Grow Lights Market Revenue, Demand, Growth Drivers and Opportunities Forecast to 2023

Global grow lights market is expected to reach market size of $5,954.1 million by 2023,  The market is expected to witness high growth with increasing indoor farming practices and growing demand for grow lights growth chambers due to surging population. The need of economical grow light technology in cities, increasing government support for the adoption of LED lights, rising disposable income among consumers in developing countries, and surge in per capita global GDP over the years, are expected to boost the growth of grow lights market during the forecast period.
Request for a free sample copy of this research report @ https://www.psmarketresearch.com/market-analysis/grow-lights-market/report-sample
Image result for Grow LightsBased on our analysis, LED based grow lights have been the largest as well as the fastest growing market. Being an efficient technology, the demand of such modern solutions is further projected to increase during the forecast period. Full spectrum based grow lights has been growing at higher pace, as compared to the partial spectrum. Owing to surging urbanization in Asia-Pacific, the regional grow lights market is expected to become the second largest by 2023.
With high degree of urbanization, Europe has been the largest grow lights market. However, Asia-Pacific is expected to emerge strongly, mostly owing to the growing population and rising regional inclination towards modern farming techniques. The U.K., Germany, Netherlands and Scandinavia have been the major grow lights market in Europe, while in Asia-Pacific, Japan, Australia, China, and Singapore are the key countries.
The increasing demand for grow lights growth chambers with growing population is another important factor driving the grow lights market. The world population is growing steadily, while farmland and natural resources are becoming lesser day by day. According to the United Nations’ Food and Agriculture Organization, the food production must increase by 70% to feed the global population for the next 40 years. This means that the agricultural sector and food producers are facing number of new challenges, such as irregular supply of food, and insufficient arable land. New farming methods and technologies are necessary to be developed to cope with the demands of food production.
Koninklijke Philips N.V., and General Electric are the top two companies operating in the grow lights market. There exists a stiff competition among other key players like Osram Licht AG, Dool Industries, Heliospectra AB and Illumitex Inc.
About P&S Intelligence
P&S Intelligence, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Contact: 
P&S Intelligence
Toll-free: +1-888-778-7886 (USA/Canada)
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Connect with us: LinkedIn | Twitter | Google + | Facebook

Comments

Post a Comment

Popular posts from this blog

Predictive Maintenance Market Size, Share, Key Players and Growth Drivers Forecast to 2023

Image
Predictive maintenance helps in retrieving multiple data sources in real time to determine the condition of in-service equipment, and check quality issues and asset failures. The increasing demand of big data, internet of things and growing focus of organizations to reduce operational cost, are the key factors resulting in the growth of predictive maintenance market . Request for a free sample copy of this research report @  https://www.psmarketresearch.com/market-analysis/predictive-maintenance-market/report-sample The solutions offered for predictive maintenance has been leading the growth of this market. Among the various services offered for predictive maintenance, system integration and consulting service is expected to be the key growth driver for the market. The adoption of predictive maintenance has been increasing in various sectors, including government, aerospace & defence, energy & utilities, manufacturing, healthcare, and transportation & logistic...
Read more

Compressor Market Outlook With Future Trends and Regional Analysis by 2023

Image
Compressor market  is expected to reach $45.7 billion by 2023 and exhibiting a CAGR of 3.5% during the forecast period. The rising demand for energy efficient systems, rapid industrialization, and growing automotive industry in developing countries such as China and India some of the major factors pushing the market growth. Request for a free sample copy of this research report @  https://www.psmarketresearch.com/market-analysis/compressor-market/report-sample Based on compressor type, the market is categorized into positive displacement and dynamic compressors. Positive displacement category held a larger market share in 2017. This is ascribed to its widespread adoption across small and medium scale industries. Positive displacement compressors offer various advantages such as high-pressure ratio for relatively small size, higher efficiency and lower cost. On the basis of application, the compressor market is segmented into construction, power, industrial manufacturin...
Read more