LED Grow Light Market – Global Opportunities & Forecast, 2020-2027

1. LED Grow Light Market

2. The primary objective of the LED Grow Light market report by GMI Research is to help the users understand the market scenario in terms of its definition, segmentation, drivers, opportunities, market trends, and the challenges that the market is facing. This report focuses on the LED Grow Light market, especially in North America, Europe, Asia-Pacific, and the rest of the world.

3. Key Drivers of the LED Grow Light Market The key drivers contributing to the growth of the LED grow light market include the increasing trend of the indoor farming methods and the rising popularity of commercial greenhouse for plant cultivation around the world. With the changing weather conditions, it has become necessary for the farmers to opt for indoor farming techniques to minimize the effects of extreme temperatures and insects and pests on the plants. Moreover, the growing awareness regarding the numerous remarkable benefits offered by LED grow lights will attract a large number of farmers towards the market. The government of various developing economies, such as India, are launching numerous initiatives to promote the usage of LED lights in order to converse energy. For instance, in 2015, India’s PM Narender Modi launched a National Program for the distribution of LED lights at a lower price. All these factors are responsible for the growth of the LED grow light market size.

4. According to the LED grow light market report, several multinational companies are focusing on collaborating with the end-user to increase their share in the LED Grow Light market. For instance, Royal Philips successfully partnered with Green Sense Farms (GSF) to bring advancements in the indoor commercial farm using LED grow lights according to the changing demand of crops. The growing number of collaborations in the market will further enhance the market’s growth. On the other edge of the spectrum, the easy availability of alternative glow lights and the high cost of LED grow light will hamper the market’s growth.

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