Grow Lights Market Will Generate $13,183 Million Revenue by 2030, Says P&S Intelligence
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Retrofitted Lights Are Larger Revenue Contributor
Based on installation type, the retrofit category holds the bigger share, and it is predicted to sustain its position in the years to come. This is because of the escalating count of farmers adopting advanced cultivation techniques and the declining prices of these luminaires.
The category of LEDs is predicted to dominate the market in the coming years owing to the surging demand of customers for energy-efficient and affordable grow lights and mounting count of programs of governments to encourage the adoption of these products.
Product Demand for Vertical Farming Booming
Vertical farming is expected to witness a 29.8% compound annual growth rate, due to the skyrocketing demand for herbs and food and growing numbers of vertical farms, mostly in advanced economies, owing to the absence of fields required for the traditional ways of agriculture.
The largest revenue share is held by the commercial greenhouses category, which will lead the sector during the forecast period. This is owing to the reducing accessibility of land for agriculture, commercialization of greenhouses, mounting acceptance of organic farming methods, and growing demand for energy efficiency in agriculture.
Europe Contributes Majority of Revenue
Europe accounts for an almost 33% revenue share, and it is predicted to sustain its dominance in this decade. This is credited to the large consumer base and fast adoption of LED lights to cultivate plants inside commercial greenhouses.
Browse detailed report on Grow Lights Market Share, Growth and Demand Forecast to 2030
Furthermore, APAC is predicted to grow at the highest pace in the future. This is ascribed to the rising rate of urbanization, mushrooming demand for food, ballooning population, increasing acceptance of new technologies in agriculture, and snowballing effort on urban farming.
Global Grow Lights Market Report Coverage
By Technology
By Spectrum
By Installation Type
By Product
By Application
Regional Analysis
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