The ability to grow two or more crops can be grown simultaneously in a single structure with the help of artificial lights is projected to augment segment demand. Fresh crops can be grown in unused urban establishments and provide sustenance to city dwellers at economical prices.
The commercial greenhouse segment was the biggest revenue generator in 2016 on account of attaining better yield than traditional farming techniques. The use of LED grow lights and adoption of the controlled-environment agriculture (CEA) method to encourage horticultural practices in Spain and France are factors expected to augur demand in this segment. Recently, Green Mountain Harvest Hydroponics decided to invest in LED grow lights in their greenhouses and enjoyed lower crop cycles and high yields.
Market Outlook
The global grow light market size is projected to be worth USD 8.64 billion by 2025, according to a report by Grand View Research, Inc. The market is expected to exhibit a 14.1% CAGR over the forecast period (2014-2025) due to increased use of indoor farming techniques to cultivate crops. The focus of consumers to reduce carbon consumption and increasing transition of people towards cities are factors predicted to bolster market growth.
Government initiatives supporting the use of LED lights for sustainable farming and demand for energy-efficient technology are estimated to drive market demand over the forecast period. Prominent market players include Gavita Holland B.V., Everlight Electronics Co., Ltd., AeroFarms, and OSRAM Licht AG.
In-Depth Research Report On Grow Light Market:
https://www.grandviewresearch.com/industry-analysis/grow-light-market
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