The rising popularity of indoor farming is expected to push the development of the grow light market 2020. The semiconductors and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. A 13% CAGR is estimated o bolster the market income levels to USD 6 billion by the end of the forecast period.
Detailed Regional Analysis
The regional analysis of the grow light market is segmented into regions such as Europe, North America, Asia-Pacific, and RoW. The European region was accountable for the most significant market stake; the Netherlands is a prominent exporter of horticultural produce, which amplifies the use of commercial greenhouses. Furthermore, the idea of vertical farming is acquiring popularity in this region quickly. The Asia-Pacific region is likely to develop extensively over the forecast period, chiefly due to the escalating knowledge about the benefits of this particular technology. The North American regional market is another noteworthy market with key country-based markets such as the U.S. and Canada being present here. The MEA region is relatively underdeveloped in the grow light market owing to the lack of awareness and technological development.
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The fundamental contenders in the grow light market are General Electric Company (U.S.), Gavita Holland B.V. (Netherlands), Heliospectra AB (Sweden), Iwasaki Electric Co., Ltd. (Japan), Osram LichtAG (Germany), LumiGrow, Inc. (U.S.), Schreder B.V. (Netherlands), Royal Philips (Netherlands), Hortilux Sunlight Supply, Inc. (U.S.), Platinum LED Lights LLC (U.S.) and others.
