The growing demand for grow lights for indoor farming, commercial greenhouses, vertical farming, turf and landscaping, and research applications can be attributed to the ability of these lights to offer high-output power, better operational efficiency, and different spectrum, among others. The overall grow lights market is expected to grow at a CAGR of 11.86 % during the forecast period. The leading players in the grow lights market are Royal Philips (Netherlands), General Electric (U.S.), Osram Licht A.G. (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.) and Heliospectra AB (Sweden).
Royal Philips (Netherlands) holds a leading position in the grow lights market and is a recognized brand in the lighting and illumination business; it offers a diversified product portfolio for horticultural applications. The company has developed innovative products to cater to the horticultural lighting markets by combining its expertise in lighting technologies with inputs from plant psychologists. Its products come in a variety of shapes, with a range of lumen outputs, which are offered at various price points to suit a wide range of growers from hobbyists to commercial growers. The company mainly focuses on partnering and collaborating with other companies to grow in the LED grow lights market. For instance, Philips partnered with Dummen Orange (Netherlands) in 2016. This partnership is expected to benefit both the companies to exchange information as well as conduct experiments to understand the effects of LED Lighting on a variety of red roses and other crops. Philips offers its horticultural lighting solutions in all the major markets across the world with the help of its global distribution and servicing capabilities.
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General Electric is another key player in the grow lights market; the company has been associated with the lighting industry ever since its inception, as Thomas Edison, the inventor of incandescent bulb, was one of its founders. Over the years, the company has altered its portfolio of lighting modules and fixtures to meet the changing needs of its customers, particularly in the U.S. market.
The company has undertaken several projects to implement the LED technology in the verticals of farming applications to improve production and reduce energy consumption. In 2014, GE collaborated with Mirai, Inc. (Japan) to develop industrial-scale indoor farms in Japan to encourage the adoption of LED in horticultural practices. The company’s expertise in lighting technologies and global presence is likely to further contribute toward its growth in the overall LED grow lights market in the coming years.
The other major companies operating in the grow lights market include Iwasaki Electric Co., Ltd. (Japan), Illumitex, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), and Sunlight Supply, Inc. (U.S.).