Skip to main content

COVID-19 Impact Analysis on Grow Lights Market | Insights on Strategies of Key Players

The population continues to explode, with 9.7 billion people estimated to inhabit the earth in 2050, compared to 7.7 billion in 2017, according to the United Nations. The already growing population is moving to cities, from rural and semi-rural areas, in search of jobs and better living conditions.This is why the size of urban centers is increasing, thereby rapidly leading to the encroachment of farming land. This is creating a problem, as the increasing number of people is leading to the rising demand for agricultural products.

Thus, to feed the growing population, at the same time dealing with the swift reduction in arable land, indoor and vertical farming methods are being adopted. Hence, with the rapid adoption of advanced agricultural practices, the grow lights market is on path to a huge revenue boom in the coming years. Vertical and indoor farming can be practiced in any enclosed space, such as warehouses, laboratories, and even shipping containers, provided appropriate infrastructure is available. In the absence of sunlight, grow lights remain the only source of ultraviolet (UV) radiation for plant growth, which is why the demand for such products is surging.

Another reason behind the increasing sale of grow lights is the legalization of cannabis in numerous places around the world. For instance, the U.S. state of Colorado allowed the recreational usage of marijuana in 2012. This has already increased the interest of a large number of farmers, who are now looking at cannabis as a lucrative cash crop. With most of the cannabis farming being done indoors, in vertically stacked layers, where grow lights are a necessity, since, being an enclosed space, such settings do not receive sunlight, the demand for these products is going up.

Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/grow-lights-market/report-sample

This market research report provides a comprehensive overview of the grow lights market
  • Historical and the present size of the grow lights market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential

Comments

Popular posts from this blog

Increasing Internet Penetration Fueling Demand for Product Analytics

With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/product-analytics-market/report-sample Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement. Apart from this, rapid advancements and innovations being made in various cog...

Conversational AI Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

There are two ways in which conversational AI solutions are deployed, namely cloud and on-premises. Of these, the conversational AI solutions deployed through cloud recorded higher demand in 2018, and this deployment method is expected to remain more popular in the coming years. This is primarily attributed to the ballooning demand for scalability and easier maintenance features and 24*7 services offered by these solutions. Furthermore, many major companies are adopting cloud-based solutions for increasing their operational flexibility and reducing their operational costs. Coherent with these facts, the biggest phenomenon currently being observed in the conversational AI market is the mushrooming implementation of chatbots, as well as IVA, in various healthcare applications. Geographically, the highest demand for conversational AI market share has been witnessed in North America in the last few years, and the next few years will witness a similar situation. For instance, a Mahara...

Battery Management System Market Size, Status, Top Players, Trends in Upcoming Years

The International Energy Association (IEA) predicts that the sale of battery electric vehicles (BEV) (trucks) and plug-in hybrid electric vehicles (PHEV) (trucks) will reach around 96,555 units and 107,571 units, respectively, by 2025. The organization also forecasts that the global stock of BEV cars and PHEV cars will reach 29,626,576 units and 16,335,941 units, respectively, by 2025. The surging electric vehicle (EV) sales will create an extensive requirement for battery management systems (BMSs) in the coming years, as batteries are the most important component of such vehicles. Besides, the surging use of rechargeable batteries in consumer electronic products is expected to drive the battery management system market at a vigorous CAGR of 15.0% during the forecast period (2021–2030).   The market revenue is expected to surge from $5,661.0 million in 2020 to $22,279.6 million by 2030. BMSs are installed in consumer electronics to control the operation of batteries and manag...