Wilmington, Delaware, United States, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The grow light industry generated US$ 890.0 million in 2022. From 2023 to 2031, the market is predicted to increase by 7.5% CAGR. It is expected to reach US$ 1.2 billion by 2031. Governments in some areas may provide subsidies, support programs, or incentives to promote adopting sustainable agriculture-related technology, such as growing light indoor farming.
Ongoing horticultural research and development projects aid in finding the ideal light spectrum for various crops. This information aids producers in creating grow lights that are more focused and effective. With the help of grow lights, one can precisely regulate the lighting conditions, affecting plant size, nutrient uptake, and flowering. Farmers are realizing more and more how light quality affects crop quality and output.
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Global Grow Light Market: Key Players
Prominent grow light manufacturers are developing LED grow lights and greenhouse lights to meet the increased demand from indoor and vertical agriculture sectors. As companies expand their product portfolio and increase their industry share, they also want to collaborate with other companies.
- LumiGrow Inc.
- Philips Lighting
- General Electric Company
- Lumileds Holding B.V.
- Signify Holding
- Heliospectra AB
- Gavita International B.V.
- Lumitex, LLC.
- AMS-OSRAM
- Scotts Miracle-Gro Company
LED technology developments are expected to continue. Producers might concentrate on creating LED grow lights with better spectrum management, energy efficiency, and overall efficiency that are more affordable and efficient.
Key Findings of the Market Report
- In 2022, Europe held the largest share of the grow light market.
● Demand for fresh food is increasing, while arable land is limited in urban areas, which is fueling the growth of the market
- Based on technology, the LED segment will likely drive demand for grow lights in the market.
- The indoor farming industry is expected to gain traction, driving the market for grow lights.
Global Grow Light Market: Growth Drivers
- The growing popularity of controlled environment agriculture (CEA) and vertical farming has boosted the demand for high-quality grow lights. Significant improvements in light-emitting diode (LED) technology have made it possible to provide plants with more adaptable and energy-efficient lighting options. Longevity, energy economy, and the capacity to customize light spectra to meet the requirements of individual plants make LED grow lights the preferred option.
- The environmental impact of conventional agriculture is becoming more widely recognized. Since indoor farming uses less pesticide and less large-scale land, it is frequently considered a more sustainable option.
- Efficient grow lights power it. Specialized grow lights are in high demand as more and more places have legalized cannabis farming. Grow lights help cultivators create the ideal environment for increased harvests since marijuana plants require various amounts of light at different stages of their growth.
- The necessity for alternative agricultural practices is driven by the global trend of urbanization and the paucity of arable land. Grow lights enable indoor and vertical farming, which brings production closer to customers in urban settings while cutting down on transportation expenses and carbon emissions.
- Year-round crop production is made possible by grow lights, eliminating the constraints imposed by seasonal variations and unfavorable weather. Due to this ongoing manufacturing, the food supply is becoming steadier and more dependable.
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Global Grow Light Market: Regional Landscape
- The grow light market in Europe is expected to grow significantly in the coming years. Grow lights are essential in giving artificial light to crops in the growing indoor farming and controlled environment agriculture (CEA) practices in Europe. This is especially crucial in areas with little sunlight or severe weather.
- European nations have emphasized sustainable farming practices. By minimizing water use, lowering the environmental impact of food production, and eliminating the need for substantial land use, indoor farming with energy-saving grow lights can help achieve sustainability goals. A few European nations have legalized cannabis growing for medical or recreational uses, or they are in the process of doing so. As a result, there is now a greater need for grow lights designed specifically with cannabis plants in mind.
- The European Union (EU) has supported research and innovation in the agricultural sector. Supporting projects and programs focused on technology-driven and sustainable agriculture may unintentionally encourage growing light use. Initiatives about urban agriculture, such as vertical farming, are becoming more popular in European cities. These systems require grow lights as a necessary component to enable year-round production in metropolitan areas.
- Because of technological improvements that have increased the energy efficiency and cost-effectiveness of LED grow lights, their popularity in Europe has been rising. The ability to modify light spectrums to suit the requirements of various crops is another feature that LED grow lights provide.
Key Developments
- In October 2023, Proplant Propagation announced that Sollum Dynamic had installed its LED grow lights. Since the plant company recognizes the importance of reliable dynamic lighting, the collaboration will enable them to offer their customers a wider range of organic crops.
Global Grow Light Market: Segmentation
By Technology
- LED
- Fluorescent
- High Intensity Discharge (HID)
- Others
By Application
- Indoor Farming
- Vertical Farming
- Greenhouse
- Research
- Turf
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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