According to a new report, published by KBV research, The Global Grow Lights Market size is expected to reach $11.2 billion by 2028, rising at a market growth of 26.1% CAGR during the forecast period.
The Broad segment is showcasing a CAGR of 28.2% during (2022 - 2028). The proportion of broad-band LEDs is larger in broad-spectrum LED grow lights. Despite the absence of white wavelengths, these lights appear to be white. The mixture of blue, red, and green wavebands creates the color white. These grow lights don't even pretend to be like the sun, yet they may successfully take their place in any climate to produce crops with great yields and superior quality. Because of this, the demand for broad-spectrum grow lights is increasing.
The Light Emitting Diode (LED) segment acquired maximum revenue share in the Global Grow Lights Market by Technology in 2021 thereby, achieving a market value of $5 billion by 2028. The government's measures to embrace energy-efficient LEDs and rising urban horticulture are predicted to surge the demand for LED grow lights. When they cost more, LED bulbs perform at their peak efficiency. LEDs provide the desired light at a precise wavelength. It may concurrently produce a dual-band spectrum (red and blue).
The Indoor Farming segment has shown the growth rate of 26.4% during (2022 - 2028). Direct sunshine can be entirely replaced by grow lights in large-scale indoor farming operations. However, grow lights don't necessarily need to precisely replicate sunshine. They can perform better than sunlight in many applications. Fruits and vegetables can also be grown indoors with its assistance. As indoor farming practices are increasing worldwide the demand for grow lights is also rising.
The New Installation segment is generating highest revenue share in the Global Grow Lights Market by Installation Type in 2021 thereby, achieving a market value of $7.8 billion by 2028. Previously, people did not give ecologically friendly products much thought, but now everyone is beginning to understand their value. As the concern of people toward using environment friendly products is increasing the farmers and concerned authorities are shifting towards the better way that can also reduce the risk of harming environment. Due to this, the new installation of grow lights will grow significantly.
The Software segment is showcasing a CAGR of 26.3% during (2022 - 2028). Certain type of software solutions is used in grow light systems which may enhance the quality of plants along with meeting different needs of different plants. Moreover, this software help in increasing production capacity by maintaining an optimal lighting environment which is leading to market growth.
The Europe market dominated the Global Grow Lights Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.5 billion by 2028.The North America market is exhibiting a CAGR of 25.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 27.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/grow-lights-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Spectrum
By Technology
By Application
By Installation Type
By Offering
By Geography
Companies Profiled
Unique Offerings 
