Jersey City, N.J., Feb. 15, 2022– Verified Market Research recently published a report, “Grow Lights Market” By Product (High-Intensity Discharge, By Application and By Geography.
According to Verified Market Research, the Global Grow Lights Market size was valued at USD 907.78 Million in 2020 and is projected to reach USD 8,480 Million by 2028, growing at a CAGR of 32.24% from 2021 to 2028.
Browse in-depth TOC on “Grow Lights Market”
202 – Pages
126 – Tables
37 – Figures
Global Grow Lights Market Overview
Grow Lights are in high demand owing to their unique characteristics such as durability, energy consumption, color quality, and cost-effectiveness. LED Grow Lights have a number of advantages over traditional lighting systems, including increased energy efficiency and a longer lifespan. Grow Lights can be adjusted to fit the requirements of the plants. Plant growth and development will be aided by the usage of several types of Grow Lights. To obtain the overall light spectrum for plants, growers have blended HID lights such as high-pressure sodium (HPS) lamps with metal-halide (MH) lamps.
LEDs are widely used these days since they eliminate the drawbacks of HPS, fluorescent (FL), metal-halide, and electric ballast lighting. The environmental benefits of the grow light industry are one of the main reasons for its expansion. As a result, the grow-light industry is being propelled forward by government programs and fast-expanding indoor farming. All of these considerations have boosted the demand for horticulture lighting that is both energy-efficient and long-lasting.
The demand for LED-based grows lights is increasing as a result of the growing demand for vertical farms and greenhouses as a result of the legalization of cannabis cultivation. When cultivating cannabis in a sunless medium, a number of considerations must be made. For instance, the heat generated by HPS lights will destroy the produce. As a result, LEDs, which run at significantly lower temperatures, could be a viable choice for reducing the amount of heat produced. Grow Lights are also employed in a number of indoor farms in North America and Europe.
Key Developments in Grow Lights Market
In March 2021: AeroFarms, an indoor vertical farming company based in New Jersey, has agreed to merge with black check company Spring Valley Acquisition Corp. in order to go public on the Nasdaq stock exchange. June 2021: Heliospectra AB, a global leader in intelligent lighting technology for greenhouse and controlled plant growth environments, has announced a new reseller partnership with AllGreenHydroponics.com, a company that specialises in indoor gardening equipment for hobbyists and commercial growers, to represent Heliospectra’s market-leading LED lighting and light control solutions for controlled environments agriculture.
Key Players
The major players in the market are AeroFarms, Royal Philips, General Electric, Osram Licht, Gavita Holland, Lumigrow, Heliospectra, Iwasaki Electric., Llumitex, and Sunlight Supply.
Verified Market Research has segmented the Global Grow Lights Market On the basis of Product, Application, and Geography.
Grow Lights Market, By Product High-Intensity Discharge (HID) LED Fluorescent PlasmaGrow Lights Market, By Application Indoor Farming Vertical Farming Commercial GreenhouseGrow Lights Market by Geography North America U.S Canada MexicoEurope Germany France U.K Rest of EuropeAsia Pacific China Japan India Rest of Asia PacificROW Middle East & Africa Latin America
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Top Vertical Farming Systems Helping Grow Crops in Stacked Layers
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