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(MoneyNewsWire.Net, April 23, 2018 ) The North America Grow Light Market is worth USD1 billion in 2016 and estimated to grow at a CAGR of 7.51%, to reach USD1.44billion by 2021. The North America Grow Light market is developing at an exceptionally quick pace. Grow light is usually an artificial source of light which is used for stimulating the growth of plant. This is generally done where there is no light or very less amount of light present.
In winters when there is generally less amount of sunlight, grow lights are used. Grow Light generally duplicate the emission spectrum similar to that of sun / according to the needs of the plant. They are used for various purposes like food production, horticulture, indoor gardening and plant propagation. Although grow lights are mostly used on industrial level, they can used for household purposes also.
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The driving factors for plants and grow lights showcase are the increasing interest for the capacity to develop locally and reliably, scarcity of space for cultivating particularly in urban communities, and the need to build the yield per unit range without hurting nature. The opportunities in this market are immense but fluctuating and can run from innovative technologies in grow lights, consolidated utilization of normal lighting with simulated lighting, building up a sun oriented power based plant manufacturing plant to building numerous level plant production lines which would additionally diminish space necessity. Governments are also reassuring plant industrial facilities and grow lights for enhancing the generation.
The North America market for Grow Light is segmented on the basis of technology, type of installation, applications and region. Based on technology, the market is segmented into HID lights, fluorescent lights, LEDs, LEPs, induction lights. Traditional lighting technologies like HID and fluorescent lighting (FL) are quite popular. LED grow light is a new technology in horticultural lighting and is proving to be far more effective than other lighting technologies. Although LED grow lights are costly, their long-term advantages in terms of energy efficiency make them an ideal option. Based on type of installation, the market is segmented into new installation and retrofit installation. Based on applications, the market is segmented into indoor farming, vertical farming, commercial greenhouses, rooftop farming, and others.
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The North America market has been geographically segmented into segmented into US and Canada. As of 2015, North America faces a slight saturation in the market because of high development in the supply chains and also because of developed storage and transport facilities already existing in this region. This has led to a decrease in the relative market share but it continues to grow at a high CAGR. North America comes in second in terms of market share in the Cold Chains Market worldwide.
Some key players in the market are Americold Logistics (U.S.), Preferred Freezer Services (U.S.), Burris Logistics (U.S.), Lineage Logistics Holding LLC (U.S.), and Nichirei Logistics Group Inc. (Japan).
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