Global Grow Light Market 2019–2023 | 19% CAGR Projection over the Next Five Years | Technavio
The global grow light market 2019–2023 is expected to post a CAGR of close to 19% during the period 2019–2023, according to the latest market research report by Technavio. Request a free sample report
Urban agriculture, such as vertical farming, is gaining immense popularity in countries such as the US, Canada, and the Netherlands. The vertical farming technique involves vertically stacked layers that may be integrated into structures such as skyscrapers. This is expected to increase the demand for grow light as they reduce the dependency on natural light sources. The use of grow lights can ensure higher yield and faster as well as healthier growth of plants. Thus, the growing popularity of urban agriculture will drive the demand for grow lights during the forecast period.
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As per Technavio, the rising popularity of hydroponic farming systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019–2023.
Global Grow Light Market: Rising Popularity of Hydroponic Farming Systems
Farmers are increasingly shifting toward hydroponic systems for plant cultivation, due to limited access to outdoor space for gardening and cultivation. Although sunlight is a key element in the development of hydroponic systems, gardeners are increasingly opting for electrical illumination for indoor farming applications. Thus, grow light solutions are increasingly being adopted for hydroponic systems. Therefore, the rising popularity of hydroponic farming systems is expected to drive the grow light market growth during the forecast period.
“Apart from the rising popularity of the hydroponic farming system, other factors such as the rising prominence of IoT in grow light technology, and the increasing application of grow lights in plant disease detection and monitoring will boost the grow light market growth during the forecast period,” says a senior analyst at Technavio.
Global Grow light Market: Segmentation Analysis
This market research report segments the global grow light market by product (HID lights, LED lights, fluorescent lights, and others) and geographical regions (North America, Europe, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, MEA, and South America, respectively. However, the APAC region is expected to register the highest incremental growth during the forecast period, due to the growing awareness about indoor horticulture systems and their benefits among end-users.
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