Grow Light Market – Present Scenario on Growth Analysis Along with Key Industry Players by 2031 | Taiwan News

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The Global Grow Light market shares insider information, financial details, and other critical details about the target market in the research, along with a wealth of trends, drivers, opportunities, risks, and restrictions up until 2031. The analysis offers insightful, in-depth data on the major competitors monitoring their cash flow, production network patterns, technological advancements, significant events, future plans, acquisitions and consolidations, and market perceptions. The market study for the framework has been divided into segments based on the end-user, application, and region categories.

The worldwide grow light market was estimated at USD 5.45 billion in 2022 and is anticipated to increase at a CAGR of 17.0% from 2022 to 2031. The market is expanding as a result of increasing urban farming, vertical farming, and consumer acceptance of environmentally friendly fruit and vegetable production. The demand for urban agriculture has also increased due to the enormous rise in world population. The practice of vertical farming, which involves growing food in vertically stacked layers in structures like old warehouses, skyscrapers, or shipping containers, is also promoting market expansion.

The hours of natural daylight are extended with grow lights, improving plant health, growth, and production. Crop availability can be increased by artificial lights such as plasma, LED, and high-pressure sodium lighting (throughout the season). Growing population and a lack of fertile agricultural land are the two main causes expected to drive industry demand. Growing awareness of the value of alternative farming is another aspect.

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Driving Factors and Restraints:-

The agricultural sector’s notable rise is one of the main drivers of the market’s growth. Furthermore, market growth is being boosted by the increased use of indoor and vertical farming techniques. Multiple grow lights are used in hydroponic farming systems to maintain an acceptable amount of sunshine and shield the plants from bug and pest damage. Additionally, the limited amount of arable land combined with the increased demand for food due to population growth positively affects the demand for the product. Grow lights help maintain the best plant yield and quality, helping to satiate the world’s rising demand for food.

The demand for grow lights is increasing as people become more aware of their advantages. Earlier, indoor farming and vertical farming applications employed several artificial lights. The disadvantages of artificial lighting sources are greater, though. The market for grow lights has seen a growing trend as a result. Artificial lighting systems like fluorescent and electric ballasts have limitations that the grow-light eliminates. However, the largest market obstacle is the grow lights’ high initial cost. Grow lights have a higher initial investment than artificial lights. The pricing also varies depending on the grow light’s specifications and power output. A significant market restraint is the grow light’s wide price range.

Global Grow Light Market Segmentation:

List Major Industry Players:

Royal Philips
Osram Licht AG
LumiGrow Inc.
Gavita Holland B.V.
AeroFarms
Illumitex, Inc.
General Electric Company
Heliospectra AB
Transcend Lighting Inc.
Sunlight Supply Inc.

Market Applications and End-user:

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

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Analysis of Covid 19 :- 

The market for grow lights has suffered due to the COVID-19 outbreak. The pandemic’s development, the ensuing lockdowns that many countries implemented, and the harsh travel restrictions impacted the market. The distribution of the finished product, as well as the supply of raw materials, were both disrupted by supply chain disruptions. In addition, compared to pre-COVID levels, the requirement for grow lights decreased significantly.

However, once the limits were loosened, the market began to improve. Students who worked from home for an extended period of time were involved in gardening, especially cultivating vegetables. Many people have embraced vertical gardening and indoor farming methods like hydroponics for their personal gardens.

Segmentation By Region:

Europe

North America

Latin America

Asia Pacific

Middle East & Africa



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