Dublin, May 23, 2022 /PRNewswire/—— “Global Grow Lights Market – Forecast 2022 to 2027” report added to ResearchAndMarkets.com’s supply.
The global grow lights market is expected to grow at a CAGR of 13.41% during the forecast period, with the market size reaching $7.975 billion From 2027 $3.306 billion 2020.
Grow lights are widely used in vertical farming, indoor farming, commercial greenhouses, landscaping and other applications.
One of the major factors driving the growth of the market is the significant growth in the agricultural sector. Furthermore, the increasing adoption of vertical and indoor farming methods is driving the growth of the market. Multiple grow lights are used in hydroponic farming systems to ensure plants get enough sunlight while protecting them from insects and pests.
In addition, increasing food consumption due to population growth, as well as restrictions on the amount of arable land, are positively driving the product demand. The growth in lighting helps ensure optimal yield and quality of plants to meet the growing global food demand.
Additionally, significant advancements in technology, including the creation of smart grow lights combined with the Internet of Things (IoT), are another growth driver. Other factors, including several agricultural scientific discoveries and the implementation of favorable government regulations, are expected to drive the market over the next few years.
Benefits over traditional methods
Due to declining cost competitiveness, LED-based grow lights outperform all other lighting technologies in terms of energy efficiency, longevity, adaptability and color quality and are now widely used in vertical farms, indoor farms and greenhouses. Indoors, grow lights are used to grow a variety of plants.
The spectrum of the grow light can be adjusted to suit the needs of the plant. Using various types of grow lights can help plants grow and develop. Horticultural growers prefer high-intensity discharge (HID) lamps for outdoor and indoor applications. These lights are inexpensive, readily available, and provide the necessary light intensity for plant growth.
To get the overall spectrum of the plant, growers mix HID lamps, such as high pressure sodium (HPS) lamps, with metal halide (MH) lamps. As a result, farmers must install cooling systems to keep the temperature of their growing units consistent, which increases their energy costs. All of these issues have increased the need for more energy efficient, longer lasting horticultural lighting solutions.
LED grow lights are becoming more popular as people become more aware of the advantages they offer. Plants have been grown indoors using various artificial light sources. Previously, HPS and electronic ballasts were widely used as efficient light sources for indoor agriculture. LEDs are popular now because they eliminate the shortcomings of HPS, fluorescent lamps (FL), metal halide lamps, and electronic ballasts.
However, the initial investment required for high-quality LED grow lights is larger than that required for traditional lighting technologies such as FL and HID lights. This is because each LED grow light unit contains an array of LEDs specially designed for this purpose. For commercial indoor growing, high-quality full-spectrum LED grow lights can be installed as the primary light source.
Depending on power output and other specs, it could cost between $2,000 or more. These grow lights are more expensive than 1,000-watt high pressure sodium (HPS) lights, which cost slightly more and provide enough light for photosynthesis. Growers are reluctant to adopt energy-efficient horticultural lighting technologies such as LED, induction and plasma lighting due to the large price differences.
Impact of COVID-19 on Grow Lights Market:
COVID-19 has not only impacted the operations of grow light manufacturers, but also the businesses of their suppliers and distributors.
In the first half of 2020, major players in the industry have seen the impact of the pandemic on their grow light order volumes. Furthermore, the nationwide lockdown imposed to curb the spread of the virus has also significantly impacted the global grow lights market.
Key topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
4.1.market driving force
4.2. Market Restrictions
4.3. Porter’s Five Forces Analysis
4.3.1.Bargaining power of suppliers
4.3.2. Bargaining power of buyers
4.3.3. The threat of new entrants
4.3.4. The threat of substitutes
4.4. Functional value chain analysis
5. Global Grow Lights Market Forecast by Type
5.2. High Intensity Discharge (HID)
5.3. Light Emitting Diodes (LEDs)
5.4. Fluorescent lamps
5.5. Induction lighting
6. Global Grow Lights Market Forecast by Application
6.2. Indoor gardening
6.3. Vertical farming
6.4. Commercial Greenhouses
7. Global Grow Lights Market Forecast, By Region
7.2. North America
7.3. South America
7.5. middle East and Africa
7.5.1. United Arab Emirates
7.5.3. Saudi Arabia
8. Competitive environment and analysis
8.1.Key Players and Strategy Analysis
8.2. Emerging Players and Market Profits
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier Competitiveness Matrix
9. Company Profile
For more information on this report, please visit https://www.researchandmarkets.com/r/9l4z4u
Research and Marketing
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