Product ID: UCMIG45K2019
LED Grow Lights Market Size, Share, Growth Analysis, By Wattage(Low Power (<100 W), Medium Power (100-300 W)), By Spectrum(Narrow, Broad), By Installation Type(New Installation, Remote), By Application(Indoor Farming, Commercial Greenhouse), By Region(North America, U.S.) - Industry Forecast 2024-2031
Report ID:
UCMIG45K2019 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
LED Grow Lights Market Insights
Market Overview:
During the forecast period, the legalization of cannabis is expected to offer lucrative growth opportunities for the market. Owing to the slowdown and unavailability of workforces across the globe, production facilities of electronics and semiconductors have been halted. The rising adoption of vertical farming, higher efficiency, and higher controllability, are significant factors that impact the growth of the LED grow light market. On the contrary, during the forecast period, the legalization of cannabis is expected to offer lucrative opportunities for the market. During the forecast period, the higher efficiency offered by LEDs is the prime reason that drives the growth of the LED growth lights industry. Further, the growth of the LED grows lights market is accelerated by LED lights offering higher controllability. The market growth is opportunistic by rising in the adoption of vertical farming. Considering this factor in the future, the market is estimated to experience exponential growth.
LED Grow Lights Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Electronic Components by segment aggregation, the contribution of the Electronic Components in Technology Hardware & Equipment and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
LED Grow Lights Market Report Snapshots
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