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Grow Light Market 2023 - Market Overview, Business Opportunities, Industry Share And Forecast To 2032
Grow Light Market Analysis
Grow Light Market Size, Growth Rate, And Forecast
The global grow light market size is expected to grow from $3.08 billion in 2022 to $3.63 billion in 2023 at a compound annual growth rate (CAGR) of 17.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global grow light market size is expected to grow to $6.81 billion in 2027 at a CAGR of 17.0%.
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Grow Light Market Drivers
The growing adoption of indoor farming practices is significantly contributing to the growth of grow light market going forward. Indoor farming refers to the method of cultivating crops or plants, typically on a large scale, entirely indoors. Grow lights are employed in indoor farming when there is a dearth of natural light since they mimic or even outperform sunlight in terms of plant development.
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Grow Light Market Segments
1) By Type: Light Emitting Diode (LED), High Intensity Discharge (HID), Plasma, Fluorescent
2) By Spectrum: Full-Spectrum, Partial Spectrum
3) By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the grow light market.
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Grow Light Market Key Players
Major competitors in the grow light market include AeroFarms, Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v., Illumitex Inc., Lumigrow Inc., Osram Licht AG.
The Business Research Company's "Global Grow Light Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Grow Light Market Include:
1. Executive Summary
2. Grow Light Market Characteristics
3. Grow Light Market Trends And Strategies
4. Grow Light Market - Macro Economic Scenario
5. Grow Light Market Size And Growth
........
26. Africa Grow Light Market
27. Grow Light Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Grow Light Market
29. Grow Light Market Future Outlook and Potential Analysis
30. Appendix.
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