Grow Lights Market worth 4.19 Billion USD by 2022, at a CAGR of 9.63% LED technology to hold the largest share in the grow lights market The LED technology is witnessing a significant evolution in horticultural applications and the R&D is aimed at introducing grow lights that can cover the entire photosynthetically active radiation (PAR) range. The light spectrum emitted by these LEDs can be adjusted to suit the different types of plants, which allows the growers more flexibility in plant selection. Moreover, these lights offer an improved energyefficiency over conventional lighting technologies and also a longer operational life of around three to five years. The market for the vertical farming is expected to grow at the highest growth rate The concept of vertical farming is emerging across major urban centers and is expected to drive the demand for grow lights during the forecast period. It offers urban residents an access to fresh horticultural produce, without compromising on its taste or other quality aspects. Sample Pages of the Report :http://www.marketsandmarkets.com/requestsample.asp?id=68944493 The grow lights market in Europe expected to hold the largest share during the forecast period Europe has been a leading market for grow lights, especially for supplemental lighting in commercial greenhouses. The growers and lamp manufacturers in this region have used their experience in greenhouses to develop and deploy grow lights for indoor growing applications as well. The adoption of artificial lighting is particularly high in the Netherlands, and the Scandinavian countries, whereas the demand is increasing from other European countries.
The major companies in the grow lights market include Royal Philips Electronics N.V. (Netherlands), General Electric Company (U.S.), OsramLicht AG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), Iwasaki Electric Co. Ltd. (Japan), Illumitex, Inc. (U.S.), HortiluxSchreder B.V. (Netherlands), iGrow Induction Lighting LLC. (U.S.), and Sunlight Supply, Inc. (U.S.) among others. Report Inquiry :http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=6 8944493 This research report categorizes the global grow lights market on the basis of technology, type of installation, application, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the grow lights market. The Porter’s Five Forces analysis has been included in the report with a description of each of its forces and their respective impact on the grow lights market. Europe held the largest share of the grow lights market in 2015, and it is expected to grow at the lowest CAGR between 2016 and 2022. The increasing demand for grow lights from commercial greenhouses and vertical farms is expected to drive the market in Europe. The market in APAC is estimated to grow at the highest rate for grow lights during the forecast period. The demand for grow lights in the APAC region is expected to be driven by increasing demand for horticultural produce and the growth of vertical farms. The research methodology used to estimate and forecast the grow lights market begins with capturing data on key vendor revenue through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global grow lights market from the revenues of key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments which have been verified through the primary research by conducting extensive interviews of people holding
key positions such as CEOs, VPs, directors, and executives. Market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. Report Information : http://www.marketsandmarkets.com/Market-Reports/grow-lightsmarket-68944493.html We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository. Contact: Mr. Rohan Markets and Markets UNIT no 802, Tower no. 7, SEZ Magarpatta city, Hadapsar Pune, Maharashtra 411013, India 1-888-600-6441 Email: sales@marketsandmarkets.com