New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Grow Light Market, By Technology, By Installation, By Application - Forecast 2030”, will reach USD 16.2 billion at a 32.80% CAGR by 2030.
Grow Light Market Overview
The grow lights exceed the conventional lights with their energy efficiency features. The exceptional features of grow lights such as versatility, energy efficiency, Colour quality and cost-effectiveness increases its market demand.
Report Scope:
| Report Metrics | Details |
| Market Size in 2030 | USD 16.2 Billion |
| CAGR | 32.80% From 2022 to 2030 |
| Segments Covered | Technology, Installation, Application |
| Key Market Opportunities | The demand for indoor farm goods is rising every year |
| Key Market Drivers | The grow lights exceed the conventional lights with their energy efficiency features, Grow-lights are required in the field of horticulture |
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Grow Light Market Drivers
Practice of Vertical Farming to Boost Market Growth
The practice of vertical farming to produce food in vertically stacked-layers like a used warehouse, shipping container, or skyscraper will boost market growth over the forecast period.
Opportunities
Various Technological Advances to offer Robust Opportunities
Various technological advances like the creation of smart grow lights integrated with IoT will offer lucrative opportunities for this market in the assessment period.
Restraints
High Setup Cost to act as Market Restraint
The high setup & installation price of LED grow lights may act as a market restraint over the forecast period.
Challenges
Absence of Standard Testing Practices to act as Market Challenge
The absence of standard testing practices to access product quality of the grow lights as well as their fixtures may act as a market challenge over the forecast period.
Grow Light Market Segmentation
The global grow light market is bifurcated based on application, installation, and technology.
By technology, high intensity discharge will lead the market over the forecast period.
By installation, retrofit will dominate the market over the forecast period.
By application, commercial greenhouse will spearhead the market over the forecast period.
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Regional Analysis
Europe to Head Grow Light Market
Having a market share of over 32% in 2021, the Europe region controlled the majority of the market and is likely to continue to do so throughout the forecast period. Growing population and a lack of fertile agricultural land are the two main causes expected to drive industry demand. Growing awareness of the worth of alternative farming is another aspect. Due to its more active environmental lobby and increased awareness of environmental issues, Europe has the lion's share of the global market. During the projection period, Europe is anticipated to hold the biggest market share for grow lights. One of the world's strongest economies, along with growing industries that increase capital investment capacity, can be attributed to this region's expansion of the market. In this region, grow light systems have been utilized for several decades to grow plants in commercial greenhouses. Grow lights are gradually replacing other sources of lighting as the main source of illumination for indoor operations in this region. European countries are importing frozen fruits and vegetables from overseas markets in Africa and Asia as a result of the continent's recent rapid population growth. In order to receive fresh produce from nearby farms, indoor horticulture is quickly gaining popularity in certain major nations in this region, including the Belgium, Netherlands, and France. In the near future, it is anticipated that this factor will greatly increase demand for grow light systems. The government of the European region has adopted strict rules to outlaw the use of incandescent bulbs as a result of technological advancements in artificial grow lights. These resolutions favor effective and environmentally beneficial technologies like LED.
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APAC to Have Favorable Growth in Grow Light Market
Due to the increased adoption of genetically modified crop technologies, the Asia Pacific regional market is likely to have considerable growth during the forecast decade. Furthermore, to cut energy usage, a number of nations in this region are switching to LED lights. Greenhouse gas emissions could be reduced by switching to LED light bulbs in place of conventional incandescent ones. The market is anticipated to continue to gain from highly developed technology advancement, the emergence of multiple major players, and rising environmental consciousness. In terms of revenue & market share, Asia-Pacific now controls the grow light market and will maintain this position of strength during the projection period. This is because grow lights are becoming more and more in demand in this area. The grow light market is dominated by the Asia-Pacific region, with Japan setting the bar for technological innovation and expanding industrial vertical farms. Japan is the market leader in the Asia-Pacific region thanks to the ease of technological advancement and the growth of commercial vertical farms. According to regional estimates, the Asia Pacific region will likely hold a significant portion of the global grow light market due to the growing popularity of the indoor and greenhouse farming. The demand for grow lights in the Asia-Pacific area is anticipated to rise as a result of an increase in the trend of commercial farming and the number of commercial animal farms. Farmers' development and expansion of their livestock populations as well as their use of cutting-edge farming technology are predicted to accelerate the growth of the grow light market in the region.
COVID-19 Analysis
The market for grow lights has suffered as a result of the COVID-19 outbreak. The pandemic's development, the ensuing lockdowns that many countries implemented, together with the harsh travel restrictions, had an impact on the market. The distribution of the finished product & the supply of raw materials was both disrupted by the supply chain disruptions. In addition, compared to pre-COVID levels, the requirement for grow lights decreased significantly. However, once the limits were loosened, this market began to improve. People who worked from home for an extended period of time were involved in gardening, especially cultivating vegetables. For their home gardens, many people have embraced indoor gardening and vertical farming methods like hydroponics. The need for grow lights began to increase, and after the limits were lifted, the demand for grow lights stabilized. Additionally, the availability of grow lights was restored when the supply chains were restored to normal and shipments resumed on a regular basis.
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Key Players
Eminent market players profiled in the grow light market report include,
LumiGrow Inc. (U.S.)
Osram LichtAG (Germany)
Iwasaki Electric Co. Ltd. (Japan)
Gavita Holland B.V. (Netherlands)
Royal Philips (Netherlands)
Sunlight Supply Inc. (U.S.)
Hortilux Schreder B.V. (Netherlands)
Heliospectra AB (Sweden)
General Electric Company (U.S.)
Platinum LED Lights LLC (U.S.) and others.
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