Grow Light Market size is anticipated to reach USD 14.31 billion by 2030

Grow Light Industry Overview

The global grow light market size was valued at USD 4.23 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030.

Growing urban cultivation, vertical farming and growing adoption of environment-friendly production of fruits and vegetables is boosting the growth of the market. The unprecedented growth of the global population has also increased the demand for urban agriculture. Furthermore, the practice of vertical farming for producing food in a vertically stacked-layer such as a used warehouse, skyscraper, or shipping container is boosting the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global Grow Light Market

Grow light helps in extending the hours of the natural daylight which further increases the health, growth rate, and yield of the plants. Artificial lighting, such as high-pressure sodium lighting, LED lighting and plasma lighting can extend the availability of crops (throughout a season). Growing awareness regarding the importance of alternative farming, owing to the less availability of fertile agricultural land and increasing population, are the key factors anticipated to spur the industry demand. 

 

Unlike traditional farming, indoor farming can produce crops throughout the year, which results in increased productivity. Furthermore, indoor farming can protect crops from extreme weather conditions through the usage of techniques such as the controlled environment agriculture technology, where the facilities use artificial environmental control, control of light, and fertigation.

 

COVID Impact Analysis

 

The COVID-19 pandemic has had a negative impact on the grow light market. The emergence of the pandemic and the subsequent lockdowns imposed by the governments in various nations, coupled with the severe travel restrictions, affected the market. The supply chain disruptions impacted the supply of raw materials and the distribution of the end product. Moreover, there was a significant drop in the demand for grow lights as compared to pre-COVID levels. However, the market started to recover as the restrictions were eased. Due to prolonged stay at home, work-from-home professionals, students were engaged in gardening, especially growing vegetables. Many people adopted indoor farming and vertical farming techniques such as hydroponics for home gardens. The demand for grow light started picking pace and post lifting of restrictions there was stabilization in the demand for the grow lights. Also, as the supply chains were normalized and shipments became regular, the supply of grow lights was also restored.


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Grow Light Market Segmentation

Grand View Research has segmented the global grow light market based on application, product, system, technology, installation, spectrum, and region:

Grow Light Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Indoor Farming
  • Vertical Farming
  • Commercial Greenhouse
  • Others

Grow Light Product Outlook (Revenue, USD Million, 2017 - 2030)

  • < 300 Watt
  • > 300 Watt

Grow Light System Outlook (Revenue, USD Million, 2017 - 2030)

  • Hardware
  • Software

Grow Light Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • High Intensity Discharge (HID)
  • LED
  • Fluorescent
  • Plasma

Grow Light Installation Outlook (Revenue, USD Million, 2017 - 2030)

  • New Installation
  • Retrofit

Grow Light Spectrum Outlook (Revenue, USD Million, 2017 - 2030)

  • Partial Spectrum
  • Full Spectrum

Grow Light Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

 

Market Share Insights

  • December 2021: Signify Holding B.V. announced an agreement with Osram to acquire Fluence, an agriculture lighting division of Osram to strengthen its agriculture lighting business.

 

Key Companies profiled:

Some prominent players in the global grow light market include:

  • AeroFarms
  • EVERLIGHT ELECTRONICS CO., LTD.,
  • GAVITA Holland bv
  • Heliospectra AB
  • Hortilux Schréder
  • Illumitex
  • LumiGrow Inc
  • Osram Licht AG

 

Order a free sample PDF of the Grow Light Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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