The global market for grow light has intense competition among the manufactures and the service provider, observes Transparency Market Research (TMR). The prominent players in the market are making efforts to grow their geographical reach by investing in mergers and acquisitions. These players are also expanding their reach in emerging economies to grab opportunities in those regions. Prominent players in the global grow light market include Illumitex, LumiGrow Inc., Philips Lighting, General Electric Company, Heliospectra AB, OSRAM Licht Group, Gavita International B.V., and Sunlight Supply, Inc.
According to TMR, the global grow light market is expected to increase at 8.46% of CAGR during the forecast period 2017 to 2025. The valuation of the market is anticipated to reach US$6.59 bn by the end of 2025.
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On the basis of technology, the LED segment is expected to lead the market owing to the vast advantages of LED lights. LED lights are energy efficient, long life, and provide accurate light for the growth of the plants. Geographically, Europe is leading the global grow light market and is projected to do so over the forecast period. The valuation for this market in Europe is expected to reach US$ 1.91 bn by the end of forecast tenure.
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Several Skin Diseases to Obstruct Market Growth
Despite the positive factor mentioned above, there are certain restraints that may limit the growth of grow lights. Longer exposure in LED lights has caused itchiness, minor headache, and redness in eyes. According to the American Medical Association (AMA) states that the use of these lights may impact human health. Although AMA does supports energy efficient and environment-friendly lights but not by compromising one’s health. On the other hand, with constant research and development practices in grow light market will minimize these side effects and assist the growth of grow lights in near future.