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Grow Lights Market Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

07.28.2020 · Posted in Writing and Speaking

Fluorescent, high-intensity discharge (HID), light-emitting diode (LED), plasma, and induction bulbs can be used to providing lighting in indoor farming settings. Among these, LED bulbs are the most heavily deployed, as they lead to considerable cost-savings. First, LED lights have a 25-times longer life than a similarly rated incandescent bulb, and the former also consume 75% less energy, which ultimately results in a reduction in the operational expenditure for the farmer.

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The utility of LEDs is so well known that governments around the world are undertaking initiatives to increase their adoption. In Numerous countries, including Switzerland, Brazil, Argentina, Venezuela, Canada, Australia, Malaysia, Russia, South Korea, and Mexico, conventional lights are being replaced with energy-efficient variants. For instance, Los Angeles successfully replaced all of its street lights with LEDs in 2013, hoping to save $7 million in energy costs and an additional $2.5 million in maintenance activities.

Similarly, under the Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) scheme, the Indian government has already provided over 350 million LED bulbs, as of April, 2020. In the coming years, Asia-Pacific (APAC) would witness the most rapid advance of the grow lights market, on account of its booming population and government initiatives aimed at encouraging the usage of LED lights.

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Further, the region accounts for a rapidly rising rate of urban migration, which is leading to the destruction of farmlands for the expansion of cities. To feed the rising number of people and coping with the decreasing arable land area, the focus on urban farming is increasing.
Hence, with the rising popularity of the indoor and vertical farming methods, the demand for grow lights will continue surging across the world.

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