DUBLIN--(BUSINESS WIRE)--The "Grow Lights Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Grow Lights Market was valued at USD 2710 million in 2020 and is expected to reach USD 7603.16 million by 2026 and grow at a CAGR of 19.5% over the forecast period (2021-2026).
Companies Mentioned
- Signify
- Savant Systems Inc.
- Heliospectra AB
- OSRAM Licht AG
- Illumitex Inc.
- LumiGrow Inc.
- Everlight Electronics Co. Ltd
- Iwasaki Electric Co. Ltd
- Hydro Grow
- Epistar Corporation
Key Market Trends
Indoor Farming Expected to Witness Significant Market Share
- Indoor farming operations done in large scale require grow lights that can completely replace direct sunlight by mimicking the same. In some applications, they can even outperform sunlight. Grow lights for indoor cultivating constitute of three essential types namely fluorescent lights, HPS or HID develop lights, and LED grow lights.
- The technological advancements in the field of grow lights and affordable gardening systems are some of the factors augmenting the growth of the market with about one-third of the millennia growing herbs, indoors.
- Indoor grow lights provide the plants with the optimal red and blue wavelengths to grow big, healthy, and strong. Red light when sensed by the plants, using a special light receptor, release a hormone that keeps chlorophyll from breaking down. Hence, red light yields large, healthy plants in addition to its ability to grow flowers and seeds/fruits. With grow lights, it is possible to regulate the red light as too much red light can cause serious problems, namely lanky and spindly plants.
- A study published by the researchers from Horticultural Sciences Department at the University of Florida (August 2019) indicated that plants cultivated using a slow disco of pulsing lights have utilized reduced energy from grow lights. The scientists who have tested their idea on seedlings of kale, turnip, beet, and thale cress discovered that exposing these plants to pulsing lights (five seconds of light, ten seconds of darkness) has resulted in reduced energy usage of 30%, without any disruption in the plants' growth. Such advancements could drastically reduce operational costs to the farmers (up to 25%) over a period of time.
Asia-Pacific Expected to Witness Significant Growth
- The Asia-Pacific region is one of the fastest-growing regions for grow lights. Rapid increase in urban agriculture, such as vertical farming, green houses, and growth chambers are fueling the demand for growth light in the region. Countries like Japan, Taiwan, and China are the major sources of demand for grow lights in the region and are estimated to stay so over the forecast period.
- Traditionally, Japan was the primary source of demand for grow lights, owing to high technological advances in the urban farming technology of the country. In Japan, the urban agriculture establishments are addressed as plant factories and the country's largest plant factory is capable of producing more than 20,000 heads of lettuce in a day, in just over a 3000-square-metre facility.
- Moreover, in the Asia-pacific region countries like Singapore, that despite producing little of its own, people in the country have better access as compared to others to affordable, abundant and high-quality produce. The country has also been ranked first in an index of food security for two years running and is now increasing its focus as the recent outbreak of coronavirus crisis has exposed the fragility of the global food supply chains.
- As multiple countries across the globe are confronting with the prospect of increasing food demand that's is also forecasted to rise by more than half by 2050, Singapore is finding itself at the vanguard of work in order to keep a swelling population fed while also addressing the land constraints with the threat of climate change.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growth in the Adoption of Indoor Farming Practices
4.3 Market Restraints
4.3.1 High Setup and Maintenance Costs
4.3.2 Varying Requirements in Lighting Spectrums for Different Crops
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Assessment of Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
5.1 Light Source
5.2 Installation Type
5.3 Application Type
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/jyh0fn
