Grow Light Industry Overview
The preference for indoor farming is estimated to motivate the Grow Light industry 2030. The semiconductors electronics industry reports are formed by Market Research Future, which highlights market options for progress. A 32.80% CAGR is estimated to ensure income touching USD 16.2 Billion by the end of the forecast period.
The change in urban farming practices brought about by the demand for organic produce and reduce d supply of quality produce is motivating the development of grow light market. Moreover, the rise in popularity of certain crops grown indoors, such as cannabis is further expected to bolster the market share of grow light in the coming period.
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Competitive Landscape
The decisive contenders in the Grow Light industry are LumiGrow, Inc. (U.S.), Osram LichtAG (Germany), Iwasaki Electric Co., Ltd. (Japan), Gavita Holland B.V. (Netherlands), Royal Philips (Netherlands), Sunlight Supply, Inc. (U.S.), Hortilux Schreder B.V. (Netherlands), Heliospectra AB (Sweden), General Electric Company (U.S.), Platinum LED Lights LLC (U.S.) and others.
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Segmental Analysis
The segmental insight into the grow light market is conducted on the basis of installation, application, technology, and region. Based on the technology, the grow light market is segmented into high-intensity discharge, LED, fluorescent lighting, and others. On the basis of installations, the grow light market is bifurcated into retrofit and new installation. Based on the applications, the grow light market is segmented into commercial greenhouse, indoor farming, vertical farming, landscaping, and others. Based on the region, the grow light market is segmented into Europe, Asia-Pacific, North-America, and the rest of the regions.
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Detailed Regional Analysis
The regional study of the grow light market encompasses regions such as Europe, Asia-Pacific, North-America, and the rest of the regions. The European region controls the lion's stake in the worldwide market owing to the more dynamic environmental lobby and understanding of environmental issues. In the forecast period, the regional market of Asia Pacific is anticipated to develop extensively as a Grow Light Market. Owing to highly developed technological expansion, the incidence of several key players in the market, and growing awareness about the environment are expected to benefit the market further. The North American region is another noteworthy market with the United States of America and Canada being important country-based markets here. The market of the MEA region is restricted due to the dearth of awareness, education, and technological development. The demand to diversify from present cultivation practices is estimated to boost the grow light market in the coming period. Moreover, several countries in the UAE are using vertical farming practices as the soil available in the region is not cultivable, this trend can lead to a significant development in the market share of grow lights.
