According to the research report titled ‘Global Grow Lights Market Size study with COVID-19 Impact, by Watt (<300 Watt and >300 Watt), by Lighting Type (Toplighting and Interlighting), by Installation Type (New Installations and Retrofit Installations), by Offering (Hardware and Software & Services), by Application (Commercial Greenhouse, Vertical Farming, Indoor Farming and Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global grow lights market was worth USD 0.8 billion in 2019 and is expected to witness a CAGR of 19.9% during 2020-2027.
 

Rising acceptance of indoor farming in urban areas, government measures to encourage energy-efficient lighting, and adoption of farm-to-table concept are the key growth determinants for global grow lights market. Furthermore, increasing demand for long-lasting, high-performance, and economical grow lights will multiply market remuneration.  
 

Advancements and other strategies incorporated by leading companies are likely to create opportunities for global grow lights market growth. Citing an instance, Signify Holding B.V. introduced Philips GreenPower LED toplighting in August 2018, to help greenhouse growers enhance the growth of fruits, vegetables, flowers, and other crops.
 

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For the uninitiated, grow lights help in plant growth simulation by emitting electromagnetic spectrum that is required for photosynthesis. They find applications in food production, indoor gardening, plant propagation horticulture, and aquatic plants.
 

However, need of different light spectrums for varied crops in tandem with high setup and installation costs are the major factors likely to restrain global grow lights industry size during the forecast period.
 

Based on application spectrum, worldwide grow lights market is segmented into indoor farming, commercial greenhouse, vertical farming, and others. With regards to installation type, the industry is bifurcated into retrofit installations, and new installations. As per offerings, the market is segmented into software & services, and hardware. Speaking of the watt range, the industry is bifurcated into >300 watt and <300 watt. While based on lighting type, the market is segmented into interlighting and toplighting.
 

From regional perspective, global grow lights industry is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. Europe was the major contributor in terms of industry share in the recent past. Swift adoption of advanced technologies in the region is swaying the grow lights business dynamics in North America.
 

Major players framing global grow lights market trends include General Electric Company, Signify Holding B.V., Iwasaki Electric Co. Ltd., California Lightworks, Hortilux Schreder b.v., Zuzi Technology Co. Ltd., Osram Gmbh, Illumitex, Heliospectra AB and Gavita International B.V.