Grow Light is an artificial source of light which is used to stimulate plant growth. This is generally used where there is no sufficient light or no natural light. The Global Grow Light Market is worth USD 3080 Million in 2018 and estimated to grow at a CAGR of 11%, to reach USD 5190 billion by 2023. The global Grow Light market is developing at a rapid pace.
DRIVERS & RESTRAINTS OF THE MARKET:
- The driving forces behind the industrial plants and the lighting showcase are the growing interest in a local and reliable development capacity, the lack of space for culture, especially in urban communities, and the need to increase yield per unit without harming nature.
- Governments also reassure factories’ industrial facilities and raise lights to improve production.
- The opportunities in this market are fluctuating and can come from innovative technologies in grow lamps, from a consolidated use of normal lighting with simulated lighting, from the construction of a solar power generation plant to build multiple facility production lines on various levels, which would reduce space requirements.
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REPORT SEGMENTED AS:
Based on Technology:
- HID lights
- Fluorescent lights
- Induction lights
Based on Type Of Installation:
- New installation
- Retrofit installation
Based on Application:
- Indoor farming
- Vertical farming
- Commercial greenhouses
- Rooftop farming
Geographically, the Global Grow Light Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East Asia. Europe is the largest shareholder in the global market followed by North America. Asia-Pacific is expected to grow substantially over the forecast period.
KEY MARKET PLAYERS:
- Royal Philips Electronics
- OSRAM Licht AG
- PAR source Lighting Solutions
- General Electric Company
- Alta LED Corporation
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THE SCOPE OF THE REPORT:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed, and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis of prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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