Grow Light Market was valued at US$ 2.23 Bn. in 2022 and the total Grow Light revenue is expected to grow at 24.9% from 2023 to 2029, reaching nearly US$ 10.60 Bn.
Grow Light Market Overview:
Grow Light Market provides a comprehensive overview of Grow Light to provide a current understanding of the market and its features. The report also includes detailed information on forecasted statistics, significant advancements, and revenue.
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Grow Light Market Scope:
The global Grow Light market report provides statistics and analytical insights to give a comprehensive understanding of the market size, share, trend, growth, demand, market player and industry profile, opportunities, value chain, end-users, types, and applications. It also includes accessible opportunities in micro and macro markets for stakeholders to invest, as well as a detailed analysis of the competitive landscape and product offerings of major competitors.
The qualitative and quantitative data in the report help decision-makers identify market segments, regions, and variables that are likely to drive the Grow Light market at a faster pace, as well as major opportunity areas. SWOT analysis, PESTLE analysis, and PORTER analysis have been used to provide an in-depth analysis of the Grow Light market.
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Regional Analysis:
The research has been conducted on each regional Grow Light market to determine its current and future growth potential. The Grow Light market report covers all five regions and their country-specific distribution. Their market size and trends are also included in the Grow Light report.
Grow Light Market Dynamics:
All traditional lighting systems have been surpassed by LED-based grow lights in terms of energy efficiency, lifetime, adaptability, and color quality. LED grow lights are increasingly being used in indoor farms, vertical farms, and greenhouses due to their cost-competitiveness. Grow lights are used to grow a lot of plants indoors. Grow light spectrums can be adjusted to suit the specific requirements of each plants. Plant growth and development are ensured by the use of different grow lights. Horticultural producers prefer high-intensity discharge (HID) lights for both indoor and outdoor lighting applications. These lamps are affordable, readily available, and able to provide the necessary amount of light intensity for plant growth.
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Grow Light Market Segmentation:
by Technology
• HID
• LED
• Fluorescent
• Induction
• Plasma
The market is divided into segments according to technology: High Intensity Discharge (HID), LED, fluorescent, and plasma. In terms of revenue, the Grow Light Market's HID category led in 2022, with a market share of more than 36%. Commercial growth facilities like vertical farms and commercial greenhouses are the primary applications for the HID. In contrast, it is anticipated that the LED industry will rule during the projected era. The government's initiatives to promote energy-efficient LEDs and the growth of urban gardening are anticipated to propel the LED industry. LED lights work as efficiently as possible when they are more expensive. LEDs deliver the right amount of light at the right wavelength. It is able to deliver two bands of spectrum at the same time. LEDs are advantageous for growth at all stages. LEDs initially cost more.
by Installation
• New
• Retrofit
by Application
• Indoor Farming
• Vertical Farming
• Commercial Greenhouse
• Research
The market is divided into four segments based on application: commercial greenhouses, vertical farming, indoor farming, and other. In terms of revenue in 2022, the commercial greenhouse segment led the market with a market share of over 44%. One factor that is thought to have contributed to this rise is the rising use of grow lights. The application sector is anticipated to rise over the projected period due to factors like growing usage of indoor and vertical farming and growing technological advancements in grow lights. Countries that support vertical farming include China, Japan, and the Netherlands.
Grow Light Market Key Players:
• Royal Philips
• General Electric Company
• Gavita Holland B.V.
• LumiGrow, Inc.
• Heliospectra AB
• Borst Bloembollen B.V.
• Transcend Lighting Inc.
• Sunlight Supply Inc.
• Beacon Lighting India
• Walters Garden, Inc.
• Osram Licht AG
• Green Sense Farms
• Eye Hortilux
• ILUMINAR Lighting
• A Daintree Company
• PARsource
• A Savant Company
• Hubbell
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Key Questions answered in the Grow Light Market Report are:
- What is the forecast period of the Grow Light Market?
- What is the growth rate of the Grow Light Market?
- What are the Grow Light Market segments?
- Which region held the largest Grow Light market share in 2022?
- What are the opportunities for the Grow Light Market?
- What factors are affecting the Grow Light market growth?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2023-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis of each segment and their sub-segments
- Landscape- Leading key players and other prominent key players.
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