Plant Factory Grow Lights Market to Grow at a Moderate CAGR of 11.01% between 2017 and 2022

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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.

Plant factory is a commercial plant-growing facility. These facilities are closed growing systems that allow farmers to have a constant production of crops throughout an entire year. When a farmer is growing within a plant factory, aspects such as light, moisture, carbon dioxide, and temperature can be controlled. Plants grown in plant factories are often grown vertically in hydroponic systems. Grow light is an artificial source of light which is designed to emit electromagnetic spectrum which is suitable for the photosynthesis purpose.

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The driving factors for plant factories and grow lights market are the increasing demand for the ability to grow food locally and consistently, the paucity of space for farming especially in cities, and the need to increase the yield per unit area without harming the environment. Governments are also encouraging plant factories and grow lights for improving the production. The opportunities in this market are varied and can range from technological advancement in grow lights, combined use of natural lighting with artificial lighting, developing a solar power based plant factory to constructing multiple level plant factories which would further reduce space requirement.

The global plant factory grow lights market is segmented into application, technology, and regions. The application segment which includes vertical farming, indoor farming, commercial greenhouse, turf and landscaping, research and others. The technology segment includes high-intensity discharge, fluorescent lighting, led and others. The market is analyzed based on five regions namely North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.

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The leading companies in the global plant factory grow lights market are 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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