The global market for grow light has intense competition among the manufactures and the service provider, observes Transparency Market Research (TMR). The prominent players in the market are making efforts to grow their geographical reach by investing in mergers and acquisitions. These players are also expanding their reach in emerging economies to grab opportunities in those regions. Prominent players in the global grow light market include Illumitex, LumiGrow Inc., Philips Lighting, General Electric Company, Heliospectra AB, OSRAM Licht Group, Gavita International B.V., and Sunlight Supply, Inc.
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According to TMR, the global grow light market is expected to increase at 8.46% of CAGR during the forecast period 2017 to 2025. The valuation of the market is anticipated to reach US$6.59 bn by the end of 2025.
global grow light marketOn the basis of technology, the LED segment is expected to lead the market owing to the vast advantages of LED lights. LED lights are energy efficient, long life, and provide accurate light for the growth of the plants. Geographically, Europe is leading the global grow light market and is projected to do so over the forecast period. The valuation for this market in Europe is expected to reach US$ 1.91 bn by the end of forecast tenure.
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Grow light is also making a remarkable change in the agriculture sector. These lights help in cultivating plants in an enclosed environment or in places where there the light is insufficient. Farmers are largely benefitted as they can cultivate healthy plants irrespective of the weather conditions or the season. As the trend for indoor gardening is increasing, grow lights will be very effective for the growth of plants grow indoors.