Grow Light Market Size Worth $8.64 Billion by 2025 - Energy Watch News

Grow Light Market Size Worth $8.64 Billion by 2025

The global grow light market is anticipated to reach $8.64 billion by 2025, growing at a CAGR of 14.1%, according to a new report by Grand View Research, Inc. The increased use of vertical farming and indoor cultivation, for producing crops, is likely to spur the market demand over the forecast period. Grow light helps in extending the hours of the natural daylight which further increases the health, growth rate and yield of the plants. The U.S. government has increasingly started to legitimize cannabis plantation across various states. With this initiative, cannabis cultivation is on a verge to become a big business in some parts of the country. Cannabis growers prefer Controlled-Environment Agriculture (CEA) to enhance product quality and yield. This set up consumes a high amount of electricity. As government officials and power companies are trying to convert this into a green industry, they are encouraging the use of LEDs to reduce power consumption and greenhouse gas emissions. 9/19 PRNewswire

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