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.
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