Grow Light Market was valued at US$ 1.79 Bn. in 2021 and the total Grow Light revenue is expected to grow at 24.9% from 2022 to 2029, reaching nearly US$ 10.6 Bn.
Grow Light Market Overview:
An extensive amount of primary and secondary research was done for the global market study of Grow Light. In order to complement already-available data, segment the market, calculate the overall market size, and forecast market size and growth rate, secondary research was conducted. Primary and secondary research are used to identify industry leaders and estimate market value. In-depth interviews with important business and thought leaders, including CEOs and marketing executives, were conducted as part of the primary study.
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In-depth interviews with CEOs and marketing executives were conducted as part of the primary study, which involved key opinion leaders and business leaders. As part of the secondary study, the annual and financial reports of the major manufacturers were examined. Market breakdowns, market shares, and growth rates are derived from secondary sources and cross-checked against primary data.
Market Scope:
The report aids readers in developing a better knowledge of the dynamic structure of the worldwide Grow Light market by identifying and assessing market categories and estimating market size. The report examines the key corporations' regional presence, application growth objectives, price, and financial standing. To assist shareholders in prioritising their efforts and investments in the international Grow Light market, the research also contains a PESTLE analysis.
Decision-makers now have a better understanding of the future of the market thanks to the analysis of internal and external factors that are expected to benefit or harm enterprises. Through the research of market segmentation and projections of market size, the report also assists in understanding the dynamic structure of the global = market. The research is a resource for investors since it gives a thorough picture of the competitive analysis of significant firms in the worldwide Grow Light market based on price, financial status, growth strategies, and geographic presence.
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Drivers:
All conventional lighting technologies have been outperformed by LED-based grow lights in terms of energy efficiency, lifespan, flexibility, and colour quality. LED grow lights are widely used in applications like vertical farms, indoor farms, and greenhouses as a result of their rising cost competitiveness. Under grow lights, numerous plants are grown indoors. Depending on the requirements of the plants, the spectrum of grow lights can be modified. Different grow lights are used to ensure plant growth and development. For both indoor and outdoor applications, high-intensity discharge (HID) lamps are the lighting source of choice for horticultural growers.
Segmentation:
The market is divided into High Intensity Discharge (HID), LED, fluorescent, and plasma segments based on technology. With a market share of more than 36%, the HID segment dominated the grow light market in terms of revenue in 2021. The HID is primarily employed in commercial greenhouses and vertical farms for growing purposes. In contrast, it is anticipated that the LED sector will rule during the forecast period. The LED market is anticipated to be driven by the government's initiatives to embrace energy-efficient LEDs and growing urban horticulture. The best performance from LED bulbs occurs when they are more expensive. LEDs deliver the precise wavelength of light that is required. It is capable of offering a dual band spectrum concurrently. LEDs are advantageous for all growth stages.
Key Players: The key players are
• Royal Philips
• General Electric Company
• Gavita Holland B.V.
• LumiGrow, Inc.
• Heliospectra AB
• Borst Bloembollen B.V.
• Transcend Lighting Inc.
• Sunlight Supply Inc.
• Beacon Lighting India
• Walters Garden, Inc.
• Osram Licht AG
• Green Sense Farms
• Eye Hortilux
• ILUMINAR Lighting
• A Daintree Company
• PARsource
• A Savant Company
• Hubbell
Regional Analysis:
The Grow Light Market is examined at the national level with a focus on nations, categories, and categories with the most potential for considerable growth. The regions that make up the Grow Light Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), and Other nations.
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COVID-19 Impact Analysis on Grow Light Market: The report covers COVID-19 impact on Grow Light market.
Key Questions Answered in the Grow Light Market Report are:
- What will the CAGR of the Grow Light market be throughout the forecast period?
- Which market segment has dominated the Grow Light market?
- What businesses control the Grow Light market?
- What will the Grow Light market's size be in 2029?
- Which company held the largest market share in Grow Light?
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