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.
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Rapid urbanization has resulted in heavy population migration to urban areas, driving the demand for grow light market. This results in an increased demand for food in urban regions as the area for natural farming is severely limited. The application of this equipment in such regions enables the crop growth for the general population. In the aftermath of the Canadian government legalizing the cannabis production by means of LED devices, Heliospectra AB announced that it had received an order of USD 650,000 by an undisclosed company for the provision of its LX60 intelligent LED solution
Grow light market has a promising scope for expansion by facilitating the use of automated and semi-automated farming techniques. For instance, automated facilities enable the user to have the added flexibility of concentrating on the other aspects of farming. With the commercialization of IoT, grow light market expansion will receive further impetus. There is a high demand for remote and connected technologies for better convenience and higher efficiency. Fluorescent LED devices exhibit varied spectrums of wavelength output and can drive the grow light market in the near future. For instance, the warm and red spectrum is recommended for the growth of flowers and the cool and blue spectrum is preferred for vegetative growth.
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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.
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.
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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.