The North America Grow Lights Market would witness market growth of 25.3% CAGR during the forecast period (2022-2028).
Certain artificial light sources have been utilized to cultivate plants inside. In the past, HPS and electric ballasts were frequently employed in indoor farming as efficient light sources. These days, LEDs are common; they improve upon the drawbacks of fluorescent (FL), HPS, metal halide, and electric ballast grow lights. However, compared to more traditional lighting technologies like FL and HID lamps, the initial expenditure needed to buy high-quality grow lights is more.
This is mainly because each type of LED grow light on the market has LED arrays that are intended for use in horticultural applications. A top-notch, full-spectrum LED grow light can be installed as the main light source for commercial indoor cultivation. Growers are cautious to embrace energy-efficient grow light technology like induction lighting, LED, and plasma lighting because of the stark price difference. Contrary to traditional farming, indoor farming may grow crops all year round, increasing output. Additionally, by using techniques like controlled environment agriculture technology, wherein facilities use artificial environmental control, regulation of light, and fertigation, indoor farming can shield crops from extreme weather conditions.
Urban farming is a growing trend in the United States that has a significant impact on the grow light business. Growing awareness of environmental issues is another factor fueling the market's growth. Grow lights are being used more frequently as a sustainable method of development because they are an eco-friendly method of assisting agricultural products. Furthermore, indoor farming is becoming more popular in the region, which is greatly boosting product demand. Other significant growth-promoting factors include a number of technological developments in the regional grow light market, such as the creation of smart grow lights connected to the Internet of Things (IoT).
The US market dominated the North America Grow Lights Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,368.1 million by 2028.The Canada market is poised to grow at a CAGR of 28.2% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 27% during (2022 - 2028).
Based on Spectrum, the market is segmented into Narrow and broad. Based on Technology, the market is segmented into Light Emitting Diode (LED), High Intensity Discharge (HID), Fluorescent and Others. Based on Application, the market is segmented into Commercial Greenhouse, Turf & Landscaping, Indoor Farming, Vertical Farming and Research & Others. Based on Installation Type, the market is segmented into New Installation and Retrofit. Based on Offering, the market is segmented into Hardware, Software and Services. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Grow Lights Market is Estimated to reach $11.2 Billion by 2028, at a CAGR of 26.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Signify N.V., Heliospectra AB, Gavita International B.V., California LightWorks (MWW Inc.), Valoya Oy, Hortilux Schréder (Dool Industries), Biological Innovation and Optimization Systems, LLC, GE Current, a Daintree company, Kroptek Ltd., and SANlight GmbH.
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