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CHICAGO, Feb. 3, 2021 /PRNewswire/ -- According to the new market research report "Grow Lights Marketwith Covid-19 Impact and Analysis by Offering (Hardware, Software & Services), Installation Type (New and Retrofit), Application (Greenhouses, Vertical Farms), Sales Channels, Spectrum, and Geography - Global Forecast to 2026", published by MarketsandMarkets, the market is projected to grow from USD 1.2 billion in 2021 to USD 4.9 billion by 2026, at a CAGR of 32.2% during the forecast period. The key factors fueling the growth of this market include increasing government support for the adoption of solid-state lighting technology and controlled-environment agriculture (CEA) practices, growing investments in projects related to vertical farms and greenhouses, and rising adoption of indoor farming in urban areas. Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=68944493 The hardware segment of grow lights market to hold larger market share between 2021 and 2026 The hardware segment of the grow lights market, by offering is estimated to hold larger market share in 2026. The key factors for the growth of the market are the increasing number of new lighting installations in greenhouses and vertical farms and the growing support of governments of different countries promoting the adoption of CEA facilities. The cannabis segment to register highest CAGR during the forecast period The cannabis segment of the grow lights market, by cultivation, is projected to register the highest CAGR during the forecast period. The legalization of cannabis production is gaining momentum in different parts of the world as lawmakers globally are working toward this process. This is certainly going to benefit all categories of cannabis growers, and at the same time, manufacturers of LED grow lights are expected to benefit the most from this. Cannabis is also considered as a high value crop by growers and hence the cultivation of cannabis is growing at a faster pace. The new installations segment to hold larger market share from 2021 to 2026 The new installations segment is estimated to hold a larger share of the grow lights market from 2021 to 2026. The growth of this segment can be attributed to the extensive deployment of LED grow lights in new vertical farms and greenhouses. Strong government support for adopting CEA practices and surging awareness regarding the benefits associated with LED grow lights are also expected to contribute to the growth of this segment during the forecast period. The interlighting segment to register highest CAGR during the forecast period. The interlighting is a relatively new concept, and the market for interlighting grow light systems is expected to grow at a higher CAGR during the forecast period owing to the increasing awareness about the benefits of this lighting technique. For example, interlighting provides greater light efficacy, which results in higher yield compared to toplighting as the design of interlighting grow light system allows a plant to absorb light rays from the entire spectrum. Browsein-depth TOC on"Grow Lights Market" 202 Tables76 Figures271 Pages Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=68944493 Europe to hold largest share of the grow lights market between 2021 and 2026 Europe is projected to register largest market share of the grow lights market from 2021 to 2026. The growth of the market in this region can be attributed to the fact that the region has the strongest economies in the world, along with flourishing industries that lead to increased capital investment capabilities. This region has been using grow light systems for the past few decades to grow plants in commercial greenhouses. The use of grow light in this region is gradually increasing from being a supplemental lighting source to becoming the primary source of light in indoor operations. The population of Europe has expanded rapidly in recent times, and countries are importing fruits and vegetables in a frozen form from external markets in Africa and Asia. Indoor horticulture is gaining rapid momentum in some major countries such as the Netherlands, Belgium, and France in this region to obtain fresh produce from locally cultivated farms. This factor is expected to generate massive demand for grow light systems in the near future. Technological developments in artificial grow lights have led the government in the European region to favor efficient and eco-friendly technologies such as LED and have implemented rigorous resolutions to ban the use of incandescent bulbs. Signify Holding (Netherlands), OSRAM (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schrder (Netherlands), Eye Hortilux (US), ILUMINAR Lighting (US), GE Current, A Daintree Company (US), PARsource (US), GE Lighting, A Savant Company (US), Hubbell (US), and Agrolux (Netherlands) are the key players in the global grow lights market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share. Related Reports: Vertical Farming Marketwith COVID-19 Impact Analysis by Growth Mechanism (Hydroponics, Aeroponics, and Aquaponics), Structure (Building Based and Shipping Container), Offering, Crop Type, and Region - Global Forecast to 2025 Smart Greenhouse Marketby Type (Hydroponics and Non-Hydroponics), Covering Material Type (Polyethylene, Polycarbonate, and Others), Offering (Hardware and Software & Services), Component, Cultivation, End User, Region - Global Forecast to 2025 About MarketsandMarkets MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish MehraMarketsandMarkets INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [emailprotected] Research Insight: https://www.marketsandmarkets.com/ResearchInsight/grow-lights-market.asp Visit Our Web Site: https://www.marketsandmarkets.com Content Source: https://www.marketsandmarkets.com/PressReleases/grow-lights.asp SOURCE MarketsandMarkets

Answer: Grow Lights Market worth $4.9 billion by 2026 - Exclusive Report by MarketsandMarkets