How are Energy Conservation Efforts Propelling Grow Lights Market?

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. 

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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.