Grow Lights Market - Recent Developments, Technological Innovations and Market Trends | Royal Philips, Sunlight Supply Inc., Hortilux Schreder B.V., General Electric Company and Iwasaki Electric Co.

According to recent report published by Allied Market Research, titled, "Grow Lights Market By Offering (Hardware and Software), By Rating (300 Watt), By Plant Type (High Light Plants and Low Light Plants), By Device Type (Top Lights, Inter-Lights, TLEDs, and Flowering Lamps), By Range (60-200W, 200-1000W, and 1000-2000W), and By Application (Indoor Farming, Vertical Farming, Commercial Greenhouse, TURF &Landscaping, and Other Applications):Global Opportunity Analysis and Industry Forecast, 2020-2027", the global grow lights market is experiencing a significant growth, and will grow considerably in the next few years.

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Grow light technology aids in prolonging the hours of the natural daylight which further escalates the health, growth rate and production of the plants. The fact that LED light bulbs generate the same amount of light as HID lights but stuffs down fewer watts has made them the best grow lights among their counterparts. Especially, when it comes to electricity savings, the importance of grow lights gets multiplied yet more.

LED grow lights have now come out as a popular choice for a number of good reasons such as high-efficiency, productivity, temperature, longevity, the range of light they provide, and their size. Rise in the number of plant factories, increase in demand for sustainable development, and development in urban agriculture are the major factors driving the growth of the global lights market.

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The global grow lights market is segmented on the basis of offering, rating, plant type, device type, range, application, and geography. Based on offering, the market is further segmented into hardware and software. Based on rating, the market is divided into 300 watt. Based on plant type, the report categorizes the market into high light plants and low light plants.

By device type, the market is classified into top lights, inter-lights, TLEDs, and flowering lamps. By range, the market catalogues the report into 60-200W, 200-1000W, and 1000-2000W. By application, the report is elemented into indoor farming, vertical farming, commercial greenhouse, TURF and landscaping, and other applications. Geographically, the global market is divided across North America, Europe, Asia-Pacific, and RoW (Rest of the World).

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Key players of the global grow lights market analyzed in the report include Royal Philips, Sunlight Supply Inc., Hortilux Schreder B.V., General Electric Company, Iwasaki Electric Co., Osram Licht AG, Gavita Holland B.V., Lumigrow Inc., Heliospectra Ab., LTD., and Illumitex Inc.

Top Impacting Factors:
Rise in the trend of urban cultivation & vertical farming, increase in adoption of eco-friendly cultivation of crops, and surge in the number of plant workshops drive the growth of the global grow lights market. Moreover, artificial lighting is best known for encompassing the availability of fruits & vegetables throughout all the seasons. This factor, in turn, has supplemented the market growth. On the other hand, the high maintenance and installation costs of grow lights impede the growth to some extent. Nevertheless, increase in awareness regarding the significance of such alternative farming is expected to usher in lucrative opportunities in the near future.

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Key Benefits of the Report:
1. This study renders an interpretative depiction of the global grow lights industry along with the current trends and future valuations to spur on the looming investment pockets.
2. The report also depicts information in regards to key drivers, restraints, and opportunities in consort with detailed analysis of the global grow lights market share.
3. The current market is quantitatively analyzed from 2020 to 2027 to highlight the global grow lights market growth landscape.
4. Porter's five forces analysis demonstrates the influence of buyers & suppliers in the market.
5. The report doles out an all-inclusive global grow lights market study based on economical intensity and how the market contention will take shape in the near future.

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Questions Answered in the Grow Lights Market Research Report:
1. What are the key market players active in the grow lights market?
2. What are the current trends that are likely to determine the market in the next few years?
3. What are the driving factors, restraints, and opportunities looming large in the market?
4. What are the forecasts for the future that would aid in taking further tactical steps to expand the market yet more?

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