Global Plant Factory Grow Lights Market Will Reach USD 5.11 Billion by 2022: Zion Market Research
According to the report, the global plant factory grow lights market was valued USD 2.73 billion in 2016 and is expected to reach around USD 5.11 billion by 2022, at a CAGR of 11.01% for the forecast period from 2017 to 2022.
July 21, 2017 01:53 ET | Source: Zion Market Research
Sarasota, FL, July 21, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Plant Factory Grow Lights Market by Technology (High-Intensity Discharge, Fluorescent Lighting, LED and Others) for Vertical Farming, Indoor Farming, Commercial Greenhouse, Turf and Landscaping, Research and Other Application: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global plant factory grows lights market was valued USD 2.73 billion in 2016 and is expected to reach around USD 5.11 billion by 2022, at a CAGR of 11.01% for the forecast period from 2017 to 2022.
Plant factories are considered to be the future of farming. Growing methods such as vertical farming and the growing implementation of urban agriculture have increased the interest and investment for plant factories and related technology. Additionally, it is thought that plant factories can provide a more efficient way to provide food for the world's growing population.
Browse through 13 Market Tables and 24 Figures spread through 110 Pages and in-depth TOC on "Global Plant Factory Grow Lights Market, 2016 – 2022: By Type, Application, Size & Share”.
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The global market for plant factory grow lights is estimated to grow at a significant rate. The demand for organic plants and vegetables has grown worldwide while the comparative supply has not been able to match the demand. This has led to the evolvement of the plant factory system which is an automated farm with advanced technologies and can produce 24 hours a day without depending upon climate. Government initiatives and regulations to adopt energy-efficient LEDs can be one of the major driver the global plant factory and grow lights market. The plant factory grows lights market generates more production in lesser time which can be one of the drivers for the market.
North America is expected to have the highest growth rate for plant factories and grow lights market. North American countries like USA and Canada is expected the highest growth rate. Plant factory market can be segmented into two categories, new plant factory construction market, and plant factory products market. North America was the second major market for grow lights in 2016. The emergence of vertical farms and the booming market for cannabis cultivation are driving the demand for grow lights in this region.
Browse the full "Plant Factory Grow Lights Market by Technology (High-Intensity Discharge, Fluorescent Lighting, LED and Others) for Vertical Farming, Indoor Farming, Commercial Greenhouse, Turf and Landscaping, Research and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022 " report at https://www.zionmarketresearch.com/report/plant-factory-grow-lights-market
Europe holds the largest share of the grows lights market in 2016. Europe was the leading market for grow lights in 2016. Within Europe, the Netherlands is a leading exporter of horticultural produce, grown within its numerous automated commercial greenhouses. The concept of vertical farming is also gaining popularity in Europe. The rising population in Europe is a major driver for the increasing need to practice indoor horticulture in this region. Also, the severe cold in winters and insufficient sunlight in parts of Europe mandates indoor growing with the help of artificial lightings.
The Asia Pacific region currently comprises only a small segment but is expected to grow significantly as the awareness about the benefits of this technology has been increasing significantly.
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Latin America and Middle East & Africa has seen significant investment in the plant factory grow lights market. Latin America along with the Middle East and Africa regions are expected to witness a significant growth in terms of the adoption of plant factory grow lights over the next decade.
The major participants which include APL engineered material, Daystar, Advanced lighting Technologies, Siemens Philips horticulture Lamps, General Electric, Hydrofarm, Iwasaki Electric, Sun System and Taiwan Floriculture Exports Association.
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The report segment of plant factory grow lights market is as follows:
Global Plant Factory Grow Lights Market: Application Segment Analysis
Turf and Landscaping
Global Plant Factory Grow Lights Market: Technology Segment Analysis
Global Plant Factory Grow Lights Market: Regional Segment Analysis
The Middle East and Africa
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