Grow lights also well-known as plant lights, is an artificial source of light. Grow lights are considered to encourage plant growth by the emission of an electromagnetic spectrum prerequisite for photosynthesis. Grow lights are utilized in several applications such as indoor gardening, food production, horticulture, plant propagation and aquatic plants.
According to the report analysis, ‘Global Grow Lights Market to reach USD 3.4 billion by 2027’ states that the worldwide grow light market is facing challenges owing to the corona virus pandemic, because of temporary lockdown in several countries, along with engineering as well as supply chain is at halt. However, growing implementation of indoor farming in urban areas, ongoing government initiatives to support energy-effectual lighting, increasing requirement for long-lasting, energy-efficient, and economical grow lights and emergent trend of farm-to-table concept are the few influences responsible for the growth of this market over the prediction years.
Furthermore, the increasing advancements and several other strategic alliances by market key players will generate a lucrative requirement for this market. For instance: on 28th August, Signify Holding launched Philips GreenPower LED toplighting, a fresh module that support greenhouse growers to develop the growth of vegetables, fruits, flowers and several other crops. Whereas, requirement for wide-ranging light spectrums for dissimilar crops and high setup and installation costs are the foremost factors limiting the growth of the worldwide Grow Lights market throughout the forecast period.
Although, the worldwide Grow Lights Market is valued nearly USD 0.8 billion in 2019 and is projected to grow with a healthy growth rate of more than 19.9 % over the forecast period of 2020-2027. The regional analysis of worldwide Grow Lights Market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region around the world in terms of market share due to the growing implementation advanced technologies has lead the growth of the market. Whereas, the Asia-Pacific is also anticipated to exhibit uppermost growth rate / CAGR over the forecast period of 2020-2027.
Not only has this, the effective augment in the urban population and commercialization of indoor farming is projected to propel the African regional requirement. However, shortage of financial resources to construct modern vertical farms and restricted access to water and land is projected to restrain the Africa regional growth. To overcome such challenges several models followed across the region involve vertically stacked wooden crates and sack gardens.
In order to encounter the demand agriculture industry is presently on the verge of technological modification by incorporating indoor farming, vertical farming, commercial greenhouse, urban farming, and several others. Such technologies are progressively gaining traction, which is, in turn, propelling the requirement for Agritech products such as grow to light. By recognizing the trend, governments around the world are supporting farmers innovating their cultivation approaches and are subsidizing such equipment to promote the implementation. Therefore, in the near years, it is predicted that the market of grow lights will increase around the globe more effectively over the upcoming future.
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Global Grow Lights Market Research Report
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