DUBLIN--(BUSINESS WIRE)--The "Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global grow light market reached a value of US$ 3.58 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 6.99 Billion by 2027, exhibiting a CAGR of 12% during 2022-2027.
Companies Mentioned
- Epistar
- Everlight Electronics
- Gavita International B.V.
- General Electric Company
- Heliospectra AB
- Illumitex Inc.
- Koninklijke Philips N.V.
- LumiGrow
- Osram Licht AG
- Shenzhen Juson Technology Co. Ltd.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A grow light, or plant light, is an artificial source of light that emits light in the electromagnetic spectrum to promote photosynthesis and accelerate growth in plants. It is commonly available in fluorescent, high-intensity discharge (HID), light-emitting diodes (LED) and incandescent variants. They are primarily used for supplementing sunlight, color and temperature to the crops and can be customized according to a specific goal, such as flowering inhibition, anthocyanin accumulation and enhanced rooting. Owing to this, they find extensive applications in vertical farming, indoor farming, commercial greenhouses, landscaping, and for other purposes.
Significant growth in the agricultural sector is one of the key factors driving the growth of the market. Furthermore, widespread adoption of vertical and indoor farming practices is also providing a boost to the market growth. The hydroponic farming systems use multiple grow lights to maintain an adequate amount of sunlight and protecting the plants from damage caused by insects and pests.
Additionally, the rising demand for food as a result of the increasing population, coupled with the limited availability of cultivable land, is also impacting the product demand positively. Grow lights aid in maintaining the optimal yield and plant quality, thereby meeting the steadily rising food demand across the globe. Apart from this, various technological advancements, including the development of smart grow lights integrated with the Internet of Things (IoT), are acting as another growth-inducing factor. Other factors, including various innovations in the field of agricultural sciences and the implementation of favorable government policies, are projected to drive the market in the upcoming years.
Key Questions Answered in this Report
1. What was the global grow light market size in 2021?
2. What are the major global grow light market drivers?
3. What are the major trends in the global grow light market?
4. What is the impact of COVID-19 on the global grow light market?
5. What will be the size of the global grow light market by 2027?
6. What is the leading technology in the global grow light market?
7. What is the major installation type in the global grow light market?
8. What is the global grow light market breakup by the spectrum?
9. What is the global grow light market breakup by application?
10. Which is the leading regional market in the global grow light industry?
11. Who are the leading players in the global grow light industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Grow Light Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology
7 Market Breakup by Installation Type
8 Market Breakup by Spectrum
9 Market Breakup by Application
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/gi7zo5
