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Grow Light Market is expected to grow at a CAGR of 24.9% during the projected period due to the legalization of cannabis growing, increasing vertical farming and growing urban cultivation

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Grow Light Market is expected to grow at a CAGR of 24.9% during the projected period due to the legalization of cannabis growing, increasing vertical farming and growing urban cultivation

December 15
20:05 2022
Grow Light Market is expected to grow at a CAGR of 24.9% during the projected period due to the legalization of cannabis growing, increasing vertical farming and growing urban cultivation
Grow Light Market
Grow Light Market was valued at US$ 1.79 Bn. in 2021 and the total Grow Light revenue is expected to grow at 24.9% from 2022 to 2029, reaching nearly US$ 10.6 Bn.

Pune, 15, Dec, 2022: The report published by Maximize Market research, on Grow Light Market covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market research expects, the market to growth from USD 1.79 Bn. in 2021 to 10.6 Bn. in 2029 at a CAGR of 24.9%. As per the report, Europe region dominated the Grow Light Market by holding the market share of 32% in 2021

Grow Light Market Scope and Research Methodology

In-depth analysis of the Grow Light market is provided in the report. It includes contains facts, historical data, meaningful insights and industry-validated market statistics. It also includes estimates based on methodologies and assumptions. The report provides segment wise analysis of the Grow Light market for easy understanding. The market is segmented based on Technology, Installation, Application, and Region. These segments are further divided into sub-segments. The report helps users to get knowledge on various growth factors that are expected to be prevalent in the Grow Light market during the forecast period. 

To estimate the market size, the bottom-up approach has been used. A blend of primary and secondary research methods was employed to collect data for determining the Grow Light market size in value and volume. Primary data was collected through various methods such as administering questionnaires surveys and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals. Secondary data was gathered official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. By using secondary research method key players have been identified and their market revenues are determined by using both the research methods i.e., primary and secondary research. The report is a representation of market holding of both global and local players. The report has covered the mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the Grow Light market by region, by investment, and their strategic intent.

To remain ‘ahead’ of your competitors, request for a sample @ https://www.maximizemarketresearch.com/request-sample/13138 

Grow Light Market Overview

An electric light by using which the plants are grown is known as Grow Light. The major drivers of the Grow Light Market are increasing eco-friendly production of vegetables and fruits, vertical farming and growing urban cultivation. Compared to other lighting technology LED-based grow lights have performed well in terms of color quality, energy efficiency, adaptability and lifespan. During the forecast period, increasing urban population and infertile land are the two main causes which are expected to drive the market growth. 

Grow Light Market Dynamics

Grow Light are active in various applications like indoor farms, greenhouses and vertical farms due to the rising competitiveness in cost. As more people are getting aware of the advantages of the LED grow light, the demand of it is rising. Various artificial lighting sources have been utilised by the growth of indoor plants. Full-spectrum LED grow light is the main light source for the commercial indoor growing. 

Cannabis growing which has been legalized is rising the need for vertical farms and greenhouses is resulting into the need for LED-based grow lights is increasing. 

To evaluate the quality of grow lights & their fixtures, especially for the emerging technologies like plasma, LED and induction, the standardized testing procedures are lacking which is expected to act as a barrier for lighting technology business.

Grow Light Market Regional Insights

In 2021, the Europe region held the largest market share of more than 32%. Over the forecast period, it is expected to retain its dominance. Due to the infertile agricultural land and increasing population in the region are the two important reasons to drive the market growth. 

During the forecast period, the Grow Light Market of the Asia Pacific is expected to have a significant growth due to the increasing demand for the technologies of genetically modified crop. Indoor farming commercialization and increasing population of the Africa region is expected to drive the demand of Grow Light Market. 

Grow Light Market Segmentation

By Technology

  • HID
  • LED
  • Fluorescent
  • Induction
  • Plasma

By Installation

  • New
  • Retrofit

By Application

  • Indoor Farming
  • Vertical Farming
  • Commercial Greenhouse
  • Research

Grow Light Market Key Competitors Include:

  • Royal Philips
  • General Electric Company
  • Gavita Holland B.V.
  • LumiGrow, Inc.
  • Heliospectra AB
  • Borst Bloembollen B.V.
  • Transcend Lighting Inc.
  • Sunlight Supply Inc.
  • Beacon Lighting India
  • Walters Garden, Inc.
  • Osram Licht AG
  • Green Sense Farms
  • Eye Hortilux
  • ILUMINAR Lighting
  • A Daintree Company
  • PARsource
  • A Savant Company
  • Hubbell

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @all https://www.maximizemarketresearch.com/request-sample/13138 

Key questions answered in the Grow Light Market are:

  • What is Grow Light?
  • What is the growth rate of Grow Light Market?
  • What is the nature of competition in Grow Light industry in developed and developing economies?
  • Who are the key players in the Grow Light Market?
  • Who are the market leaders in Grow Light industry in Europe
  • Who are the market leaders in Grow Light Market in Asia Pacific?
  • What are the factors affecting growth in the Grow Light Market? 
  • Who held the largest market share in Grow Light Market? 
  • What are the factors for the growth of Grow Light region in Grow Light Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by Technology, Installation and Application 
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Maximize Market Research is leading research firm, has also published the following reports:

Lamp Market – The Global Lamp Market is expected to reach USD 66.96 billion by 2029 at a CAGR of 4.67 percent during the forecast period. The Lamp Market is expected to be driven by growing use of lamps in a variety of outdoor and indoor applications, such as commercial, residential, industrials, autos, and highways

LED Driver Market – The Global LED Driver Market is expected to reach USD 125.65 billion by 2029 at a CAGR of 26 percent during the forecast period. The LED Driver Market is expected to be driven by increasing demand of LED lights in various applications such as outdoor, automotive industrial and horticulture lightening.

Biometrics Infrared LED Market – The Global Biometrics Infrared LED Market is expected to reach USD 5.85 billion by 2029 at a CAGR of 12.4 percent during the forecast period. The Biometrics Infrared LED Market is expected to be driven by increasing digitalization to drive the market. 

About Maximize Market Research:

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.

Contact Maximize Market Research:

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Pune Banglore Highway, Narhe,

Pune, Maharashtra 411041, India

[email protected]

 +91 96071 95908, +91 9607365656

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