The Grow Light Global Market Report 2023, provides comprehensive information on the grow light market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global grow light market size is expected to grow from $3.08 billion in 2022 to $3.63 billion in 2023 at a compound annual growth rate (CAGR) of 17.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global grow light market size is expected to grow to $6.81 billion in 2027 at a CAGR of 17.0%.
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Product innovation is the key trend gaining popularity in the grow light market. Major companies operating in the grow light market are focusing on manufacturing innovative grow lights to improve their energy efficiency and offer more in terms of spectrum and applications. For instance, in September 2021, Growealth a US-based manufacturer of grow lights launched an innovative line of led grow lights for efficient plant growth. The maximum Par/Lumen output is offered by these innovative surface-mounted diodes. It is ideal for silent operation indoors because there is no fan noise and the aluminum board it is made of makes it strong and long-lasting. Additionally, it has a clever input voltage adjustment that ranges from 110V to 277V, making it compatible with various power cables and plugs from various countries.
The grow light market is segmented:
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
Europe was the largest region in the grow light market in 2022.
The table of contents in TBRC’s grow light market report includes:
- Executive Summary
- Grow Light Market Characteristics
- Grow Light Market Trends And Strategies
- Grow Light Market – Macro Economic Scenario
- Grow Light Market Size And Growth
- Grow Light Market Segmentation
- Grow Light Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Grow Light Market
- Grow Light Market Future Outlook and Potential Analysis
- Appendix
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