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New York, Feb. 10, 2021 (GLOBE NEWSWIRE) Reportlinker.com announces the release of the report Grow Lights Market with Covid-19 Impact and Analysis by Offering, Installation Type, Application, Sales Channels, Spectrum And Geography - Global Forecast to 2026 - https://www.reportlinker.com/p04801483/?utm source=GNW Moreover, increasing awareness regarding benefits provided by LED technology to grow crops through the year amid the COVID-19 pandemic could play a key role in driving the growth of the grow lights market.
Rising penetration of LED lights in indoor farming due to their long lifespan, spectrum adjustability, and energy efficiency
The full-spectrum segment is projected to grow at the highest CAGR from 2020 to 2025 for grow lights market, by spectrum. The full-spectrum light source is becoming popular due to various advantages associated with it, such as it allows quick changes in lighting conditions and complete control of the color spectrum ratio.
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Grow Lights Market worth $4.9 billion by 2026 - Exclusive Report by MarketsandMarkets
Grow Lights Market with Covid-19 Impact and Analysis by Offering (Hardware, Software & Services), Installation Type (New and Retrofit), Application (Greenhouses, Vertical Farms), Sales Channels, Spectrum, and Geography - Global Forecast to 2026 , published by MarketsandMarkets, the market is projected to grow from USD 1.2 billion in 2021 to USD 4.9 billion by 2026, at a CAGR of 32.2% during the forecast period. The key factors fueling the growth of this market include increasing government support for the adoption of solid-state lighting technology and controlled-environment agriculture (CEA) practices, growing investments in projects related to vertical farms and greenhouses, and rising adoption of indoor farming in urban areas.