India Grow Light Market Worth US$ 173.6 Million by 2028 at CAGR of 13.5% | IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "India Grow Light Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including India grow light market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the India grow light market?

The India grow light market size reached US$ 80.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 173.6 Million by 2028, exhibiting a growth rate (CAGR) of 13.5% during 2023-2028.

What is grow light?

Grow light refers to specialized LED light used for stimulating the growth of indoor plants. They emit electromagnetic radiation in the visible light spectrum, which aids in the procedure of photosynthesis and boosts healthy development. Grow lights are commercially available in high-intensity discharge (HID), light-emitting diodes (LED), incandescent variants, and high-pressure sodium (HPS). they also offer several benefits, including cooler temperatures, longer lifespan, better efficiency, compact size, usage of full spectrum, and state rebates. In recent years, grow lights have gained traction due to their extensive adoption in home gardening, commercial indoor gardening, horticulture, food production, and plant propagation applications.

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What are the growth prospects and trends in the India grow light industry?

The market is primarily driven by the rapid establishment of vegetable factories across the country, which is a response to the increasing population. The use of grow lights enables artificial environmental control, light control, and fertigation. Additionally, the growing trend of vertical rooftop and commercial greenhouse farming is contributing to a positive market outlook. Furthermore, the increasing adoption of solar power-based agriculture plants is also having a positive impact on market growth. Artificial lighting, such as LED lighting, high-pressure sodium lighting, and plasma lighting, can extend crop availability, leading to a higher rate of product adoption nationwide. Moreover, the rising awareness of the importance of alternative farming, given the limited availability of fertile agricultural land, is creating lucrative growth opportunities for industry players.

In addition, indoor farming offers the advantage of year-round crop production, unlike traditional agriculture, resulting in increased productivity and higher demand for products. Furthermore, ongoing technological advancements in grow lights and extensive research and development (R&D) efforts to introduce innovations in agricultural science and technology are driving the market forward. Looking ahead, IMARC Group predicts that the market value will reach US$ 173.6 million by 2028, with a projected compound annual growth rate (CAGR) of 13.5% during the forecast period (2023-2028).

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Technology:

HID
LED
Fluorescent
Others

Breakup by Installation Type:

New Installations
Retrofit Installations

Breakup by Spectrum:

Full-Spectrum
Partial Spectrum

Breakup by Application:

Indoor Farming
Vertical Farming
Commercial Greenhouse
Turf and Landscaping
Others

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Breakup by Region:

North India
West and Central India
South India
East India

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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