Market Insights:
The global Grow Light market is projected to grow from USD 4.3 Bn in 2021 to 14.9 Bn by 2030, at a CAGR of 14.8% in forecast period, 2022-2030.
Driver:
The increased adoption of Grow Light in the Next Generation industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Grow Light also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Grow Light in many sectors also boosts the market growth during the forecast period.
A grow lamp is an artificial light source that produces light in the electromagnetic spectrum to enhance photosynthesis and accelerate plant development. It is commonly available in light-emitting diodes (LED), fluorescent, high-intensity discharge (HID), and incandescent forms. Grow lights are utilised when there is insufficient sunlight for natural plant development. This might be due to a lack of winter sun, a lack of outside area for gardening, or other factors. Grow lights primarily function in two ways.
Grow Light Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Offering (Hardware, Software and Services.), By Installation Type (New Installations, Retrofit Installations.), By Watt Type (<300 Watts, >300 Watts), By Application (Greenhouses, Vertical Farms, Indoor Farms, Research and Tissue Culture Laboratories) and companies (Shenzhen Juson Technology Co. Ltd., Iwasaki Electric Co. Ltd., EVERLIGHT ELECTRONICS CO. LTD., Lumigrow , Samsung, Savant Systems Inc., AeroFarms, Hortilux Schréder, Koninklijke Philips N.V., Alta LED Corporation, Epistar General Electric, Illumitex Inc.), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately XX%, over the forecast period of 2022–2030.
Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2018-2030 |
| Market Size in 2030 (USD Billion) | 14.9 Billion |
| CAGR (2022-2030) | 14.8% |
| By Offering | Hardware, Software and Services. |
| By Lighting Type | Toplighting, Interlighting. |
| By Installation Type | New Installations, Retrofit Installations. |
| By Watt | <300 Watts, >300 Watts. |
| By Application | Greenhouses, Vertical Farms, Indoor Farms, Research and Tissue Culture Laboratories. |
| By Cultivated Plant | Fruits and Vegetables, Flowers, Cannabis, By Spectrum, Full Spectrum, Limited Spectrum. |
| By Sales Channel | Distribution Channels, E-commerce Channels, Direct Sales Channels. |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Shenzhen Juson Technology Co. Ltd., Iwasaki Electric Co. Ltd., EVERLIGHT ELECTRONICS CO. LTD., Lumigrow , Samsung, Savant Systems Inc., AeroFarms, Hortilux Schréder, Koninklijke Philips N.V., Alta LED Corporation, Epistar General Electric, Illumitex Inc. |
Covid-19 Impact:
The COVID-19 pandemic has had a substantial negative influence on the Grow Light market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Shenzhen Juson Technology Co. Ltd., Iwasaki Electric Co. Ltd., EVERLIGHT ELECTRONICS CO. LTD., Lumigrow , Samsung, Savant Systems Inc., AeroFarms, Hortilux Schréder, Koninklijke Philips N.V., Alta LED Corporation, Epistar General Electric, Illumitex Inc.
Market Segment Analysis:
By Offering
- Hardware
- Software and Services
By Lighting Type
- Toplighting
- Interlighting
By Installation Type
- New Installations
- Retrofit Installations
By Watt
- <300 Watts
- >300 Watts
By Application
- Greenhouses
- Vertical Farms
- Indoor Farms
- Research and Tissue Culture Laboratories
By Cultivated Plant
- Fruits and Vegetables
- Flowers
- Cannabis
- By Spectrum
- Full Spectrum
- Limited Spectrum
By Sales Channel
- Distribution Channels
- E-commerce Channels
- Direct Sales Channels
Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Grow Light industries in the region.
Key Grow Light Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Grow Light Market segments.
– Largest Market Share Held by Industry to Industry for Grow Light
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Grow Light Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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