Grow Lights Market CAGR:
Grow Lights Market is expected to grow at a CAGR of 13.7% during the forecast period 2022-2029.
This report identifies the Grow lights market size in terms of value for the year 2022-2029, and a forecast of the identical for the year 2022. It highlights potential growth opportunities within the coming years, while also reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other major aspects with reference to the grow lights market.
A grow light is an electrical lamp that functions as a synthetic source of sunshine that stimulates plant growth. Grow lights achieve this via emitting electromagnetic waves within the actinic radiation spectrum that simulates sunlight for photosynthesis. Grow lighting is majorly produced for 3 light sources, which include light-emitting diodes (LED), high-intensity discharge (HID) lights, and fluorescent lights.
Grow Lights Market Growth Overview Analysis:
Grow light could be a key component of urban agriculture practices. it’s generally accustomed to provide all the sunshine a plant must grow or in some cases, to supplement natural sunlight, especially in cold countries that have low daylight, especially within the winter season An increasing number of plant factories, need for sustainable development, and rise in urban agriculture are current catalysts for the grow lights market.
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The rise in farming companies across the planet is driving global investments towards technology providers for the industry In order to fulfill the demand agriculture industry is currently on the verge of technological change by incorporating indoor farming, vertical farming, commercial greenhouse, urban farming, etc. Such technologies are increasingly gaining traction, which is, in turn, driving the demand for agritech products like grow to light.
Market Segmentation Analysis:
Grow Lights Market – By Lighting Type:
- Toplighting
- Interlighting
Grow Lights Market – By Offering:
- Hardware
- Software & Services
Grow Lights Market – By Application:
- Commercial Greenhouses
- Vertical Farming
- Indoor Farming
- Others
Geographical and Regional Growth Analysis:
By Geography, the global market is divided into major five regions such as North America (USA, Canada), Latin America (Mexico, Argentina, and others), Europe (UK, Germany, France, Italy, Spain, others), Asia Pacific (China, India, Japan, Australia, Singapore, and others), Middle East (UAE, KSA, Qatar, others), South Africa, and Rest of the world.
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The Asia-Pacific region is one of the fastest-growing regions for grow lights. The rapid increase in urban agriculture, like vertical farming, greenhouses, and growth chambers are fuelling the demand for growth light within the region. Countries like Japan, Taiwan, and China are the main sources of demand for grow lights within the region and are estimated to remain so over the forecast period.
North America has the second-highest market in the global grow lights market. The USA has the highest demand followed by Mexico and Mexico. The North American region is mainly driven by ecological worries.
Competitive Strategies and Key Players profiled in the market:
Some of the major companies controlling the global grow lights market are;
- Signify Holding
- Gavita International B.V
- General Electric Company
- Osram Gmbh
- Heliospectra Ab
- Iwasaki Electric Co., Ltd
- Illumitex
- Other Key Companies (Available in full report)
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