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 low costs, which is 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, is using Heliospectra LX60 intelligent LED grow lights in its farms to accelerate the plant growth.
Sustainable Indoor Farming Practices
Major applications of grow lights are commercial greenhouse, vertical farming, indoor farming, and others. Vertical farming being the most accepted farming method in countries, such as China and Japan, is anticipated to witness rapid growth during the forecast period (from 2018 to 2025). Two or more crops can be grown simultaneously in a single structure with the help of artificial lights. This factor is also projected to augment the segment demand.
The commercial greenhouse segment was the biggest revenue-generator in 2016 on account of better production than traditional farming techniques. The use of LED grow lights and adoption of the Controlled-Environment Agriculture (CEA) method to encourage horticultural practices in countries, such as 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 for 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 (from 2018 to 2025) due to increased use of indoor farming techniques. Rising awareness regarding harmful emissions among consumers is predicted to bolster market growth.
Government initiatives supporting the use of LED lights for sustainable farming and demand for energy-efficient technology are also estimated to drive market in the coming years. 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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