The Grow Lights Market was valued at US$ 2.7 billion in 2020 and is expected to reach a value of US$ 4.9 Billion in 2026.
The demand for food due to the increase in worldwide population coupled with significant growth in the agricultural sector to meet this demand is a major factor. The legalization of cannabis cultivation and the widespread adoption of vertical and indoor farming practices is also providing a boost to the growth of the market.
The LED Grow light is a key component of indoor agriculture practices. LED-based grow lights have surpassed all conventional lighting technologies in energy efficiency, longevity, versatility, and color spectrum quality making them cost-effective.
Learn more about the forecasted industry growth at the links below: