The worldwide grow light market will be valued at $4.19 billion by 2022, according to a report from MarketsandMarkets.
The firm found that the annual compound growth rate (CAGR) from this year to 2022 will be 9.63 percent. Drivers include the resurgence of vertical farming and the legalization of marijuana in North America. LEDs are expected to be the type of light used by in the segment. Its predominance is due to its energy efficiency, long life and the capability varying the spectrum used. Europe is expected to be the leading region for grow lights during the period of the survey.
Horticulturists suggest that LEDs bring very specific capabilities that will aid in indoor growing of plants.