LONDON, May 25, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s research on the grow light market, the market will grow from $3 billion in 2022 to $3.6 billion in 2023, at a compound annual growth rate (CAGR) of more than 17%. Further, the market will reach $6.8 billion in 2027, with a CAGR of 17%. In terms of regional analysis, Europe held the grow light market share in 2022.
The increasing adoption of indoor farming practices is a major driving force behind the industry. Indoor farming refers to the cultivation of crops or plants entirely within controlled environments, such as greenhouses or warehouses. Grow lights play a vital role in indoor farming by providing artificial light that mimics or even surpasses natural sunlight, facilitating optimal plant development.
Learn More In-Depth On The Grow Light Market
https://www.thebusinessresearchcompany.com/report/grow-light-global-market-report
Major grow light market companies include AeroFarms, Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v., Illumitex Inc., Lumigrow Inc., Osram Licht AG, and Signify N.V.
One notable trend in the grow light industry is the focus on product innovation by major companies. These companies are striving to manufacture innovative grow lights that enhance energy efficiency and provide a wider spectrum of applications.
For example, Growealth, a US-based manufacturer of grow lights, introduced a new line of LED grow lights in September 2021. These lights offer maximum Par/Lumen output and feature surface-mounted diodes. They are designed for silent operation indoors, as they do not produce fan noise, and their aluminum board construction ensures durability. Moreover, the lights incorporate a versatile input voltage adjustment ranging from 110V to 277V, making them compatible with various power cables and plugs from different countries.
Get A Free Sample Of The Global Grow Light Market Report
https://www.thebusinessresearchcompany.com/sample.aspx?id=9283&type=smp
The global grow light market is segmented as-
1) By Type: Light Emitting Diode (LED), High Intensity Discharge (HID), Plasma, Fluorescent
2) By Spectrum: Full-Spectrum, Partial Spectrum
3) By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Other Applications
The grow light market report provides a clear understanding of market dynamics, growth prospects, and emerging trends, enabling informed decision-making and strategic planning in this rapidly expanding industry. The report sheds light on the expected market size and compound annual growth rate (CAGR) for the coming years, illustrating the significant potential for expansion in this industry.
Grow Light Global Market Report 2023 by The Business Research Company provides insights on the grow light market size, grow light market segments, grow light market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
