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Grow Lights Market Trends

Report ID: GMI8173 Published Date: February 2024Report Format: PDF
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Grow Lights Market Trends

Advancements in LED Technology: LED (Light Emitting Diode) grow lights have been rapidly evolving, with continuous improvements in efficiency, spectrum customization, and durability. Manufacturers are focusing on developing LED grow lights that provide precise spectra tailored to specific plant needs, optimizing photosynthesis and overall plant growth. Additionally, advancements in LED technology have led to more energy-efficient and long-lasting products, reducing operational costs for growers. As sustainability becomes a priority in agriculture, the adoption of energy-efficient LED grow lights is expected to continue growing, driving innovation and market expansion. Furthermore, the legalization of cannabis cultivation has also resulted in an increased requirement for vertical farms and greenhouses, further boosting the demand for LED-based grow lights. Cannabis grown under a sunless medium need to have various factors considered. According to Cannabis Business Times, around 46% of cannabis cultivators in the United States registered their growing sites/facilities in the West. 15% reported locations in the Northeast, and only 9% reported cannabis growing operations in Canada.

Integration of Smart Technologies: The integration of smart technologies such as IoT (Internet of Things), AI (Artificial Intelligence), and data analytics is revolutionizing the way grow lights are managed and controlled. Smart grow light systems allow growers to remotely monitor and adjust lighting parameters in real-time based on plant requirements, environmental conditions, and growth stages. These systems enable precise control over light intensity, spectrum, and duration, optimizing plant growth while minimizing energy consumption and resource waste. As demand for precision agriculture solutions increases, the integration of smart technologies into grow light systems is becoming more prevalent, offering growers greater efficiency, productivity, and sustainability.

Author: Suraj Gujar, Sandeep Ugale
Frequently Asked Question(FAQ) :

What is the size of the grow lights industry?+

Market size for grow lights crossed USD 3.5 billion in 2023 and is expected to register over 15.5% CAGR from 2024-2032 owing to rapid urbanization, land scarcity, and the need for sustainable food production worldwide.

What is the value of the hardware component in the grow lights market?+

Industry for grow lights from the hardware segment is expected to register over 15% CAGR from 2024-2032 due to the rising need for indoor farming and greenhouse cultivation.

How big is the Europe grow lights market?+

Europe recorded over 30% share of the grow lights industry in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the increasing adoption of indoor farming practices, and the emphasis on sustainable agriculture in the region.

Who are the leading players in the grow lights business?+

Advanced LED Lights, Agrolux, Black Dog LED, California LightWorks, Cree, Inc., Fluence by OSRAM, Gavita International, General Electric (GE), Heliospectra AB, Illumitex, and Johnson Grow Lights are some of the major grow lights companies worldwide.

Grow Lights Market Scope

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