Grow Light Market to Grow at Rapid Pace with Revenue $12.67 Billion By 2027

1. Grow Light Market to Grow at Rapid Pace with Revenue $12.67 Billion By 2027 “The global grow light market size is estimated to account for USD 12.67 billion in 2027, according to a new report by Million Insights. The market is anticipated to register over 16% CAGR from 2020 to 2027.” Global Grow light Market study includes In-depth Analysis of the market by latest technologies, trends, opportunities, challenges, key players and business strategies considering types, segment, and future analysis. The Grow light Market Report Provides Growth History, Sales Channel, Manufacturers Profiled in Grow light Business, Market Share of Product, Application and Regional Scope of Grow light which makes the research report a helpful resource for marketing people, forecasters, industry executives & consultants, sales, product managers, Strategy Advisor, potential investors to understand the present as well as future market size, situations in terms of growth rate and revenue. This report will help the viewer in Better Decision Making. The global grow light market size is estimated to account for USD 12.67 billion in 2027, according to a new report by Million Insights. The market is anticipated to register over 16% CAGR from 2020 to 2027. Rise in indoor cultivation and vertical farming is driving market growth. Grow light helps in extending natural light for a longer period, thereby, improving the health of the plants. As per the United Nations, nearly 80% of the world population will live in urban areas by 2050. Increasing urbanization is estimated to increase the demand for urban farming where indoor farming is estimated to play a key role. The government of United States has legalized the cannabis plantation across different parts of the country. Owing to this, cannabis production is estimated to be a major industry in the country. For enhanced quality and maximum yield, cannabis grower prefers Controlled-Environment Agriculture (CEA), which in turn, is estimated to augment the market growth in the region. The LED segment has witnessed significant growth in the market over the past few years. Factors such as government support and energy efficiency features are driving the adoption of this segment. LEDs are expensive in the initial stage, however, it cost reduces over time. Request Sample Copy of This Market Research @ https://www.millioninsights.com/industry-reports/global-grow-light-market/request-sample

2. Europe accounted for the highest share in the grow light market in 2019 and estimated to maintain its dominance over the forecast duration. Increasing technology adoption and lack of fertile farming land is attributing to the growth of the region. Asia Pacific, on the other hand, is projected to register the considerable growth owing to increasing adoption of LED lights in indoor farming and growing prevalence of vertical farming in countries such as China and Japan. Further key findings from the report suggest: • Lack of fertile land and rapid influx in the urban population are driving the demand for grow light. • Europe is projected to maintain its dominance over the forecast period owing to the increasing indoor farming. • Asia Pacific is estimated to register considerable growth owing to the increasing adoption of commercial vertical farming. • Major industry players are Gavita Holland bv, LumiGrow Inc., Philips Lighting, HortiluxSchréder, OsramLicht AG and Heliospectra AB among others. Browse Full Research Report @ https://www.millioninsights.com/industry-reports/global-grow-light-market Million Insights has segmented the global grow light market based on application, product, system, technology, installation, spectrum and regions: Grow Light Application Outlook (Revenue, USD Million; 2016 - 2027) • Indoor Farming • Vertical Farming • Commercial Greenhouse • Others

3. Grow Light Product Outlook (Revenue, USD Million; 2016 - 2027) • < 300 Watt • > 300 Watt Grow Light System Outlook (Revenue, USD Million; 2016 - 2027) • Hardware • Software Grow Light Technology Outlook (Revenue, USD Million; 2016 - 2027) • High Intensity Discharge (HID) • LED • Fluorescent • Plasma Grow Light Installation Outlook (Revenue, USD Million; 2016 - 2027) • New Installation • Retrofit Grow Light Spectrum Outlook (Revenue, USD Million; 2016 - 2027) • Partial Spectrum • Full Spectrum Grow Light Regional Outlook (Revenue, USD Million; 2016 - 2027) • North America • U.S. • Canada • Mexico • Europe • Germany

4. • UK • Asia Pacific • China • India • Japan • South America • Brazil • Middle East and Africa (MEA) See More Reports of this Category by Million Insights @ https://www.millioninsights.com/industry/technology Get in touch At Million Insights, we work with the aim to reach the highest levels of customer satisfaction. Our representatives strive to understand diverse client requirements and cater to the same with the most innovative and functional solutions. Contact Person: Ryan Manuel Research Support Specialist, USA Email: ryan@millioninsights.com Global Headquarters Million Insights 410 E Santa Clara Street, Unit #1008 San Jose,CA 95113, United States Phone: 1-408-610-2300 Email: sales@millioninsights.com Asia Pacific Million Insights Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar, Pune, MH, 411016 India Phone: 91-8956380892