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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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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