Market Research Future Insights

The Grow Light Market Size was valued at USD 2.25 billion in 2022. The grow light market industry is projected to grow from USD 2.988 Billion in 2023 to USD 16.3896 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 32.80% during the forecast period (2023 - 2030). A grow light is an artificial source of light that produces light in the electromagnetic spectrum to promote the process of photosynthesis and rush growth in plants. It is frequently available in light-emitting diodes (LED), fluorescent, high-intensity discharge (HID), and incandescent variants. Grow lights are cast-off when there is not sufficient sunlight for the growth of plants naturally. This can be due to the absence of winter sun, insufficient outdoor space for the garden, or other reasons. Grow lights mostly work in two ways. They can be designed to offer plants an extensive range of light that simulates the sun or adjust the spectrum of light designed to produce a particular plant. Plants have different light cycles at several cultivation levels and use growth light to inspire these light cycles, imitate sunlight, and increase the yield of plants to vegetables and fruits. Get a Free Sample PDF@ COVID-19 impacted the processes of numerous grow lights producer companies and affected the industries of their distributors and suppliers. The decrease in export shipments and slow domestic demand for grow lights compared to pre-COVID-19 levels is also anticipated to negatively impact the market. The supply chain of perishable items such as food was the worst affected segment during the years of the Covid-19 outburst. It encouraged numerous industrialists to establish indoor farming in the outskirts and urban cities. Establishing such commercial greenhouse farming is anticipated to recover the global grow light market during the estimated period. Regional Analysis Asia-Pacific dominates the raise lights market in terms of market share and revenue and will remain to flourish its dominance during the estimated period. This is owing to the increasing demand for grow lights in this region. The Asia-Pacific region dominates the grow lights market, with Japan foremost the way in terms of technological advancement and growing commercial vertical farms. Owing to the ease of technological advancement and increasing commercial vertical farms, Japan is leading the Asia-Pacific market. During the projected period, North America is anticipated to be the fastest developing region owing to the increasing demand for reusable grow lights in the retail sector in this region. Market Segmentation The global Grow Light Market has been segmented into technology, installation, and application. Based on the Technology, The global Grow Light Market has been segmented into LED, High-Intensity Discharge, and Fluorescent Lighting Based on the Installation, The global Grow Light Market has been segmented into New Installation, Retrofit Based on the Application, The global Grow Light Market has been segmented into Indoor Framing, Commercial Greenhouse, Vertical Framing Key Players Some of the key market players are Iwasaki Electric Co. Ltd. (Japan), Hortilux Schreder B.V. (Netherlands), General Electric Company (US.), OSRAM (Germany), California Lightworks (US), Gavita (Netherlands), Helliospectra AB (Sweden), Valoya (Finland), Signify Holding (Netherlands), LumiGrow Inc. (US.), and Sunlight Supply Inc. (US.) Related Report@ Field Programmable Gate Array (FPGA) Market Research Report- Forecast 2030 Autonomous Vehicles Market Research Report- Forecast 2030 SCADA Market Research Report- Forecast to 2030 AFIS (Automated Fingerprint Identification System) Market Research Report - Global Forecast till 2030