Navigating Horticultural Lighting: Trends and Innovations in Grow Lights

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Grow Lights Market Will Reach USD 13,183 Million
by 2030
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As per a report by PS Intelligence, the grow
lights market will advance at 28 CAGR, to
generate a value of USD 13,183 million, by
2030. The growth in the industry is ascribed to
the growing requirement for food as a result of
the rising disposable income, increasing
population, rapid urbanization, advancement of
technologies in the agriculture sector, and the
increasing preference for enhanced and new
practices of farming. The LED category is
expected to dominate the grow lights market in
the years to come. This is attributed to the
increasing government programs to encourage the
adoption of LED lights and drivers and the
increasing demand for energy-efficient and
affordable grow lights by consumers. In the past
few years, the retrofit category generated a
larger revenue share in the industry, and it will
remain larger in the years to come. This is
because of the rising adoption of such lights in
farming facilities due to their decreasing costs
and the increasing number of new advanced farming
facilities all over the world.
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A key factor driving the industry is the
necessity of more cost-effective grow light
technologies in the cities. The expenditure on
food production is high, and as a result, the
requirement for economical food production is
growing rapidly in urban areas. Vertical farming
is expected to observe the fastest growth in the
years to come, growing at a rate of approximately
29.8. This is attributed to the mounting
requirement for herbs food and the increasing
number of such farms, mainly in developed
countries, owing to the lack of space required to
establish conventional farms. In 2021, Europe
generated the largest revenue share in the grow
light industry, at approximately 33, and it will
remain the largest in the years to come. This is
ascribed to the large consumer base and the
substantial adoption of LED lights to grow plants
inside commercial greenhouses in the region.
APAC is expected to observe the fastest growth
in the years to come. This is attributed to the
increasing food requirement, the growing rate of
urbanization, the surging population, the
strengthening focus on urban farming, and the
mounting implementation of new agricultural
technologies. To receive free sample pages of
this report_at_ https//www.psmarketresearch.com/mark
et-analysis/grow-lights-market/report-sample
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Developing nations, for example, India, South
Korea, and China are the main buyers in the APAC
grow light industry. This is credited to the
rapid implementation of enhanced agricultural
approaches, for instance, indoor horticulture,
which resulted in a high horticulture light
requirement in emerging nations. It is because
of the increasing food requirement due to the
mounting population and the rising preference for
new and enhance farming practices, the global
glow light industry will grow significantly in
the years to come. Inquire before purchase_at_
https//www.psmarketresearch.com/send-enquiry?enqu
iry-urlgrow-lights-market
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