Grow Lights Market - By Component (Hardware, Software), By Technology (High Intensity Discharge (HID), LED, Fluorescent, Plasma), By Spectrum (Partial Spectrum, Full Spectrum), By Application & Forecast, 2024

Description

Global Grow Lights Market will garner a 15.5% CAGR during 2024-2032, increasing adoption of indoor farming techniques, rising demand for high-quality, year-round crop production, and growing awareness regarding the benefits of controlled environment agriculture (CEA).

With global population growth, urbanization, and climate change posing unprecedented challenges to traditional agricultural practices, there is an increasing realization of the importance of adopting sustainable farming methods. For instance, the UN SDG-2 aims to end hunger, achieve food security, promote sustainable agriculture, and improve nutrition by 2030. Grow lights offer a viable solution by enabling year-round cultivation in controlled environments, irrespective of geographical constraints or seasonal variations.

By optimizing resource utilization and minimizing environmental impact, grow lights contribute to the transition towards more sustainable food production systems. Furthermore, sustainable food production is about minimizing environmental harm and ensuring food security and resilience in the face of climate change. As consumers become more discerning about the origin and production methods of their food, further market is expected.

The Grow Lights Market is classified based on component, technology, spectrum, application, and region.

The software solutions segment will gain traction by 2032, as they offer farmers real-time monitoring and control capabilities, allowing them to adjust light settings remotely based on plant requirements and environmental factors. By leveraging data analytics and machine learning algorithms, growers can optimize crop yields, minimize energy consumption, and enhance overall operational efficiency.

The Grow Lights Market Share from the vertical farming segment will grow rapidly till 2032, driven by the need to maximize land utilization and mitigate the challenges of urbanization and climate change. Vertical farming facilities, equipped with advanced grow light systems, enable cultivation in vertically stacked layers, thereby maximizing space efficiency and crop productivity. With the rising demand for locally grown, fresh produce in urban areas, this type of farming offers a sustainable solution to meet the evolving needs of consumers while reducing transportation costs and carbon emissions.

Asia Pacific Grow Lights market will gain prominence by 2032, fueled by rapid urbanization, population growth, and increasing disposable incomes in countries like China, Japan, and India. The region witnesses significant investments in indoor farming infrastructure and technology driven by government initiatives to enhance food security and promote sustainable agriculture practices. Additionally, favorable climatic conditions, in line with advancements in LED lighting technology, contribute to the proliferation of indoor farming ventures across the region.

Product Code: 8173

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360 degree synopsis, 2018-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Profit margin analysis
3.3 Technology & innovation landscape
3.4 Patent analysis
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
- 3.7.1 Growth drivers
  - 3.7.1.1 Increasing adoption of indoor farming
  - 3.7.1.2 Growing demand for vertical farming solutions
  - 3.7.1.3 Expansion of commercial greenhouse operations
  - 3.7.1.4 Technological advancements in grow light technologies
  - 3.7.1.5 Rising awareness of the benefits of full-spectrum lighting
- 3.7.2 Industry pitfalls & challenges
  - 3.7.2.1 Inadequate understanding of plant-specific lighting requirements
  - 3.7.2.2 High initial costs of implementing advanced grow light systems
3.8 Growth potential analysis
3.9 Porter's analysis
- 3.9.1 Supplier power
- 3.9.2 Buyer power
- 3.9.3 Threat of new entrants
- 3.9.4 Threat of substitutes
- 3.9.5 Industry rivalry
3.10 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Component, 2018-2032 (USD Million)

5.1 Key trends
5.2 Hardware
5.3 Software

Chapter 6 Market Estimates & Forecast, By Technology, 2018-2032 (USD Million)

6.1 Key trends
6.2 High intensity discharge (HID)
6.3 LED
6.4 Fluorescent
6.5 Plasma

Chapter 7 Market Estimates & Forecast, By Spectrum, 2018-2032 (USD Million)

7.1 Key trends
7.2 Partial spectrum
7.3 Full spectrum

Chapter 8 Market Estimates & Forecast, By Application, 2018-2032 (USD Million)

8.1 Key trends
8.2 Indoor farming
8.3 Vertical farming
8.4 Commercial greenhouse
8.5 Others

Chapter 9 Market Estimates & Forecast, By Region, 2018-2032 (USD Million)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 Saudi Arabia
- 9.6.3 South Africa
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 Advanced LED Lights
10.2 Agrolux
10.3 Black Dog LED
10.4 California LightWorks
10.5 Cree, Inc.
10.6 Fluence by OSRAM
10.7 Gavita International
10.8 General Electric (GE)
10.9 Heliospectra AB
10.10 Illumitex
10.11 Johnson Grow Lights
10.12 Kind LED Grow Lights
10.13 LumiGrow
10.14 Mars Hydro
10.15 Osram
10.16 Philips Lighting (Signify)
10.17 Spectrum King LED
10.18 SunSystem Technology
10.19 Valoya
10.20 VividGro

Grow Lights Market - By Component (Hardware, Software), By Technology (High Intensity Discharge (HID), LED, Fluorescent, Plasma), By Spectrum (Partial Spectrum, Full Spectrum), By Application & Forecast, 2024 - 2032