Grow Lights Market

1. 2022 Governments’ Energy Efficiency Initiatives Driving Grow Lights Market

2. Growth drivers including the rising focus on indoor farming and vertical farming and increasing support from governments for the adoption of light-emitting diode (LED) lights are expected to increase the grow lights market size from $2,653.2 million in 2016 to $5,954.1 million in 2023, displaying a CAGR of 12.5% during the forecast period (2017–2023). Vertical farming requires the usage of lighting systems to stimulate the plants' growth indoors, as these systems offer artificial light in a controlled environment. Moreover, the growing initiatives by governments to promote the usage of LED lights are expected to aid the grow lights market advance in the forecast period. Governments and several international agencies are increasing their focus on reducing energy consumption, by encouraging the shift to LED lighting through numerous legislations and subsidies. Countries such as South Korea, Switzerland, Malaysia, Brazil, Venezuela, Australia, Russia, Argentina, and Canada are already witnessing the phasing out of incandescent light bulbs and their substitution with LEDs. Request for sample copy of this report:https://www.psmarketresearch.com/market-analysis/grow-lights-market/report-sample Furthermore, initiatives such as the legalization of cannabis production in the U.S. are creating lucrative opportunities for the players in the market. Over the years, cannabis production has become a profitable option for farmers in the U.S. due to the soaring demand for marijuana for medical and recreational production. Farmers are carrying out indoor cultivation of cannabis either via vertical farming or hydroponics. Since vertical farms are deploying grow lights on a wide scale, the increasing production of cannabis in the U.S. is widening the growth opportunities for the players.

3. The grow lights market is observing the trend of vertical farming in urban areas. Vertical farming requires the usage of lighting systems to stimulate the growth of the plants. In this kind of farming technique, plants are stacked in vertical layers, for space optimization. Vertical farms use control systems to maximize the cultivation conditions, and they are designed to allow for the cultivation of higher volumes of crop in less space. Indoor vertical farming also curtails the application of toxic chemicals for pest control, thereby improving the quality and nutritional value of crops. The categories under the technology segment of the grow lights market include fluorescent, light-emitting diode (LED), high-density discharge (HID), and others, which include induction and plasma. Of these, the LED category held the largest market share in 2016 due to the growing support from the government for LED lights across the world and increasing adoption of energy-efficient and low-cost grow lights. Moreover, the rapid urbanization in the Asia-Pacific (APAC) region is fueling the demand for LED grow lights for indoor farming owing to a reduction in arable land area. Browse full report athttps://www.psmarketresearch.com/market-analysis/grow-lights-market Geographically, Europe is expected to generate the highest revenue in the grow lights market till 2023. In the continent, Scandinavia, Germany, the Netherlands, and the U.K. are emerging as the major users of grow lights. The Asia-Pacific (APAC) market is projected to display the highest growth rate in the foreseeable future. This can be ascribed to the increasing focus on modern farming techniques and swelling population in the region. Here, Australia, Japan, China, and Singapore are emerging as the frontrunners in grow light usage for various types of indoor farming. Thus, the growing popularity of indoor vertical farming and rising government initiatives to promote LEDs are boosting the demand for grow lights around the world.

4. Market Segmentation • Market Segmentation by Technology • LED • Fluorescent • T5 • CFL • HID • High intensity sodium lamps • Metal-halide lamps • Ceramic metal halide lamps • Combination MH and HPS lamps • Market Segmentation by Spectrum • Full spectrum • Partial spectrum • Market Segmentation by Installation Type • New • Retrofit • Market Segmentation by Application • Commercial greenhouse • Vertical farming • Indoor farming • Research • Market Segmentation by Geography • Europe grow lights market • U.K., Germany, Netherlands, Scandinavia and Rest of Europe • North America grow lights market • U.S. and Canada • Asia-Pacific grow lights market • Japan, Australia, China, Singapore and Rest of Asia-Pacific • Middle-East & Africa (MEA) grow lights market • Saudi Arabia, U.A.E. and Rest of MEA • Latin America grow lights market • Mexico, Brazil and Rest of Latin America

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