Pune, 15, Dec, 2022: The report published by Maximize Market research, on Grow Light Market covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market research expects, the market to growth from USD 1.79 Bn. in 2021 to 10.6 Bn. in 2029 at a CAGR of 24.9%. As per the report, Europe region dominated the Grow Light Market by holding the market share of 32% in 2021
Grow Light Market Scope and Research Methodology
In-depth analysis of the Grow Light market is provided in the report. It includes contains facts, historical data, meaningful insights and industry-validated market statistics. It also includes estimates based on methodologies and assumptions. The report provides segment wise analysis of the Grow Light market for easy understanding. The market is segmented based on Technology, Installation, Application, and Region. These segments are further divided into sub-segments. The report helps users to get knowledge on various growth factors that are expected to be prevalent in the Grow Light market during the forecast period.
To estimate the market size, the bottom-up approach has been used. A blend of primary and secondary research methods was employed to collect data for determining the Grow Light market size in value and volume. Primary data was collected through various methods such as administering questionnaires surveys and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals. Secondary data was gathered official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. By using secondary research method key players have been identified and their market revenues are determined by using both the research methods i.e., primary and secondary research. The report is a representation of market holding of both global and local players. The report has covered the mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the Grow Light market by region, by investment, and their strategic intent.
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Grow Light Market Overview
An electric light by using which the plants are grown is known as Grow Light. The major drivers of the Grow Light Market are increasing eco-friendly production of vegetables and fruits, vertical farming and growing urban cultivation. Compared to other lighting technology LED-based grow lights have performed well in terms of color quality, energy efficiency, adaptability and lifespan. During the forecast period, increasing urban population and infertile land are the two main causes which are expected to drive the market growth.
Grow Light Market Dynamics
Grow Light are active in various applications like indoor farms, greenhouses and vertical farms due to the rising competitiveness in cost. As more people are getting aware of the advantages of the LED grow light, the demand of it is rising. Various artificial lighting sources have been utilised by the growth of indoor plants. Full-spectrum LED grow light is the main light source for the commercial indoor growing.
Cannabis growing which has been legalized is rising the need for vertical farms and greenhouses is resulting into the need for LED-based grow lights is increasing.
To evaluate the quality of grow lights & their fixtures, especially for the emerging technologies like plasma, LED and induction, the standardized testing procedures are lacking which is expected to act as a barrier for lighting technology business.
Grow Light Market Regional Insights
In 2021, the Europe region held the largest market share of more than 32%. Over the forecast period, it is expected to retain its dominance. Due to the infertile agricultural land and increasing population in the region are the two important reasons to drive the market growth.
During the forecast period, the Grow Light Market of the Asia Pacific is expected to have a significant growth due to the increasing demand for the technologies of genetically modified crop. Indoor farming commercialization and increasing population of the Africa region is expected to drive the demand of Grow Light Market.
Grow Light Market Segmentation
By Technology
By Installation
By Application
Grow Light Market Key Competitors Include:
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Key questions answered in the Grow Light Market are:
Key Offerings:
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