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A06157 | Pages: 280 | Charts: 65 | Tables: 190 |
The Global Grow Lights Market size was valued at $2.4 billion in 2021, and is projected to reach $27.3 billion by 2031, growing at a CAGR of 27.5% from 2022 to 2031.
Grow lights are specialized lights used for growing indoor and commercial greenhouse plants. These lights help plants in the process of photosynthesis and boost healthy development and yield incredible products. Grow lights offer many benefits as it mimics the white light received from the sun. It includes longer lifespan, cooler temperature, greater efficiency, usage of full spectrum, compact size, and state rebates. These factors make it ideal for indoor, vertical farming, commercial greenhouses, and other applications.
Grow lights can be adjusted to different colors, which affect growth cycle of specific plants. It can be adjusted to change from ultraviolet (UV) spectrum to infra-red (IR) spectrum. This adjustment makes plants grow to their best potential, while maximizing potential profits. Grow lights are highly preferred for seedlings, herbs, succulents, and leafy houseplants, as they offer optimum environment for growth.
Higher efficiency offered by grow lights such as LEDs is the prime reason that drives growth of the grow light industry during the forecast period. Furthermore, grow lights offer higher controllability and scalability, which accelerates growth of the grow light market. Moreover, rise in adoption of vertical farming is opportunistic for the grow lights industry. Considering these factors, the grow lights industry is estimated to experience exponential grow lights market growth in the future.
Cultivation of medicinal plants is expected to expand the grow lights market opportunity for the market during the forecast period. However, high initial investments act as major restrains for the market growth. Moreover, lack of standardization results in high risk of purchasing incompatible parts hampers the market growth.
The grow lights market is segmented into Offering, Technology, Spectrum, Installation Type and Application.
[OFFERINGGRAPH]
Based on offering, it is fragmented into hardware, software, and services. The hardware dominated the market, in terms of revenue in 2021, and is expected to follow the same trend during the forecast period.
[TECHNOLOGYGRAPH]
Based on technology, the market is segregated into high intensity discharge (HID), light emitting diode (LED), fluorescent and others. The light emitting diode (LED) segment dominated the market, in terms of revenue in 2021, and is anticipated to witness significant market share during the forecast period.
[SPECTRUMGRAPH]
By spectrum, the market is divided into narrow and broad. The narrow segment dominated the market, in terms of revenue in 2021, and is anticipated to witness significant grow lights market share during the forecast period.
[INSTALLATIONTYPEGRAPH]
By installation type, the market is divided into new installation, and retrofit. Both new installation and retrofit segments are further bifurcated into remote and touch. The grow lights market share for the new installation segment was highest in 2020, and is expected to grow at a high CAGR from 2022 to 2031.
[APPLICATIONGRAPH]
By application, the market is divided into indoor farming, commercial greenhouse, vertical farming, Turf & landscaping, research, and others. The market share for the commercial greenhouse segment was highest in 2021, and the others segment is expected to grow at a high CAGR from 2022 to 2031.
[REGIONGRAPH]
Region-wise, the grow lights market forecast trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The Asia-Pacific LED grow lights market is expected to grow at the highest rate during the forecast period.
Significant factors that impact the growth of the grow lights market outlook include rise in demand for energy efficient grow lights. Moreover, significant rise in glass house lighting by various organizations has been observed. However, initial high investment and set-up costs may hamper the growth of the market. On the contrary, growth in the cultivation of medicinal plants is expected to offer potential growth opportunity for the grow light market during the forecast period.
Competitive analysis and profiles of the major satellite modem market players, such as BIOS Lighting, Fluence (Osram), GE Current, Heliospectra AB, HORTILUX SCHRÉDER, Kroptek, SANlight GmbH, Signify N.V., Valoya and Vertically Urban are provided in this report.
Key Market Segments
Key Market Players