The latest report by IMARC Group, titled "United States Grow Light Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the United States grow light market is expected to exhibit a CAGR of 11.85% during the forecast period (2022-2027). Grow lights are used to emit electromagnetic spectrum to promote photosynthesis. It is available in light-emitting diodes (LED), high-intensity discharge (HID), fluorescent, high-pressure sodium (HPS), and incandescent variants. It relies on color, intensity, and temperature to create an ideal environment for plants to grow and improve crop yield. Owing to these properties, grow lights are utilized in home gardening, commercial indoor gardening, horticulture, food production, and plant propagation applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
United States Grow Light Market Trends:
The market is primarily driven by the rising trend of urban farming. In addition, the increasing establishments of solar power-based agricultural plants represent another major growth-inducing factor. Besides this, grow lights are increasingly adopted as a sustainable way of cultivation as it serves as an eco-friendly technique for facilitating agricultural produce. This, coupled with the growing consumer inclination toward indoor farming, is positively influencing market growth. Moreover, the market is further propelled by several technological advancements, such as the development of grow lights incorporated with the Internet of Things (IoT). Furthermore, the rising environmental consciousness among the masses and the associated benefits of grow light, including versatility, energy efficiency, color quality, and cost-effectiveness, are also creating a favorable market outlook across the country.
- Based on technology, the market has been categorized 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 full and partial spectrum.
- On the basis of the application, the market has been segmented into indoor farming, vertical farming, commercial greenhouse, turf and landscaping, and others.
- Region-wise, the market has been divided into Northeast, Midwest, South, and West.
- The competitive landscape of the market has been examined in the report, along with the detailed profile of key players operating in the industry.
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