According to a recent survey published by FMI, the global LED Grow Lights market is expected to grow at a healthy CAGR during the forecast period between 2022 and 2032. The objective of the report is to uncover micro and macro-economic factors accelerating the sales of LED Grow Lights over the coming decade.
The Arrival of Industry 4.0 Technology Will Open Up New Growth Opportunities for the LED Grow Lights Market
Industrial sector is witnessing revolution as manufacturers across the world are extensively emphasizing towards adopting incorporating advanced automation, This is commonly being referred to as Industry 4.0.
With the advent of Industry 4.0, manufacturers are emphasising the use of novel technologies such as artificial intelligence, smart manufacturing, the internet of things (IoT), and machine learning, among others. This will generate significant growth prospects in the LED Grow Lights industry.
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Additionally, increasing government emphasis building a better manufacturing sector and integration of augmented and virtual reality using smart equipment to enhance the output is estimated to propel the demand in the market for coming years.
Key LED Grow Lights Market Takeaways and Projections
- The U.S. is estimated dominate the LED Grow Lights market in North America, accounting for the largest share in the region through 2022.
- Germany is projected to account for a significant share in the Europe market over the assessment period.
- China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2022 and 2032
- India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
- LED Grow Lights Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities and challenges. It studies their impact on the market over the previous assessment period 2016-2020. The report provides crucial insights to market players to capitalize on opportunities and counter challenges.
- LED Grow Lights Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the LED Grow Lights As per the survey, LED Grow Lights sales will project steady growth over the forecast period.
- LED Grow Lights Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for LED Grow Lights.
- LED Grow Lights Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
Competitive Landscape Analysis
- Royal Philips Electronics N.V.
- Lumigrow, Inc.
- Osram Licht AG
- Heliospectra AB
- General Electric Company
- SMART Global Holdings, Inc.
- Everlight Electronics Co. Ltd.
- Bridgelux, Inc.
- Illumitex, Inc.
- Royal Dutch Shell plc
- Petronas
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Global LED Grow Light Market Segmentation
By Product:
- Less than 300 Watts
- More than 300 Watts
By Installation Type:
- Retrofit
- New Installation
By Application:
- Indoor Farming
- Commercial Greenhouses
- Vertical Farming
- Turf and landscape
- Research
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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