Lucintel Forecasts Grow Light Market to Grow at a CAGR of 20% to 22% from 2020 to 2025

According to the recent study the grow light market is projected to grow at a CAGR of 20% to 22% from 2020 to 2025. Growth in this market is primarily driven by increasing demand for indoor farming in urban areas and increasing government support towards the adoption of LED lights.

Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in grow light market by light source (HID, LED, fluorescent), installation type (new installation, retrofit), application (indoor farming, commercial greenhouse, vertical farming, and others) and region (North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW)).

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“Commercial greenhouse market is expected to remain the largest segment during the forecast period.”

Based on application, the grow light market is segmented into indoor farming, commercial greenhouse, vertical farming, and others. Lucintel forecasts that the commercial greenhouse market is expected to remain the largest segment due to increased automation in the last decade of its and the concept of controlled environment agriculture (CEA) is being implemented in greenhouses to maintain optimum growing conditions and obtain a higher yield.

“Europe will dominate the grow light market in near future.”

Europe is expected to remain largest market during the forecast period due to the growing awareness regarding the importance of alternative farming, owing to the less availability of fertile agricultural land and increasing population.

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Major players of grow light market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Koninklijke Philips N.V., Osram Licht AG, General Electric Company, Heliospectra AB, Dool Industries, Illumitex Inc., Gavita International B.V., Lumigrow Inc., Iwasaki Electric Co. Ltd., Sunlight Supply Inc., Hydrofarm Inc., and Fluence Bioengineering Inc. are among the major grow light providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/grow-light-market.aspx or helpdesk@lucintel.com.

About Lucintel

At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times. For further information, visit www.lucintel.com.

Contact:
Brandon Fitzgerald
Lucintel
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Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
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