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The light-emitting diode (LED) grow lights market size is forecast to increase by USD 11.32 billion at a CAGR of 39.04% between 2023 and 2028. The global LED grow lights market is experiencing significant growth due to the increasing trend towards indoor farming and the innovation and investments in greenhouse horticulture startups. Indoor farming is gaining popularity as a solution to address food security concerns and the need for year-round production. LED grow lights offer several advantages over traditional lighting sources, including energy efficiency, longer lifespan, and the ability to provide specific wavelengths for optimal plant growth. However, the high installation and setup costs associated with LED grow lights remain a challenge for market growth. Despite this, the market is expected to continue expanding as technological advancements lead to cost reductions and increased efficiency. The growing adoption of LED grow lights in large-scale commercial farming operations and the rising demand for locally grown produce are also driving the market growth.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Power Rating
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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