The grow lights market is expected to be valued at USD 4.19 billion by 2022, at a CAGR of 9.63% between 2016 and 2022. A key influencing factor for the growth of the grow lights market is the emergence of vertical farming to meet the growing demands for fresh horticultural produce in urban areas across the world. Besides, the legalization of growing marijuana for medical and recreational purposes in North America is another factor that is encouraging the demand for grow lights in this market. Complete report on grow lights market spread across 144 pages, profiling 11 companies and supported with 69 tables and 54 figures is now available at http://www.rnrmarketresearch.com/grow-lights-market-by-technology-hid-fl-led-others-induction-plasma-type-of-installation-new-retrofit-application-indoor-farming-commercial-greenhouse-vertical-farming-turf-landscaping-others-a-st-to-2022-market-report.html .
LED set to be the dominating technology in grow lights market. LED grow lights are expected to be the most preferred grow lights technology between 2016 and 2022. The growth is attributed to the improved energy efficiency offered by LED technology, long operational life, and the ability to vary the light spectrum depending on the type of plant being grown and its current growth stage.
The grow lights market is expected to grow at the highest CAGR in the vertical farming application during the forecast period. The growth of vertical farms because of increased demand for horticultural produce would drive the grow lights market. Vertical farming application expected to grow rapidly in the near future.
Europe to be the largest grow lights market. The European region is estimated to be the largest market for grow lights during the forecast period. The need to provide supplemental lighting to plants in commercial greenhouses set to drive the grow lights market in this region.
The key players in the grow lights market include Royal Philips Electronics N.V. (Netherlands), General Electric Company (U.S.), Osram Licht AG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), Iwasaki Electric Co. Ltd. (Japan), Illumitex, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), iGrow Induction Lighting LLC. (U.S.) and Sunlight Supply Inc. (U.S.). Priced at $4650 for a single user PDF, Inquire Before Buying on “Grow Lights Market by Technology (HID, FL, LED, Others (Induction, Plasma)), Type Of Installation (New, Retrofit), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf & Landscaping, Others), and Geography - Global Forecast to 2022” research report can be requested at http://www.rnrmarketresearch.com/contacts/inquire-before-buying?rname=504195 .
On a related note, another research titled Vertical Farming Market Global Forecast to 2020 says, the vertical farming market is expected to reach USD 3.88 billion by 2020, at a CAGR of 30.7% between 2015 and 2020. Lighting & hydroponic components dominates the functional devices segment of vertical farming market during the forecast period between 2015 and 2020. Companies like Aerofarms (U.S.), Farmed Here (U.S.), Koninklijke Philips N.V. (Netherlands), Illumitex, Inc. (U.S.), and Sky Greens (Singapore) have been profiled in this 173 pages research report available at http://www.rnrmarketresearch.com/vertical-farming-market-by-functional-device-lighting-hydroponic-component-climate-control-and-sensors-growth-mechanism-aeroponics-hydroponics-and-others-and-by-geography-global-forecast-to-2020-market-report.html .
Explore more reports on Electronics market at http://www.rnrmarketresearch.com/reports/information-technology-telecommunication/electronics .
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