Grow Lights Market – by Technology (HID, Fluorescent, LED, Induction, and Plasma), Type of Installation (New, and Retrofit), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf & Landscaping, and Research), and Geography – Global Forecast to 2022
The rising need for artificial lighting for the photosynthesis and efficient growth of plants indoors has led to the rapid development in the grow lights market. Typically, these lights are used as supplemental lighting where natural light is insufficient for plant growth or as primary light source when plants are grown indoors. Technological advancements in the 20th century have led to the emergence and evolution of lighting technologies such as high intensity discharge (HID) lamps, high pressure sodium (HPS), fluorescent lighting (FL), and light emitting diode (LED). The major factors driving the growth of the grow lights market include the increasing adoption of indoor farming methods and the rising necessity for energy-efficient and long lasting grow light technologies. The use of grow lights has rapidly increased in indoor farming, commercial greenhouses, vertical farming, turf & landscaping, and other applications, such as research, aquarium lighting, and entomology. The grow lights market was valued at USD 2.50 billion in 2016 and is expected to reach USD 5.11 billion by 2022, at a CAGR of 11.9% between 2017 and 2022.
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The adoption of different grow light technologies such as HID, FL, HPS, and LED in indoor farming is rapidly increasing, owing to their characteristics such as high reliability, low power requirements, spectrum intensity, footprint, and cost efficiency. The spectrum of light is significant for indoor cultivation as different plants require different spectrum during their growth stages. The LED grow lights remain influential among other lights, owing to their long-term benefits in terms of energy-efficiency. Governments in the developing economies are implementing regulations and taking various initiatives to encourage the adoption of energy-efficient LEDs.
Retrofit installations held a major share of the grow lights market than new installations in 2016. Retrofitting is generally performed in grow lights when the light intensity drops below the desired levels after regular usage, or when grow lights suffer any failure or damage during operations. Growers may retrofit their old grow lights with new ones of any technology to ensure that their plants get the required amount of light to grow. Hence, when the light intensity decreases, the grow lights are required to be retrofitted immediately.
The market for commercial greenhouse applications is expected to grow at a high rate in the coming years. Commercial greenhouses have witnessed increased automation in the last decade, and the concept of controlled environment agriculture (CEA) is being implemented in the greenhouses to maintain optimum growing conditions and obtain a higher yield. The growers are gradually realizing the potential benefits of cultivating plants inside a greenhouse; this has contributed to the development of commercial greenhouses. LED grow lights can be easily programmed and integrated into the CEA setup within a greenhouse. Hence, growers with greater investment capabilities have started shifting toward LED grow lights from conventional lighting systems.
The grow lights market has been segmented on the basis of spectrum. In horticulture or in greenhouses, the use of grow lights with suitable spectrum is important as some spectrums encourage vegetative growth, some increase the flower and fruit yields, while other spectrums have a little effect on plant growth. Depending upon the use of grow lights, they are categorized into partial spectrum and full spectrum. Grow lights provide a spectrum equivalent to that of the sun or according to the requirement of the plants; for example, flower requires more of red light spectrum, whereas vegetables need the blue light spectrum. LED grow lights are more energy efficient and save higher amount of energy compared to hydrogen lamps and other traditional lightings.
Market in RoW is expected to grow at the highest rate, followed by APAC, in the coming years. The market growth in RoW can be attributed to the increasing adoption of indoor farming practices especially in the Middle East and South American regions. The urban farming methodologies to meet the increasing demand for food and to mitigate the issues related to water scarcity and extreme temperatures have led to the increasing use of grow lights in this region. Vertical farming applications is expected to grow at a significant rate in this region in the near future. The Middle East and Africa hold a major share of in RoW.