Grow Lights Market Revenue, Share, Trends, Demand and Growth Opportunities by 2023; Philips, Osram Licht AG, Heliospectra AB, Dool Industries and Illumitex Inc

The global grow lights market is expected to reach market size of $5,954.1 million by 2023, growing at a growth rate of 12.5% CAGR forecast to 2023. The market is expected to witness high growth with increasing indoor farming practices and growing demand for grow lights growth chambers due to surging population. The need of economical grow light technology in cities, increasing government support for the adoption of LED lights, rising disposable income among consumers in developing countries and surge in per capita global GDP over the years, are expected to boost the growth of grow lights market during the forecast period.

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LED based grow lights have been the largest as well as the fastest growing market. Being an efficient technology, the demand of such modern solutions is further projected to increase. Full spectrum based grow lights has been growing at higher pace, as compared to the partial spectrum. In Asia-Pacific grow lights market is expected to become the second largest by 2023.

With high degree of urbanization, Europe has been the largest grow lights market. However, Asia-Pacific is expected to emerge strongly, mostly owing to the growing population and rising regional inclination towards modern farming techniques. The U.K., Germany, Netherlands and Scandinavia have been the major grow lights market in Europe, while in Asia-Pacific, Japan, Australia, China and Singapore are the key countries.

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The companies in the grow lights market has been focusing on innovation and new design development in grow lights to meet the needs of indoor and commercial growers, worldwide. For instance, General Electric is investing in new product and design innovation to enhance its product portfolio. There exists stiff competition among the players in this industry, including Philips, Osram Licht AG, Heliospectra AB, Dool Industries and Illumitex Inc., to increase their market share.

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