Greenhouse Grow Light Market | Market Data Forecast
Added: (Mon Jul 15 2019)
Pressbox (Press Release) -
Market Overview:
Greenhouse Grow Light Market Size was worth USD 1.33 billion in 2018 and estimated to be growing at a CAGR of 11.9%, to reach USD 2.26 billion by 2023. Grow lights, mainly LEDs, are used in a massive range of farming-related applications, owing to the advantages they offer, such as high low power consumption, reliability, and spectral intensity. A greenhouse is a house made of glass. It has glass walls and a glass roof. People grow tomatoes and flowers and other plants in them. A greenhouse stays warm inside, even during winter. Sunlight shines in and warms the plants and air inside.
Market Drivers and Restraints:
The growth of the global market of light greenhouse growth is mainly due to the growing acceptance of greenhouses due to the rapid technological innovation and the increase in disposable income of people who wish to invest in agriculture. Technological innovations have further reduced the cost of Grow Light needed, increasing the viability of a greenhouse. The introduction of GHG technologies and the encouragement of governments are also driving growth in the market.
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Report segmented as
By Spectrum:
Partial
Full
By Technology:
High-intensity Discharge
Fluorescent
LED
By Application:
Indoor Farming
Vertical Farming
Greenhouse
Geographical Analysis:
The market has also been geographically divided into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. In 2015, Europe led the growth of the global light greenhouse market in terms of market share. This is due to the start of greenhouse cultivation in Europe due to favorable weather conditions. The market for these greenhouse light plants in the Asia-Pacific region is growing as government policy is, and the demand for greenhouses is increasing. It is expected that the Asia-Pacific region and other emerging nations will develop rapidly in the Greenhouse Grow Light market in the coming years compared to the mature markets of the industrial regions.
Major Key Players:
The major players operating in the Global Greenhouse Grow Light industry include Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V, Lumigrow Inc., Heliospectra Ab., Iwasaki Electric Co., Ltd., Illumitex Inc., Hortilux Schreder B.V., and Sunlight Supply Inc.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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