The increasing requirement for grow light growth chambers and rising government support for the adoption of LED (light-emitting diode) lights are some of the factors behind the growth of grow lights market globally. In 2016, the market generated a revenue of $2,653.2 million, and it is expected to attain a size of $5,954.1 million by 2023, progressing at a CAGR of 12.5% during the forecast period (2017–2023).
On the basis of technology, the grow lights market is categorized into LED, high intensity discharge, fluorescent, and others. Out of these, in 2016, the LED category held the dominating revenue share of 33.0% in the market, and it is predicted to maintain its dominance during the forecast period.
Based on spectrum, the grow lights market is bifurcated into full and partial. Of these, during the historical period (2013–2016), the full bifurcation led the market in terms of revenue, and it is expected to continue leading it during the 2017–2023 period.
The key benefits of these chambers include the elimination of pesticide or herbicide use, round-the-year harvest, and lower chances of crop failure which occurs due to the changing weather. The farming performed in a controlled environment is gradually expanding the food and farming industries.
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The price of a decent-quality LED grow light is higher as compared to other lighting types, but its long-term benefits in terms of energy saving make it suitable for indoor plant cultivation.
This post was originally published on Financial Sector