Grow Light Market Size US$ 7.9 Billion, Growth Rate (CAGR) of 12.28%, Top Companies and Forecast Report 2023-2028

Grow Light Market

Global grow light market size reached US$ 4.0 Billion in 2022 and expecting the market to reach US$ 7.9 B by 2028, exhibiting a growth rate (CAGR) of 12.28%.

BROOKLYN, NEW YORK, UNITED STATES, April 19, 2023 /EINPresswire.com/ — According to IMARC Group’s latest report, titled “𝐆𝐫𝐨𝐰 𝐋𝐢𝐠𝐡𝐭 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖”, the global grow light market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.28% during 2023-2028.

A grow light, also known as a plant light, is a tool used to promote plant growth, especially in environments with limited natural light. It comprises several components, such as the bulb, reflector, ballast, and a cooling system, depending on the type of grow light. These products offer numerous advantages over traditional sunlight, such as controlling the light’s intensity, color, and duration. This further allows optimal plant growth and yields in various settings, including indoor farming and commercial greenhouses. Additionally, they provide a reliable light source for plants, even in areas with inconsistent weather conditions.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐚 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/grow-light-market/requestsample

Grow Light Market Trends:

The increasing consumer environmental consciousness has led to a growing interest in indoor farming, which represents one of the primary factors boosting the market growth. Furthermore, the rapid expansion of the agriculture sector and the rising requirement for sustainable farming practices are surging the demand for grow lights, which, in turn, is creating a positive outlook for the market. Moreover, the increasing awareness about the benefits of grow lights on indoor plants is driving the market growth. In line with this, key market players are introducing smart grow lights with the Internet of Things (IoT) technology to expand their product portfolio, which is fueling the market growth.

𝐁𝐮𝐲 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.imarcgroup.com/checkout?id=1842&method=1

Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Grow Light Market Competitive Analysis and Segmentation

Competitive Landscape with Key Players:

The competitive landscape of the global grow light market has also been examined along with the profiles of the key players.

Some of these key players include:
• Epistar
• Everlight Electronics
• Gavita International B.V.
• General Electric Company
• Heliospectra AB
• Illumitex Inc.
• Koninklijke Philips N.V.
• LumiGrow
• Osram Licht AG
• Shenzhen Juson Technology Co. Ltd.

Key Market Segmentation:

The report has categorized the market based on technology, installation type, spectrum, application and region.

Breakup by Technology:
• HID
• LED
• Fluorescent
• Others

Breakup by Installation Type:
• New Installations
• Retrofit Installations

Breakup by Spectrum:
• Full-Spectrum
• Partial Spectrum

Breakup by Application:
• Indoor Farming
• Vertical Farming
• Commercial Greenhouse
• Turf and Landscaping
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞𝐬: https://www.imarcgroup.com/request?type=report&id=1842&flag=C

Key Highlights of The Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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