Grow Light Market to Derive Significant Momentum from The LED Segment By 2024

The grow light market in economies including the U.S., Canada, and the UK due to their higher spending capacity dominates in terms of revenue. Grow light market is expanding in countries including Northern Canadian states, Siberia, and parts of Argentina and Chile, where natural sunlight is available for fewer hours as the night time exceeds daytime hours. The devices are used in these regions to support the crop growth in the absence of natural sunlight.

The UN Food and Agriculture Organization reported that the world population is poised to grow by over a third or 2.3 billion from 2009 to 2050, making food supply a prime issue owing to the limitation of farming space. This technology aids in tackling these issues by extending the daylight hours available for the growth of vegetation by using a full-spectrum of artificial illumination, which comprises the same elements found in the natural sunlight.

The rise of vertical farming techniques has had a positive effect on the rise of the grow light market across the world. This technique is on the rise owing to the space-saving characteristics, high crop yield, and lower interference from external environmental characteristics. The technology has high applications in this farming technique.

However, grow light market expansion is obstructed by the inability of farmers to afford indoor or vertical farming techniques as the maintenance costs incurred by famers and horticulturists are higher than the conventional farming techniques. However, the profits obtained by this technique are higher than the maintenance costs.

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LED grow light market segment is expected to show a high growth owing to the increased lifecycle, lower energy consumption, high-intensity output, and consistent performance. High-intensity discharge devices find applications in regions where the level of sunlight available is low and the temperature required for plant growth is not adequately warm.

Fluorescent equipment segment of the grow light market is poised to grow at a fast rate during the forecast time period owing to its higher lifecycle and low power consumption. These are suitable for small-scale applications as they are relatively inexpensive devices. However, these devices are fragile in nature and may incur additional labor and maintenance costs. Therefore, they are suitable for plants requiring lower illumination and heat levels for growth.

Research applications are anticipated to witness growth in the coming years. Scientific experiments conducted on plants constitute the research field applications of the devices. The application of grow light market in commercial greenhouses is increasing at a rapid rate. The greenhouses allow greater control over the growth environment of a plant. Key factors such as fertilizer applications, irrigation, and atmospheric humidity can be altered to suit the growth of the plant.

Players in the grow light market include Aerofarms Ltd., Gavita Holland B.V., Lumileds Holding B.V., Philips Lighting Ltd., OSRAM Licht Group, Valoya Ltd., Heliospectra AB, Sunlight Supply, Inc., and Fluence Bioengineering, Inc. Manufacturers are required to focus on product launches, collaborations, strategic partnerships, mergers, and acquisitions to sustain advancements in the grow light market.

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