The Grow Lights Market is anticiapted to register a CAGR of 19.5% during the forecast period. An increasing number of plant factories need sustainable development, and a rise in urban agriculture are current catalysts for the grow lights market. Fresh and nutritious vegetables, beautiful floral arrangements, fragrant herbs, etc., are in demand all year round, and it has become easier to buy at the touch of a button with the pervasiveness of e-commerce. Indoor farming represents the largest market share, with the availability of affordable yet fashionable grow lights.
With smart and connected systems advancements, the Grow Lights Market is witnessing technological innovations by major players like Signify and Everlight. With more investments toward large-scale deployment of grow lights, companies seek to merge, partner, or acquire technical capabilities.
1 INTRODUCTION 1.1 Study Assumptions and Market Definition 1.2 Scope of the Study 2 RESEARCH METHODOLOGY 3 EXECUTIVE SUMMARY 4 MARKET INSIGHTS 4.1 Market Overview 4.2 Industry Attractiveness - Porters Five Forces Analysis 4.2.1 Bargaining Power of Suppliers 4.2.2 Bargaining Power of Buyers 4.2.3 Threat of New Entrants 4.2.4 Threat of Substitutes 4.2.5 Intensity of Competitive Rivalry 4.3 Industry Value Chain Analysis 4.4 Assessment of Impact of COVID-19 on the Market 5 MARKET DYNAMICS 5.1 Market Drivers 5.1.1 Growth in the Adoption of Indoor Farming Practices 5.1.2 LED Grow Lights Have a Longer Lifespan Than Traditional Lighting Technologies 5.2 Market Restraint 5.2.1 High Set-up and Maintenance Costs 6 MARKET SEGMENTATION 6.1 By Light Source 6.1.1 High-intensity Discharge (HID) Lights 6.1.2 Light Emitting Diodes 6.1.3 Fluorescent Lights 6.1.4 Other Light Sources 6.2 By Installation Type 6.2.1 New Installations 6.2.2 Retrofit Installations 6.3 By Application Type 6.3.1 Indoor Farming 6.3.2 Vertical Farming 6.3.3 Commercial Greenhouse 6.3.4 Other Applications 6.4 By Geography 6.4.1 North America 6.4.2 Europe 6.4.3 Asia Pacific 6.4.4 Latin America 6.4.5 Middle East and Africa 7 COMPETITIVE LANDSCAPE 7.1 Company Profiles 7.1.1 OSRAM Licht AG 7.1.2 Illumitex Inc. 7.1.3 Heliospectra AB 7.1.4 Savant Systems Inc. 7.1.5 Signify 7.1.6 LumiGrow Inc. 7.1.7 Everlight Electronics Co. Ltd 7.1.8 Iwasaki Electric Co. Ltd 7.1.9 Hydro Grow 7.1.10 Epistar Corporation 8 INVESTMENT ANALYSIS 9 FUTURE OF THE MARKET
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