Grow Light Market Overview

Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the “ Grow Light Market”. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The analysis in the report provides an in-depth aspect at the current status of the Grow Light market,with forecasts outspreading to the year 2030.

Grow Light Market Overview

The Grow Light Market was valued at USD 2.78 billion in 2023 and is expected to grow at a CAGR of 24.9% from 2024 to 2030, reaching approximately USD 13.20 billion. The market growth is primarily driven by rising urban cultivation, vertical farming, and the increasing adoption of eco-friendly production of fruits and vegetables.

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Market Dynamics

Drivers

Rising Urban Cultivation and Vertical Farming: Increased urban population and limited fertile agricultural land are boosting the demand for vertical farming and urban cultivation. Vertical farming, which involves growing food in vertically stacked layers, is gaining popularity for its efficiency in space and resources.
Technological Advancements in Grow Lights: The shift towards energy-efficient and longer-lasting LED grow lights over traditional lighting technologies like HID, fluorescent, and plasma is a significant growth driver. LED grow lights are particularly favored for their efficiency, adaptability, and the precise wavelength of light they provide, essential for plant growth.

Grow Light Market Segmentation : 

By Technology
High Intensity Discharge (HID): Dominated the market in 2023 with a share of over 36%, primarily used in commercial greenhouses and vertical farms.

LED: Expected to dominate during the forecast period due to government initiatives promoting energy-efficient solutions and the increasing adoption of urban horticulture.

Plasma: Projected to grow at the highest CAGR due to its ability to provide full-spectrum light similar to sunlight while consuming less energy.

By Application

Commercial Greenhouse: Accounted for over 44% of the market share in 2023, driven by technological advancements in grow lights and the adoption of vertical and indoor farming.

Indoor Farming and Vertical Farming: Expected to witness significant growth due to increasing urban population and the need for efficient space utilization.

Grow Light Market Key Players :

1. Royal Philips
2. General Electric Company
3. Gavita Holland B.V.
4. LumiGrow, Inc.
5. Heliospectra AB
6. Borst Bloembollen B.V.
7. Transcend Lighting Inc.
8. Sunlight Supply Inc.
9. Beacon Lighting India
10.Walters Garden, Inc.
11.Osram Licht AG
12.Green Sense Farms
13.Eye Hortilux
14.ILUMINAR Lighting
15.A Daintree Company
16.PARsource
17.A Savant Company
18.Hubbell

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Part 01: Executive Summary

Part 02: Scope of the  Grow Light Market Report

Part 03:    Grow Light  Market Landscape

Part 04:    Grow Light  Market Sizing

Part 05:    Grow Light  Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Key questions answered in the Grow Light Market are:

• Which is the fastest growing region in the  Grow Light Market?
• What is the growth rate of the   Grow Light Market?
• What are the upcoming opportunities and trends for the  Grow Light Market?
• What segments are covered in the  Grow Light Market?
• What are the recent industry treACnds that can be implemented to generate additional revenue streams for the   Grow Light Market?
• Which are the factors expected to drive the  Grow Light Market growth?
• What is the CAGR at which the  Grow Light market will grow during the forecast period?
• What are the different segments of the  Grow Light Market?
• What is  Grow Light  ?
• What growth strategies are the players considering to increase their presence in  Grow Light  ?
• Who are the leading companies and what are their portfolios in  Grow Light Market?
• Who are the key players in the  Grow Light market?

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