(MENAFNEditorial) Global grow lights market is expected to reach market size of $5,954.1 million by 2023. The market is expected to witness high growth with increasing indoor farming practices and growing demand for grow lights growth chambers due to surging population. According to a recent research report published by P & S Intelligence, the global grow lights market size is projected to reach $5.9 billion by 2023, growing at a CAGR of 12.5% during 2017-2023. The market is expected to witness high growth with increasing indoor farming practices and growing demand for grow lights growth chambers due to surging population.
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The legalization of growing cannabis in the U.S is an opportunity for grow lights market. In 2012, Colorado legalized growing recreational marijuana, becoming the first U.S. state to legalize it. Since the implementation of Colorado Amendment 64 in November 2012, adults aged 21 or older can grow up to six marijuana plants (with no more than half being mature flowering plants) privately in a locked space, legally possess all marijuana from the plants they grow (as long as it stays where it was grown), legally possess up to one ounce of marijuana while traveling, and give as a gift up to one ounce to other citizens who are 21 years of age or older.
Growing cannabis in the U.S. is a lucrative option for growers, since there is a lot of demand for cannabis throughout the world. The indoor growing of cannabis can be done by hydroponics, or by vertical farming. Most preferred type of grow lights for growing cannabis is full spectrum LED light or a High Intensity Discharge (HID) light. The U.S. states are currently divided when it comes to the topic of harvesting and cultivating cannabis. Exactly half of the U.S. states have some form of cannabis regulations at present.
Geographically, North America recorded the second largest revenue share in the global grow lights market in 2016. The growing demand for food production from artificial lights, and rising adoption of LEDs are some of the factors driving the grow lights market in the region.
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Due to the rising awareness levels about the benefits of vertical farming from grow lights, many pharmaceutical companies across the region are adopting grow lights for the production of various types of biopharmaceutical products.
The market for grow lights is fragmented with top three companies accounting for more than one third of the global market in 2016. The company has been focusing on innovation and new design development in grow lights to meet the needs of indoor and commercial growers, worldwide. Its nearest competitor, General Electric, is also investing in new product and design innovation to enhance its product portfolio. For the remaining 69% of the market, there exists a stiff competition amongst other companies including Osram Licht AG, Heliospectra AB, Dool Industries and Illumitex Inc., where these companies are extensively upgrading their product offerings through continuous R & D.
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