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The global grow light market was worth US$ 3.58 Billion in 2021.
The market is primarily driven by the growing adoption of indoor farming practices, the rising demand for food, innovations in the field of agricultural sciences and various technological advancements.
The major trends in the market include the shift from traditional farming methods to commercial greenhouse cultivation, increasing integration of the Internet of Things (IoT) with grow lighting solutions and rising preference for energy-efficient and long-lasting variants, such as LED.
The global grow light market is expected to witness a negative impact due to the spread of the coronavirus disease (COVID-19). The pandemic has led to a decline in the sales of grow lights, as the supplies of electronic components are affected due to the shutdown in China, which is a major hub of lighting products.
The global grow light market is expected to exhibit at a CAGR of 12% during 2022-2027.
LED is the most popular technology used in grow lights across the globe.
new installations account for the majority of the overall market share, followed by retrofit installations.
On the basis of the spectrum, the full-spectrum holds the largest market share.
At present, commercial greenhouses represent the largest application segment.
Region-wise, Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others) exhibits a clear dominance in the market.
The key players operative in the industry are Epistar Corporation, Everlight Electronics Co. Ltd., Gavita International B.V., General Electric Company, Heliospectra AB, LumiGrow, Inc., Illumitex, Inc., Koninklijke Philips N.V., Osram Licht AG, and Shenzhen Juson Technology Co. Ltd.
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