Global Grow Light Market Trends, Applications, Analysis, Growth, and Forecast to 2027

MarketResearch.biz, in its upcoming report titled, Global Grow Light Market Trends, Applications, Analysis, Growth, and Forecast to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global grow light market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global grow light market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global grow light market was estimated to be worth US$ X. X billion in 2016 and is projected reach USD X.X billion by the end of 2027, growing at a CAGR of XX.X% over forecast period of 2018-2027.  The global grow light market is segmented on the basis of technology, installation, application, and region.

Grow light is also known as plant light and is an artificial source of light that emits controlled electromagnetic spectrums for stimulation of plant growth. Grow light aids in the process of photosynthesis. The color temperature, spectrum bandwidth, and luminosity of grow light can be adjusted depending upon plant type, stage of cultivation, and time period.

Increasing demand for indoor gardening practices and vertical farming are major factors driving growth of the global grow light market. In addition, increasing demand for energy efficient light technology coupled government initiatives towards promoting awareness and adoption of solid state lightings and modern farming techniques are other factors driving growth of the global grow plant market.

Current trend observed in the market is, use of LED technology as a grow light, as it consumes low power and emits low heat radiations. In addition, emerging trend of Farm-to-Table concept, where local food is prepared using plants that are grown indoor or directly bought from the producer is expected to further boost demand for grow lights in the global market. Increasing R&D activities in grow light technology is expected to create lucrative business opportunities for key manufacturers in the global grow light market. However, high setup and installation costs are expected to hamper growth of the global grow light market.

Europe dominates the global grow light market and is expected to maintain its dominance during the forecast period. This growth can be attributed to increasing population, early adoption of this technology, and insufficient sunlight in some parts of Europe. The market in North America is expected to witness considerable growth over the forecast period. The market in Asia Pacific is expected to witness significant growth and is projected to register a CAGR of XX.X% during the forecast period.

Global Grow Light Market Segmentation:

Global grow light market segmentation by technology:

• High Intensity Discharge (HID)
• LED
• Fluorescent
• Plasma

Global grow light market segmentation by installation:

• New Installation
• Retrofit

Global grow light market segmentation by application:

• Indoor Farming
• Vertical Farming
• Commercial Greenhouse
• Others

Global grow light market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa