Press release
Grow Light Market Analysis, Size, Share, Trends, Growth And Global Forecast 2023-2032
Grow Light Market Report
The Business Research Company's Grow Light Global Market Report 2023 identifies growing adoption of indoor farming practices as the major driver for the grow light market's growth in the forecast period. 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.
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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Major competitors in the grow light market are AeroFarms, Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v.
A key trend in the grow light market includes product innovation. Major companies operating in the grow light market are focusing on manufacturing innovative grow lights to improve their energy efficiency and offer more in terms of spectrum and applications. For instance, in September 2021, Growealth a US-based manufacturer of grow lights launched an innovative line of led grow lights for efficient plant growth. The maximum Par/Lumen output is offered by these innovative surface-mounted diodes. It is ideal for silent operation indoors because there is no fan noise and the aluminum board it is made of makes it strong and long-lasting. Additionally, it has a clever input voltage adjustment that ranges from 110V to 277V, making it compatible with various power cables and plugs from various countries.
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The grow light market is segmented -
•By Type: Light Emitting Diode (LED), High Intensity Discharge (HID), Plasma, Fluorescent
•By Spectrum: Full-Spectrum, Partial Spectrum
•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.
The Business Research Company's "Global Grow Light Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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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