Key Takeaways:
- The global horticultural grow light market is projected to grow at a CAGR of 18.4% during the forecast period, reaching a revenue of nearly USD 39,250 million by 2031.
- Factors driving market growth include government initiatives to promote controlled environment agriculture (CEA) practices, the adoption of advanced farming methods by food producers, and the increasing demand for different types of food crops.
- The market is segmented by product, application, connection, technology, watt, cultivated plant, distribution channel, and region.
- The fruits & vegetables segment is expected to generate the largest revenue in the market, reaching over USD 30,340 million by 2031.
- The Asia Pacific region is projected to dominate the market, with a revenue of around USD 18,090 million by 2031.
The global horticultural grow light market is expected to experience significant growth in the coming years. According to a report by ResearchAndMarkets.com, the market is projected to grow at a CAGR of 18.4% during the forecast period from 2022 to 2031. By the end of 2031, the market is estimated to reach a revenue of nearly USD 39,250 million, compared to USD 7,280 million in 2021.
Several factors are driving the growth of the horticultural grow light market. One major factor is the surge in government initiatives that promote the adoption of controlled environment agriculture (CEA) practices. These initiatives aim to encourage food producers to adopt advanced farming methods, including the use of grow lights, to improve crop yields and quality.
In addition, the increasing demand for different types of food crops globally is creating a need for food producers to adopt sustainable production processes. Horticultural grow lights offer a solution by providing the right light spectrum and intensity for optimal plant growth, regardless of the environmental conditions.
The horticultural grow light market is segmented based on various factors, including product, application, connection, technology, watt, cultivated plant, distribution channel, and region. The cultivated plant segment includes fruits & vegetables, floriculture, cannabis, crops, and others. Among these, the fruits & vegetables segment is anticipated to generate the largest revenue, exceeding USD 30,340 million by 2031. In 2021, this segment already generated a revenue of over USD 5,670 million.
Geographically, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to dominate the market, with a revenue of approximately USD 18,090 million by 2031. In 2021, the region generated a revenue of close to USD 3,420 million.
In conclusion, the global horticultural grow light market is poised for significant growth in the coming years. Factors such as government initiatives, the adoption of advanced farming methods, and the increasing demand for food crops are driving market growth. The market is segmented based on various factors, and the fruits & vegetables segment is expected to lead in terms of revenue. The Asia Pacific region is projected to dominate the market.
FAQs:
Q: What is the expected CAGR of the horticultural grow light market from 2022 to 2031?
A: The horticultural grow light market is projected to grow at a CAGR of 18.4% during the forecast period.
Q: What are the factors driving the growth of the horticultural grow light market?
A: The growth of the market is driven by government initiatives promoting controlled environment agriculture (CEA) practices, the adoption of advanced farming methods by food producers, and the increasing demand for different types of food crops.
Q: Which segment is expected to generate the largest revenue in the horticultural grow light market?
A: The fruits & vegetables segment is projected to generate the largest revenue, exceeding USD 30,340 million by 2031.
Q: Which region is expected to dominate the horticultural grow light market?
A: The Asia Pacific region is projected to dominate the market, with a revenue of approximately USD 18,090 million by 2031.
Q: What is the current revenue of the horticultural grow light market?
A: In 2021, the market generated a revenue of about USD 7,280 million.
