Latin America Greenhouse Grow Light Market

Latin America Greenhouse Grow Light Market Size, Growth, Trends and Forecast:

Latin America Greenhouse Grow Light Market was worth USD 0.71 Billion in 2021 and estimated to be growing at a CAGR of 10.6%, to reach USD 1.02 Billion by 2026. Grow lights, particularly LEDs are used in a huge range of farming-related applications, owing to the advantages they offer such as high low power consumption, reliability, and spectral intensity.

A greenhouse is a house made of glass. It has glass walls and a glass roof. People grow tomatoes and flowers and other plants in them. A greenhouse stays warm inside, even during winter. Sunlight shines in and warms the plants and air inside.

Latin America Greenhouse Grow Light Market Drivers:

The Latin America Greenhouse Grow Light market is driven by the rise in adoption of greenhouses, owing to rapid innovation in technology and rising disposable incomes of people willing to invest in farming. Technological innovations have further helped in lowering the costs of necessary Grow Light which aids in increasing the feasibility of owning a greenhouse. The adoption of greenhouse adoption technologies and encouragement from governments also act as drivers of market growth.

Latin America Greenhouse Grow Light Market Segmentation:

Latin America Greenhouse Grow Light Market – By Spectrum:

• partial spectrum
• full spectrum

Latin America Greenhouse Grow Light Market – By Installation:

• new installations
• retrofit

Latin America Greenhouse Grow Light Market – By Technology:

• high-intensity discharge
• fluorescent lighting
• LED
• others

Latin America Greenhouse Grow Light Market – By Application:

• indoor farming
• vertical farming
• commercial greenhouse
• TURF and landscaping
• research
• other applications

Geographical Analysis:

Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. The huge rise in spending in the Greenhouse Grow Light market has increased the demand in the market. Brazil is one of the largest markets in this region followed by Mexico, Argentina, and Columbia. The availability of large customer base with rising disposable incomes is set to drive the market in the foreseeable future.

Major Key Players:

The major players operating in the Latin America Greenhouse Grow Light industry include Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V, Lumigrow Inc., Heliospectra Ab., Iwasaki Electric Co., Ltd., Illumitex Inc., Hortilux Schreder B.V., and Sunlight Supply Inc.