REPORT HIGHLIGHT
Grow Lights Market size was valued at USD 2,434.5 Million in 2022, expanding at a CAGR of 27.8% from 2023 to 2030.
Grow lights are specialized lights utilized for the cultivation of indoor and commercial greenhouse plants. These lights play a crucial role in facilitating photosynthesis, promoting healthy growth, and maximizing the yield of exceptional plant products. Grow lights offer numerous advantages as they replicate the white light spectrum received from the sun. These advantages include an extended lifespan, lower operating temperature, enhanced efficiency, utilization of full spectrum lighting, compact size, and eligibility for state rebates. These factors make grow lights highly suitable for applications such as indoor gardening, vertical farming, commercial greenhouse cultivation, and more. Grow lights are particularly favored for cultivating seedlings, herbs, succulents, and leafy houseplants, as they provide an optimal growth environment and ensure successful plant development.
Grow Lights Market- Market Dynamics:
The rising adoption of vertical farming is expected to propel the market demand
The grow light industry is expected to witness significant growth in the forecast period, primarily driven by the higher efficiency offered by technologies like LEDs. This efficiency advantage contributes to the increased adoption of grow lights, fueling market expansion. Additionally, grow lights provide enhanced controllability and scalability, further stimulating the growth of the market. The rising adoption of vertical farming presents an opportunity for the grow light industry to cater to the specific lighting needs of indoor farming systems. With these factors in play, the grow light market is projected to experience exponential growth in the coming years.
Grow Lights Market- Key Insights:
- As per the analysis shared by our research analyst, the global Grow Lights market is estimated to grow annually at a CAGR of around 27.8% over the forecast period (2023-2030)
- The Grow Lights industry is projected to grow at a significant rate driven by the rising adoption of vertical farming
- Based on technology, light emitting diode (LED) was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Grow Lights Market- Segmentation Analysis:
- The Global Grow Lights Market is segmented on the basis of technology, spectrum, installation, application, and Region.
- The market is divided into four categories based on type: light emitting diode (LED), high intensity discharge (HID), fluorescent and others. The light emitting diode (LED) segment dominated the market and is anticipated to witness significant market share during the forecast period. LEDs are highly energy-efficient compared to traditional lighting technologies. They consume significantly less energy while producing the same amount of light, resulting in lower electricity costs and reduced energy waste. Moreover, LEDs allow precise control over the light spectrum emitted, enabling growers to tailor the light output to the specific needs of plants at different growth stages. This spectrum control helps optimize photosynthesis and overall plant growth
- The market is divided into two categories based on spectrum: Narrow & Broad. Narrow spectrum leads the global Grow Lights market by spectrum. Narrow spectrum grow lights offer several advantages over broad spectrum lights in the context of plant growth. The primary reason is that plants have specific light absorption requirements at different stages of their growth cycle. By providing a narrow spectrum of light tailored to these specific needs, growers can optimize photosynthesis and overall plant development. Narrow spectrum lights eliminate unnecessary wavelengths that plants do not efficiently utilize, resulting in higher energy efficiency and reduced energy waste. Additionally, narrow spectrum lights allow growers to target specific plant processes, such as flowering or vegetative growth, with greater precision. This focused approach maximizes the plant's response to the provided light, enhancing growth, yield, and overall quality
Grow Lights Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Grow Lights Market- Competitive Landscape:
The Grow Lights market is experiencing significant growth, driven by increasing demand across industries such as construction, automotive, and furniture. Companies recognize the market potential and aim to capitalize on the growing opportunities by introducing new and innovative Grow Lights products. Companies invest in developing new Grow Lightss to meet these demands and offer improved performance and sustainable solutions.
Recent Developments:
In July 2022, AB Lighting has introduced their latest LED grow lights, the AB330 and AB660, targeting commercial vegetable growers. These advanced grow lights are specifically designed to optimize power consumption in new greenhouse environments. With a focus on delivering optimal performance for vegetable cultivation, these lights offer lower wattage, a customized full spectrum tailored for vegetables, and continuous run times to meet the specific needs of vegetable crops.
Key features of the study:
- This proposed research study on Grow Lights market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Grow Lights market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Grow Lights market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Grow Lights market
- Impact of COVID-19 on Grow Lights market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Grow Lights market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Grow Lights market, we have also included competitive landscape and key innovator analysis for the Grow Lights market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Grow Lights market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Grow Lights market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL GROW LIGHTS MARKET KEY PLAYERS
- BIOS Lighting
- Fluence (Osram)
- GE Current
- Heliospectra AB
- HORTILUX SCHREDER
- Kroptek
- SANlight GmbH
- Signify N.V.
- Valoya
- Vertically Urban
GLOBAL GROW LIGHTS MARKET, BY TECHNOLOGY
- High intensity discharge (HID)
- Light emitting diode (LED)
- Fluorescent
- Others
GLOBAL GROW LIGHTS MARKET, BY SPECTRUM
GLOBAL GROW LIGHTS MARKET, BY INSTALLATION
GLOBAL GROW LIGHTS MARKET, BY APPLICATION
- Indoor farming
- Commercial greenhouse
- Vertical farming
- Turf & landscaping
- Research
- Others
GLOBAL GROW LIGHTS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA