Research Nester has released a report titled “Horticultural Grow Light Market: Global Demand Analysis & Opportunity Outlook 2031”which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
Agricultura land as a share of land area around the world, according to the statistics by the World Bank, decreased from 37.3% in the year 2000 to 36.9% in the year 2018.
The statistics portray the depleting agricultural land, backed by increasing population and surge in urbanization, which is raising the need amongst the farmers to adopt sustainable production methods that utilizes CEA practices. These modern farming methods require advanced equipment to promote the growth of the produce, thereby driving the need for horticultural grow lights. Such a factor is anticipated to drive the growth of the global horticultural grow light market in the coming years.
The global horticultural grow light market is anticipated to grow with a CAGR of 18.4% during the forecast period, i.e., 2022 – 2031. The market is estimated to garner a revenue of USD 39248.3 Million by the end of 2031. Additionally, in the year 2021, the market generated a revenue of USD 7280.3 Million. The market is segmented by cultivated plant into fruits &vegetables, floriculture, cannabis, crops, and others, out of which, the fruits & vegetables segment is projected to garner the largest revenue of USD 30340.4 Million by the end of 2031. Moreover, the segment generated a revenue of USD 5673.5 Million in the year 2021.
By region, the global horticultural grow light market is segmented into North America, Europe, Asia Pacific, and the Rest of the World, out of which, the market in the Asia Pacific is projected to garner the largest revenue of USD 18093.5 Million by the end of 2031.Moreover, the market in the region generated a revenue of USD 3425.4 Million in the year 2021.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
However, the high costs of installation of the product is predicted to hinder the market growth in the coming years.
This report also provides the existing competitive scenario of some of the key players of the global horticultural grow light market, which includes company profiling of Signify Holding (Philips), Fluence Bioengineering, Inc., GE Lighting (SAVANT TECHNOLOGIES LLC), Hubbell Incorporated, California Lightworks, Gavita International B.V., Heliospectra AB, Valoya, LumiGrow, Inc., Hortilux Schreder, Lemnis Oreon BV, Black Dog Grow Technologies Inc., Agnetix, Thrive Agritech, Hyperion Grow Lights Limited, Hydrofarm Holdings Group, Inc., MechaTronix Co., Ltd., Felio Sylvania Group, SANANBIO, PL Light Systems, Tungsram Operations Ltd., ams-OSRAM International GmbH, Lumileds Holding B.V., Cree LED (SMART Global Holdings, Inc.), SAMSUNG, Bridgelux, Inc., Luminus, Inc. and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Horticultural Grow Light Market: Global Demand Analysis & Opportunity Outlook 2031”, analyses the overall global horticultural grow lightindustry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global horticultural grow light market in the near future.