This market research report includes a detailed segmentation of the global grow lights market by product type (LED, fluorescent, HPS, and incandescent and halogen). It outlines the market shares of key regions such as Europe, North America, and ROW. The key vendors analyzed in this report are Agrosun, GE, Philps, and SOLARMAX.
Technavio’s market research analysts estimate the global grow lights market to grow at a CAGR of almost 12% between 2016 and 2020. The increasing demand for food grains and the upsurge in population and urbanization are some of the factors propelling the grow lights market. Currently, Europe dominates the grow lights market, accounting for almost 33% of the market share. The decrease in arable land and the increase in the demand for organic food are factors that will contribute to the growth of this market during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the grow lights segment by product.
“There has been an increase in the popularity and demand for solar-powered light-emitting diode (LED) lamps as they provide more light than traditional lamps. These lamps are also energy efficient and produce lesser heat as compared to conventional lamps. The affordable pricing of these solar-powered LED lamps is expected to contribute to the growth of the market during the forecast period,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
Fluorescent grow lights are the largest segment in the grow lights market, and is expected to reach around $1 billion by 2020. Features such as a stronger light spectrum, comparatively lesser heat production and cost efficiency are some of the reasons why fluorescent grow lights are a favorite among home gardeners. The availability of choices within the category is also expected to boost sales for fluorescent lights in the global grow lights market.
The key vendors in the market include Agrosun, GE, Philps, and SOLARMAX. The global grow lights market includes well-diversified global and regional vendors. However, as global players are increasing their footprint in the market, regional vendors are finding it increasingly difficult to compete with them in terms of quality, technology, and pricing. This scenario is likely to continue over the next four years.
A more detailed analysis is available on the Technavio report, Global Grow Lights Market 2016-2020.
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