Grow Light Market: Key Players, Trends, and Market Opportunities 2024-2030

Science and Technology

Grow Light Market: Key Players, Trends, and Market Opportunities 2024-2030

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sswadekar 18 Jul 2024

Grow Light Market was valued at US$ 2.78 Bn. in 2023 and the total Grow Light revenue is expected to grow at 24.9% from 2024 to 2030, reaching nearly US$ 13.20 Bn.

_{Grow Light Market Growth or Demand Increase or Decrease for what contains ?}

Growing urban farming, vertical farming, and the acceptance of environmentally friendly fruit and vegetable production are driving the expansion of the grow light market. The demand for urban agriculture has increased as a result of the world's population growing at an unprecedented rate. Growing food in vertically stacked layers in buildings such as skyscrapers, ancient warehouses or shipping containers is known as vertical farming, and it's a practice that's driving market expansion northward.

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_{Grow Light Market CAGR Estimation:}

Grow Light Market was valued at US$ 2.78 Bn. in 2023 and the total Grow Light revenue is expected to grow at 24.9% from 2024 to 2030, reaching nearly US$ 13.20 Bn.

_{Grow Light Market Segmentation:}

by Technology
HID
LED
Fluorescent
Induction
Plasma

The market is divided into segments according to technology: High Intensity Discharge (HID), LED, fluorescent, and plasma. In terms of revenue, the Grow Light Market's HID category led in 2023, with a market share of more than 36%. Commercial growth facilities like vertical farms and commercial greenhouses are the primary applications for the HID. In contrast, it is anticipated that the LED industry will rule during the projected era.

by Installation
New
Retrofit

by Application
Indoor Farming
Vertical Farming
Commercial Greenhouse
Research

The market is divided into four segments based on application: commercial greenhouses, vertical farming, indoor farming, and other. In terms of revenue in 2023, the commercial greenhouse segment led the market with a market share of over 44%. One factor that is thought to have contributed to this rise is the rising use of grow lights. The application sector is anticipated to rise over the projected period due to factors like growing usage of indoor and vertical farming and growing technological advancements in grow lights. Countries that support vertical farming include China, Japan, and the Netherlands.

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_{Grow Light Market Growth or Demand in which regions?}

_{The demand for Grow Light varies across regions, driven by local economic conditions, government policies, and environmental factors. In developed regions like North America and Europe, there is significant growth due to strong consumer awareness of environmental sustainability and government incentives supporting renewable energy adoption. The push towards energy independence and reducing carbon footprints also fuels demand in these markets.In emerging economies across Asia-Pacific, Latin America, and parts of Africa, the growth in solar appliance demand is propelled by increasing electrification efforts and rising energy demand from expanding urban populations. Government initiatives aimed at improving energy access and reliability often include incentives for solar power systems, driving market expansion.Specifically, regions with abundant sunlight and high electricity costs tend to see faster adoption of Grow Light . This includes areas within the Sun Belt of the United States, Australia, India, and parts of Southern Europe and Southeast Asia. These regions benefit from the natural advantage of solar energy availability, making Grow Light a viable and attractive alternative to traditional energy sources.}

_{Grow Light Market Scope Methodology:}

_{The competitive landscape of theGrow Light Market market encompasses aspects like technology adoption, financial strength, portfolio, mergers and acquisitions, joint ventures, and strategic alliances. A comprehensive report delves into the drivers, limitations, opportunities, and challenges inherent in theGrow Light Market market. The report employed a bottom-up approach to ascertainGrow Light Market market estimations and growth rates.To gain insights intoGrow Light Market market penetration, pricing dynamics, demand analysis, and competitive panorama, the report executed regional analysis at local, regional, and global levels. Essential details about theGrow Light Market market, including stakeholders, investors, and new entrants, are presented to facilitate the development of marketing strategies and investment plans.Both primary and secondary data gathering techniques were employed for theGrow Light Market r . Primary approaches involved surveys, questionnaires, and interviews with industry leaders and business proprietors, while secondary data encompassed sources like press releases, annual and financial reports, white papers, etc. SWOT analysis was leveraged to pinpoint market vulnerabilities and weaknesses, while the PORTER framework was applied to gauge industry competitiveness within theGrow Light Market}

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_{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.

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_{Key questions answered in theGrow Light Market are:}

_{What is Grow Light Market ?}
_{What is the growth rate of the Grow Light Market ?}
_{Which are the factors expected to drive the Grow Light Market market growth?}
_{What are the different segments of the Grow Light Market r ?}
_{What are the factors restraining the growth of the Grow Light Market ?}
_{What is the demand pattern of the Grow Light Market ?}
_{What major challenges could the Grow Light Market face in the future?}

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_{Key Offerings:}

_{Past Size and Competitive Landscape}
_{Past Pricing and price curve by region}
_{Size, Share, Size Forecast by different segment}
_{Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region}
_{Segmentation A detailed analysis by segment with their sub-segments and Region}
_{Competitive Landscape Profiles of selected key players by region from a strategic perspective}

_{About Maximize Research:}

_{Maximize 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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