Grow Lights Market size is Projected to Reach $27.3 Billion by 2031 | Growing at a CAGR of 27.5%

Allied Market Research published a report on the Grow Lights Market by Offering, Technology, Specturm, Installation Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2031.

The global grow lights market size was valued at $2.4 billion in 2021, and is projected to reach $27.3 billion by 2031, growing at a CAGR of 27.5% from 2022 to 2031.

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Grow lights are specialized lights used for growing indoor and commercial greenhouse plants. These lights help plants in the process of photosynthesis and boost healthy development and yield incredible products. Grow lights offer many benefits as it mimics the white light received from the sun. It includes longer lifespan, cooler temperature, greater efficiency, usage of full spectrum, compact size, and state rebates. These factors make it ideal for indoor, vertical farming, commercial greenhouses, and other applications.

Grow lights can be adjusted to different colors, which affect growth cycle of specific plants. It can be adjusted to change from ultraviolet (UV) spectrum to infra-red (IR) spectrum. This adjustment makes plants grow to their best potential, while maximizing potential profits. Grow lights are highly preferred for seedlings, herbs, succulents, and leafy houseplants, as they offer optimum environment for growth.

Report Overview:
https://www.alliedmarketresearch.com/grow-lights-market-A06157

The grow lights market share has been significantly impacted by the COVID-19 outbreak. Production facilities of electronics and semiconductors have been halted, owing to slowdown and unavailability of workforces across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization and travel bans. In addition, facility closures kept workers out of their factories, which led to slowdown in growth of the grow lights industry in 2020.

Competitive Analysis:
The grow lights industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the global grow lights market include,
⦁ Signify N.V.
⦁ Valoya Ltd
⦁ BIOS Lighting
⦁ Hortilux Schréder
⦁ Fluence (Osram)
⦁ GE Current
⦁ Kroptek
⦁ SANlight GmbH
⦁ Heliospectra AB

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Top Impacting Factors:
Significant factors that impact the growth of the grow lights market outlook include rise in demand for energy efficient grow lights. Moreover, significant rise in glass house lighting by various organizations has been observed. However, initial high investment and set-up costs may hamper the growth of the market. On the contrary, growth in the cultivation of medicinal plants is expected to offer potential growth opportunity for the grow light market during the forecast period.

Key Benefits for Stakeholders:
⦁ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the grow lights market analysis from 2021 to 2031 to identify the prevailing grow lights market opportunities.
⦁ The market research is offered along with information related to key drivers, restraints, and opportunities.
⦁ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
⦁ In-depth analysis of the grow lights market segmentation assists to determine the prevailing market opportunities.
⦁ Major countries in each region are mapped according to their revenue contribution to the global market.
⦁ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
⦁ The report includes the analysis of the regional as well as global grow lights market trends, key players, market segments, application areas, and market growth strategies.

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