The latest report by IMARC Group, titled “Europe Grow Light Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the Europe grow light market size reached US$ 1,294 Million in 2022. Grow light, also known as plant light, is a source of light that radiates light in the electromagnetic spectrum to facilitate photosynthesis and help plants to grow indoors. Some commonly available grow lights include Light-emitting diodes (LED), fluorescent tubes, incandescent variants, compact fluorescent lights (CFLs), and high-pressure sodium (HPS) or high-intensity discharge (HID). They mimic temperature, color, and sunlight for crops that can be customized according to the need or varieties of plants, such as anthocyanin accumulation, enhanced rooting, and flowering inhibition. They also have a variety of color spectrums and light intensity options to cater to the needs of several plants. Owing to these properties, grow lights are widely adopted in commercial greenhouses, vertical farming, indoor farming, landscaping, and other purposes.
Europe Grow Light Market Trends:
The market is primarily driven by the escalating demand for plant-based food products. This can be attributed to the growing population, rising disposable incomes, and rapid urbanization across the region. In addition, the increasing preference for environment-friendly production of vegetables and fruits without pesticides and preservatives is contributing to market growth. Moreover, the growing popularity of vertical farming for producing food with vertically stacked layers such as a skyscraper, shipping containers, and used warehouses, which also save space, is providing a thrust to the market growth. Besides this, the enhanced focus on sustainable development, and the growing inclination of consumers toward indoor farming, such as hydroponics, is propelling the market growth. Along with this, indoor horticulture is gaining traction in major nations in this region, including Belgium, Netherlands, and France, which is also accelerating the product adoption rate. Looking forward, IMARC Group expects the market value to reach US$ 2,394 Million by 2028, exhibiting a CAGR of 11.1% during the forecast period (2023-2028).
- Based on technology, the market has been segmented into HID, LED, fluorescent, and others.
- On the basis of the installation type, the market has been bifurcated into new and retrofit installations.
- Based on the spectrum, the market has been classified into a full and partial spectrum.
- On the basis of the application, the market has been segregated into indoor farming, vertical farming, commercial greenhouse, turf and landscaping, and others.
- Region-wise, the market has been divided into Germany, France, the United Kingdom, Italy, Spain, and others.
- The competitive landscape of the market has also been examined, along with the profiles of key players operating in the industry.
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