Redding, California, June 26, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Grow Lights Market by Offering (Hardware, Software, Services), Type, Application, Wattage, Farming Type, Sales Channel, and Geography - Global Forecast to 2030,’ the grow lights market is projected to reach $8.5 billion by 2030, at a CAGR of 20.6% during the forecast period.
Grow lights convert electrical energy into photons, light particles that stimulate photosynthesis and plant growth. The growth of this market is attributed to the increasing R&D initiatives to develop hybrid plants & crops, the rising adoption of vertical farming, the increasing requirement for improving agricultural production efficiency, food safety, and fruit & vegetable quality, and the rising adoption of urban farming. In addition, technological advancements in LED grow lights and the penetration of smart technologies in farming are expected to offer significant opportunities for the growth of this market.
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However, high set-up costs hamper the growth of this market. In addition, the varying requirement of the lighting spectrum for different plants & crops and the lack of standard testing practices for assessing product quality of horticulture lights and fixtures are major challenges to the growth of this market.
The grow lights market is segmented by offering (hardware, software, and services), type (fluorescent grow lights, incandescent grow lights, LED grow lights, HID grow lights, hybrid grow lights, and full LED grow lights), application (conventional farming, horticulture, poultry, tissue culture, and growth chambers), wattage (18W to 250W, 250W to 500W, 500W to 750W, and 750W to 1000W), sales channel (retail sales and e-commerce sales), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Rise in adoption of vertical farming supports grow lights market growth
Vertical farming is becoming more and more popular worldwide. The increasing demand for food, coupled with decreasing farmlands and fertile soils, has led to the emergence of alternative forms of farming, such as indoor farming, vertical farming, and horticulture farming, to boost food production. The adoption of grow lights in vertical farming is increasing as they provide sufficient light for crop growth, allowing crop growth all year round, irrespective of weather conditions. Vertical farming helps in environmental conservation as deforestation, saving resources, and producing food indoors, which eliminates conventional plowing, planting, and harvesting by farm machinery, protecting soil and reducing emissions. Vertical farming involves growing plants indoors in layers using LED lighting and controlled growing and nutrition systems.
Vertical farming is increasing due to the growing scarcity of arable land and the need to produce more food in urban areas. This method involves growing crops in stacked layers, using artificial lighting and controlled environments to optimize yields. Vertical farming also increases production capacity and reduces transportation costs and carbon emissions associated with long-distance food transportation. Vertical farming is rapidly gaining traction worldwide owing to the increasing demand for organic food, the rapidly expanding global population, and the increasing scarcity of many natural resources. The increasing adoption of vertical farming is driving the demand for grow lights market globally.
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Based on offering, the grow lights market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to a large number of grow lights manufacturing companies providing grow lights components, strong government support for the adoption of precision farming in emerging economies, and the increasing demand for urban horticulture due to heightened demand for fresh fruits & vegetables.
Based on type, the grow lights market is segmented into fluorescent grow lights, incandescent grow lights, LED grow lights, HID grow lights, hybrid grow lights, and full LED grow lights. In 2023, the LED grow lights segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the higher efficiency of LED grow lights. These lights generate less heat than other lighting technologies and reduce environmental impact. Furthermore, LED grow lights allow a highly controlled environment for plants and use less electricity than other lights, providing better light intensity for plant growth.
Based on application, the grow lights market is segmented into conventional farming, horticulture, poultry, tissue culture, and growth chambers. In 2023, the horticulture segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to technological advancements in horticulture farming, the rising global population, and the growing demand for organic and fresh food from the health-conscious population in urban areas.
Based on wattage, the grow lights market is segmented into 18W to 250W, 250W to 500W, 500W to 750W, and 750W to 1000W. In 2023, the 500W to 750W segment is expected to account for the largest share of the grow lights market. High-power lights generate a higher amount of heat, can be used for long periods without harming plants for large production, and are cost-efficient for farming. Furthermore, commercial horticulture farming uses high-watt grow lights to quicken plant growth and production. All these factors are contributing to the large market share of this segment.
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Based on farming type, the grow lights market is segmented into horizontal farming and vertical farming. In 2023, the vertical farming segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the increasing crop production in small infrastructure, increasing demand for urban cultivation such as vertical farming, which is reducing transportation costs, and also delivering good quality fruits and vegetables in urban areas.
Based on sales channel, the grow lights market is segmented into retail and e-commerce. In 2023, the e-commerce channel segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to an increase in online shopping post-COVID-19 pandemic due to contactless shopping. Furthermore, online shopping offers price and brand comparison options for grow lights products. Furthermore, many e-commerce stores offer free shipping and installation of grow lights and provide convenience and a comfortable shopping experience to customers.
Based on geography, the grow lights market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the market. The large share of this market is attributed to the government initiatives towards the production of hybrid plants & crops and the rising adoption of farming technologies such as indoor farming, commercial greenhouse, and vertical farming in the region.
The major players in this market are Gavita International B.V (Netherlands), Heliospectra AB (Sweden), ams-OSRAM AG (Austria), California Lightworks (U.S.), Signify (Netherlands), Hortilux Schréder B.V. (Netherlands), Valoya Oy (Finland), ILUMINAR LIGHTING (U.S.), Bridgelux, Inc. (U.S.), Oreon Holding BV (Netherlands), Iwasaki Electric Co., Ltd. (Japan), Savant Systems, Inc. (U.S.), Ennostar Inc. (Taiwan), AB Lighting (U.K.), and EVERLIGHT Electronics Co., Ltd. (Taiwan).
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Scope of the Report:
Grow Lights Market, by Offering
- Hardware
- Heat Sink
- Light source
- Controller
- Drivers
- Software
- Services
Grow Lights Market, by Type
- Fluorescent Grow Lights
- Incandescent Grow Lights
- LED Grow Lights
- HID Grow Lights
- Hybrid Grow Lights
- Full LED Grow Lights
Grow lights Market, by Application
- Conventional Farming
- Horticulture
- Hydroponics
- Aquaponics
- Floriculture
- Aeroponics
- Poultry
- Tissue Culture
- Growth Chambers
Grow lights Market, by Wattage
- 18W to 250W
- 250W to 500W
- 500W to 750W
- 750W to 1000W
Grow lights Market, by Farming Type
- Horizontal Farming
- Vertical Farming
Grow lights Market, by Sales Channel
- Retail
- E-commerce
Grow lights Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Denmark
- Sweden
- Finland
- Norway
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Israel
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
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