Grow Lights Market to Worth USD 16.38 Billion By 2032, Driven By The Rising Demand For Efficient And Sustainable Agricultural Practices | SNS Insider [Yahoo! Finance]
GE Aerospace (GE)
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Source: Yahoo! Finance
Austin, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Analysis: The SNS Insider report indicates that,“The Grow Lights Market Size was valued at USD 4.30 billion in 2023 and is expected to grow to USD 16.38 billion by 2032 and grow at a CAGR of 16.37% over the forecast period of 2024-2032.” Revolutionizing Urban Agriculture with the Rise of Vertical Farming and Grow Lights The Grow Lights Market is flourishing, driven by the rapid expansion of indoor and vertical farming, especially in urban areas with limited traditional agricultural space. Companies like Plenty are utilizing AI-driven technology to optimize crop growth, such as strawberries, year-round. These systems reduce land use by 97% and water consumption by 90%, aligning with sustainability goals. While vertical farming reduces food transportation emissions, its energy demands, particularly for lighting, remain a challenge, accounting for over 50% of energy costs. Research highlights inefficiencies in domestic
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