11.01.2021 Культура

Grow Lights Market Provides Detailed Insight by Trends, Challenges, Opportunities, and Competitive Analysis

Growth drivers including the rising focus on indoor farming and vertical farming and increasing support from governments for the adoption of light-emitting diode (LED) lights are expected to increase the grow lights market size from $2,653.2 million in 2016 to $5,954.1 million in 2023, displaying a CAGR of 12.5% during the forecast period (2017–2023).

Vertical farming requires the usage of lighting systems to stimulate the plants' growth indoors, as these systems offer artificial light in a controlled environment. Moreover, the growing initiatives by governments to promote the usage of LED lights are expected to aid the grow lights market advance in the forecast period. Governments and several international agencies are increasing their focus on reducing energy consumption, by encouraging the shift to LED lighting through numerous legislations and subsidies.

Countries such as South Korea, Switzerland, Malaysia, Brazil, Venezuela, Australia, Russia, Argentina, and Canada are already witnessing the phasing out of incandescent light bulbs and their substitution with LEDs. Furthermore, initiatives such as the legalization of cannabis production in the U.S. are creating lucrative opportunities for the players in the market.

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Over the years, cannabis production has become a profitable option for farmers in the U.S. due to the soaring demand for marijuana for medical and recreational production. Farmers are carrying out indoor cultivation of cannabis either via vertical farming or hydroponics. Since vertical farms are deploying grow lights on a wide scale, the increasing production of cannabis in the U.S. is widening the growth opportunities for the players.