Grow Lights Market:
WiseGuyReports.com adds “Global Grow Lights Market Research Report 2020 Analysis and Forecast 2027” reports to its database.
Global Grow Lights Market is valued approximately USD 0.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 19.9 % over the forecast period 2020-2027. Grow lights also known as plant lights, is an artificial source of light. Grow lights are designed to stimulate plant growth by the emission of an electromagnetic spectrum required for photosynthesis. Grow lights are used in various applications such as indoor gardening, food production, horticulture, plant propagation and aquatic plants. The global grow light market is facing challenges due to the coronavirus pandemic, because of temporary lockdown in various countries, along with manufacturing as well as supply chain is at halt. However, increasing adoption of indoor farming in urban areas, ongoing government initiatives to support energy-efficient lighting, growing need for long-lasting, energy-efficient, and economical grow lights and emerging trend of farm-to-table concept are the few factors responsible for the growth of this market over the forecast years. Furthermore, the rising advancements and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 28th August, Signify Holding launched Philips GreenPower LED toplighting, a new module that help greenhouse growers to improve the growth of vegetables, fruits, flowers and other crops. Whereas, requirement for varied light spectrums for different crops and high setup and installation costs are the major factors restraining the growth of the global Grow Lights market during the forecast period.
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The regional analysis of global Grow Lights Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the growing adoption advanced technologies has lead the growth of the market. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Gavita International B.V.
General Electric Company
Iwasaki Electric Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Installation Type:
Software & Services
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Grow Lights Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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