Press release
Grow Lights Market CAGR to be at 27.5% from 2022 to 2031 | $27.3 Billion Industry Revenue by 2031
Increase in demand for energy efficient grow lights and surge in glass house lighting by various organizations have boosted the growth of the global grow light market. However, high initial investment and start-up cost hinder the market growth. On the contrary, rise in cultivation of medicinal plants is projected to open lucrative opportunities in the future.
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The report segments the global grow lights market on the basis of offering, technology, spectrum, installation type, and region. Based on offering, the software segment is expected to portray the highest CAGR of 30.2% during the forecast period. However, the hardware segment held the largest share in 2021, contributing to more than two-fifths of the market.
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On the basis of technology, the light emitting diode (LED) segment is projected to showcase the highest CAGR of 29.8% during the forecast period. Furthermore, the segment held the lion's share in 2021, accounting for more than two-fifths of the market.
The global grow lights market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in 2021, holding nearly more than one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 29.4% during the forecast period.
The global grow lights market includes an in-depth analysis of the prime market players such as BIOS Lighting
Fluence (Osram)
GE Current
Heliospectra AB
Hortilux Schreder
Kroptek
SANlight GmbH
Signify N.V.
Valoya Ltd.
Know More- https://www.globenewswire.com/news-release/2022/07/12/2478054/0/en/Grow-Lights-Market-Anticipated-to-Garner-27-3-Billion-By-2031-Allied-Market-Research.html
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