IMARC Group has recently released a new research study titled “Grow Light Market Report by Technology (HID, LED, Fluorescent, and Others), Installation Type (New Installations, Retrofit Installations), Spectrum (Full-Spectrum, Partial Spectrum), Application (Indoor Farming, Vertical Farming, Commercial Greenhouse, Turf and Landscaping, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global grow light market size reached US$ 4.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9.1 Billion by 2032, exhibiting a growth rate (CAGR) of 8.2% during 2024-2032.
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Grow Light Market
A grow light is an artificial light source designed to stimulate plant growth by providing the necessary light spectrum and intensity required for photosynthesis. There are several types of grow lights available, including fluorescent, high-intensity discharge (HID), and light-emitting diode (LED) lights. These lights consist of essential components, such as bulbs, reflectors, ballasts, and cooling systems. Grow lights find applications across various domains, including indoor gardening, vertical farming, hydroponics, and greenhouse cultivation.
Moreover, they are also used in research facilities, botanical gardens, and nurseries. The benefits of grow lights include the ability to extend the growing season, optimize plant growth, and enhance crop yields.
Grow Light Market Trends:
The increasing adoption of controlled environment agriculture techniques, such as vertical farming and hydroponics, necessitates the use of efficient grow lights to ensure optimal plant growth in indoor settings. In line with this, ongoing advancements in LED technology have led to the development of energy-efficient and customizable grow lights that offer precise light spectrums for different plant stages, enhancing overall crop yield and quality.
Moreover, the expanding global population is driving the demand for higher agricultural productivity, which is contributing to market growth. Apart from this, growing urbanization has led to reduced arable land availability and grow lights enable urban farmers to utilize vertical spaces and transform non-traditional areas into productive cultivation sites, which is favoring the market growth.
Furthermore, rising interest in indoor gardening for aesthetic and therapeutic purposes is fueling the demand for user-friendly, compact grow lights that cater to individual plant needs. Other factors, such as the legalization of cannabis cultivation in various regions and the integration of the Internet of Things (IoT) and automation technologies into grow light systems, are anticipated to drive the market towards growth.
Grow Light Market Report Segmentation:
By Technology:
- HID
- LED
- Fluorescent
- Others
By Installation Type:
- New Installations
- Retrofit Installations
By Spectrum:
- Full-Spectrum
- Partial Spectrum
By Application:
- Indoor Farming
- Vertical Farming
- Commercial Greenhouse
- Turf and Landscaping
- Others
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape with Key Players:
The competitive landscape of the grow light market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
ams-OSRAM AG
California LightWorks
Epistar (Ennostar Inc.)
Everlight Electronics
Gavita International B.V.
Heliospectra AB
Koninklijke Philips N.V.
Mars Hydro
Savant Technologies LLC
Shenzhen Juson Technology Co. Ltd
Ask Analyst for Customized Report:
https://www.imarcgroup.com/request?type=report&id=1842&flag=C
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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