Portland, OR, July 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global grow lights market generated $2.4 billion in 2021, and is projected to reach $27.3 billion by 2031, registering a CAGR of 27.5% from 2022 to 2031.
Increase in demand for energy efficient grow lights and surge in glass house lighting by various organizations have boosted the growth of the global grow light market. However, high initial investment and start-up cost hinder the market growth. On the contrary, rise in cultivation of medicinal plants is projected to open lucrative opportunities in the future.
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COVID-19 Scenario:
- During the pandemic, several production facilities of electronics and semiconductors were halted. Lack of workforce and drop in manufacturing utilization along with travel ban hampered the market growth.
- The prolonged lockdown disrupted the supply chain and increased the prices of raw materials.
The report segments the global grow lights market on the basis of offering, technology, spectrum, installation type, and region. Based on offering, the software segment is expected to portray the highest CAGR of 30.2% during the forecast period. However, the hardware segment held the largest share in 2021, contributing to more than two-fifths of the market.
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On the basis of technology, the light emitting diode (LED) segment is projected to showcase the highest CAGR of 29.8% during the forecast period. Furthermore, the segment held the lion’s share in 2021, accounting for more than two-fifths of the market.
The global grow lights market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in 2021, holding nearly more than one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 29.4% during the forecast period.
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The global grow lights market includes an in-depth analysis of the prime market players such as bios lighting, Fluence (Osram), GE Current, heliospectra ab, hortilux schreder, Kroptek, SANlight GmbH, Signify N.V., and valoya ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
