Grow Lights Market is booming, expected to reach USD 16.38 billion by 2032.

From GlobeNewswire: 2024-12-18 08:00:00

The Grow Lights Market is booming, with a value of USD 4.30 billion in 2023 expected to reach USD 16.38 billion by 2032. Vertical farming is revolutionizing urban agriculture, reducing land use by 97% and water consumption by 90%. However, energy demands for lighting remain a challenge, prompting the need for more efficient solutions.

The hardware segment dominates the grow lights market, with LEDs and other lights accounting for 70% of the market in 2023. Companies like Signify Holding and OSLON are advancing vertical farming with energy-efficient LED technology, driving sustainability efforts. Indoor farming leads the market, with controlled environment agriculture methods boosting fresh produce demand in urban areas.

North America holds a 35% market share in grow lights, driven by demand for energy-efficient lighting in urban farming. Asia Pacific is the fastest-growing region, embracing LED systems for vertical farming and controlled environment agriculture. Product innovations from companies like OSRAM and Fluence Bioengineering are driving growth in the region. The Grow Lights Market is segmented by component, technology, spectrum, and application, with regional analysis and company profiles included. Access the complete report for insights on market growth and outlook from 2024-2032. SNS Insider offers customized research services to provide clients with current market data and consumer insights for confident decision-making.



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