Grow Lights Market Will Reach $13,183 Million by 2030

The size of the grow lights market was $1,481 million in 2021, and it will reach to $13,183 million by 2030, advancing at a growth rate of 28% in the years to come as per a report published by P&S Intelligence.

This is because of the growing requirement for food for food because of the increasing population, rising usable income, rapid urbanization, increasing preference for advanced farming practices, and technological advancements in the agriculture sector.

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Furthermore, the growing requirement for economical and durable horticulture lights in numerous countries and the increasing usage of such lights in new farming activities because of their appropriate intensity for plant growth and cost-effectiveness are the main reasons of the high requirement for products.

The retrofit category had larger share of revenue in the past, and it will stay like this in the future as well. This is because of the increasing count of advanced farming facilities all over the world and the mounting use of such lights in existing farming facilities because of a drop in their prices.

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This is attributable to the increasing commercialization of greenhouses, mounting requirement for food all over the world because of the increase in population, declining availability of farming land, increasing acceptance of organic cultivation procedures, and growing necessity for higher energy competence in agriculture.

APAC will grow the fastest by the end of this decade. This can be due to the rising rate of urbanization, increasing requirement for food, growing population, budding acceptance of new agri- technologies, and increasing emphasis on urban farming.

It is because of the increasing need for food for the growing population, the demand for grow lights will increase significantly in the future.

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This release was published on openPR.