Grow Light Market 2030 – Industry Formulation And Data Visualization

Posted on 2022-07-05 by researchinsights in Technology // 0 Comments

Grow Light Industry Overview

The global grow light market size was valued at USD 4.23 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030.

Growing urban cultivation, vertical farming and growing adoption of environment-friendly production of fruits and vegetables is boosting the growth of the market. The unprecedented growth of the global population has also increased the demand for urban agriculture. Furthermore, the practice of vertical farming for producing food in a vertically stacked-layer such as a used warehouse, skyscraper, or shipping container is boosting the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Grow Light Market

Grow light helps in extending the hours of the natural daylight which further increases the health, growth rate, and yield of the plants. Artificial lighting, such as high-pressure sodium lighting, LED lighting and plasma lighting can extend the availability of crops (throughout a season). Growing awareness regarding the importance of alternative farming, owing to the less availability of fertile agricultural land and increasing population, are the key factors anticipated to spur the industry demand.

Unlike traditional farming, indoor farming can produce crops throughout the year, which results in increased productivity. Furthermore, indoor farming can protect crops from extreme weather conditions through the usage of techniques such as the controlled environment agriculture technology, where the facilities use artificial environmental control, control of light, and fertigation.

COVID Impact Analysis

The COVID-19 pandemic has had a negative impact on the grow light market. The emergence of the pandemic and the subsequent lockdowns imposed by the governments in various nations, coupled with the severe travel restrictions, affected the market. The supply chain disruptions impacted the supply of raw materials and the distribution of the end product. Moreover, there was a significant drop in the demand for grow lights as compared to pre-COVID levels. However, the market started to recover as the restrictions were eased. Due to prolonged stay at home, work-from-home professionals, students were engaged in gardening, especially growing vegetables. Many people adopted indoor farming and vertical farming techniques such as hydroponics for home gardens. The demand for grow light started picking pace and post lifting of restrictions there was stabilization in the demand for the grow lights. Also, as the supply chains were normalized and shipments became regular, the supply of grow lights was also restored.

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