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The global grow light market size was valued at USD 4.23 billion in 2021 and is anticipated to reach USD 14.31 billion by 2030, growing at a CAGR of 15.0% over the forecast period.
Growing urban cultivation, vertical farming and growing adoption of environment-friendly production of fruits and vegetables is boosting the growth of the market. The unprecedented growth of the global population has also increased the demand for urban agriculture. Furthermore, the practice of vertical farming for producing food in a vertically stacked-layer such as a used warehouse, skyscraper, or shipping container is boosting the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Grow Light Market
Grow light helps in extending the hours of the natural daylight which further increases the health, growth rate, and yield of the plants. Artificial lighting, such as high-pressure sodium lighting, LED lighting and plasma lighting can extend the availability of crops (throughout a season). Growing awareness regarding the importance of alternative farming, owing to the less availability of fertile agricultural land and increasing population, are the key factors anticipated to spur the industry demand.
Unlike traditional farming, indoor farming can produce crops throughout the year, which results in increased productivity. Furthermore, indoor farming can protect crops from extreme weather conditions through the usage of techniques such as the controlled environment agriculture technology, where the facilities use artificial environmental control, control of light, and fertigation.
Based on the Product Insights, the market is segmented into < 300 Watt and > 300 Watt.
Based on the Application Insights, the market is segmented into Indoor Farming, Vertical Farming, Commercial Greenhouse, and Others.
Based on the System Insights, the market is segmented into Hardware and Software.
Based on the Technology Insights, the market is segmented into High Intensity Discharge (HID), LED, Fluorescent, and Plasma.
Based on the Spectrum Insights, the market is segmented into Partial Spectrum and Full Spectrum.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The key market players engage in strategies such as partnerships and new product developments to expand their market share. Companies are also acquiring competitors’ businesses to strengthen their position in the market. Some of the prominent players in the grow light market include,
Order a free sample PDF of the Grow Light Market Intelligence Study, published by Grand View Research.
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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