In March 2019, Signify, the global leader in lighting and a royal division of Philip N.V., collaborated with a Japanese food supplier Prime Delica, to grow high-quality spinach, coriander, and lettuce varieties. This will be done using the range of Philips GreenPower LED Production module and offer customers of 7-Eleven, a Japanese-American international chain of convenience stores, with higher nutritional values and vitamin levels. This collaboration between the companies will support Prime Delica to produce 3,200 kg of lettuce daily with an entire automated process of seeding-to-harvest. Such a technique of cultivation increases the quality of the crop and keeps them fresh, healthy, and pesticide-free. For urban agriculture, grow light is the major component and some extensively employed models are led grow-lights, fluorescent lights, high-intensity discharge lamp, metal halide lamp, and high-pressure sodium lights . As the farmers are becoming aware of grow light benefits, the demand within the agriculture sector is expected to increase over the coming years. As of 2018, the global grow lights market size was evaluated at $2.87 billion, and the opportunities are projected to grow at an attractive CAGR of 10.3% during the forecast period 2019-2025. Download Sample Report @ www.industryarc.com/pdfdownload.php?id=15410
Vertical Farming is Now a Growing Necessity
Vertical farming, a French method of growing vertical fruits, is the rapidly growing segment of the grow lights market. Vertical farming has now become the necessity for the urban farmers and is expected to reach $5.8 billion by 2022. The demand for the same is growing at a profitable CAGR of 13.8% through to 2025. Moreover, the global venture capital funding for vertical farming has grown from $36 million to $271 million, which is an increase of 653%. Such significant developments and funding’s are influencing further growth of the grow lights market. In addition to this, the grow lights in the form of LED systems are used in vertical farming is more energy efficient than any other lighting. Most of the vertical farming enables plough crops using grow lights. These grow lights are dispersed between each crop level as it emits significantly less heat that allows the plants to be tightly packed in vertical installations and the crops are not harmed. Additionally, these LED grow lights emit pink-purple lights as these plants respond best in colored lights. Pink and purple are the wavelengths that are able to subjugate the underwater most effectively.
The Major Players in the Grow Lights Market
Some of the key players operating in the grow lights market are Gavita Holland B.V., Sunlight Supply Inc., Royal Philips, Heliospectra Ab., General Electric, Iwasaki Electric Co., Ltd., Hortilux Schreder B.V., Osram Licht AG, and Fluence Bioengineering. Many companies are introducing new products in order to increase their market presence or entering into strategic mergers and acquisition, joint ventures, and partnerships.
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