Austin, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Analysis:
The SNS Insider report indicates that,“The Grow Lights Market Size was valued at USD 4.30 billion in 2023 and is expected to grow to USD 16.38 billion by 2032 and grow at a CAGR of 16.37% over the forecast period of 2024-2032.”
Revolutionizing Urban Agriculture with the Rise of Vertical Farming and Grow Lights
The Grow Lights Market is flourishing, driven by the rapid expansion of indoor and vertical farming, especially in urban areas with limited traditional agricultural space. Companies like Plenty are utilizing AI-driven technology to optimize crop growth, such as strawberries, year-round. These systems reduce land use by 97% and water consumption by 90%, aligning with sustainability goals. While vertical farming reduces food transportation emissions, its energy demands, particularly for lighting, remain a challenge, accounting for over 50% of energy costs. Research highlights inefficiencies in domestic vertical gardens due to lighting and ventilation, emphasizing the need for more energy-efficient solutions.
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Dominant Market Players with their Products Listed in this Report are:
- Signify (Philips Lighting) – (Philips GreenPower LED)
- Osram Licht AG – (OSRAM Oslon Square)
- General Electric (GE) – (GE HyGrow LED)
- Lumigrow Inc. – (Lumigrow Pro 650)
- Cree Inc. – (Cree XLamp)
- Everlight Electronics Co. Ltd. – (Everlight LED Grow Lights)
- Hydrofarm Inc. – (Active Grow LED Fixtures)
- Kessil (Daiwa) Inc. – (Kessil A360X)
- Gaia LED – (Gaia LED Grow Lights)
- Heliospectra AB – (Heliospectra LED Grow Lights)
- Growbright – (Growbright LED Full Spectrum Lights)
- HortiLED – (HortiLED Full Spectrum Lighting)
- Illumitex Inc. – (Illumitex LED Grow Lights)
- Samsung Electronics – (Samsung LM301H LED Grow Lights)
- Advanced Nutrients – (Advanced Nutrients LED Grow Lights)
- Valoya – (Valoya L Series)
- Black Dog LED – (Black Dog PhytoMAX-2)
- California LightWorks – (SolarSystem LED Grow Lights)
- Greengo Technologies – (Greengo LED Grow Light)
- Urban Gro – (Urban Gro LED Grow Lights).
Advancing Sustainable Agriculture with the Future of Grow Lights in Vertical Farming
Domestic vertical farming systems can consume up to five times more energy than professional setups, highlighting the need for better energy management. Research indicates that adopting efficient technologies like LED lighting and renewable energy could significantly enhance sustainability. Innovations such as electro-agriculture, which uses renewable energy and CO2 for indoor crop growth, could drastically reduce land and water use, potentially cutting U.S. agricultural land requirements by 94%. As LED technology and energy-efficient vertical farming systems improve, the Grow Lights Market is set for growth, supporting sustainable food production while minimizing environmental impact.
Grow Lights Market Dominated by Hardware Segment with Rising Adoption in Indoor Farming
By Component
In 2023, the hardware segment of the grow lights market, including LEDs and other lights, accounted for about 70% of the market. This growth is driven by the increasing demand for energy-efficient and durable lighting solutions for both small and large-scale agricultural applications. Companies like Signify Holding have advanced vertical farming with innovative LED technology in collaboration with Infinite Acres B.V., focusing on sustainability. Product innovation is also accelerating, with companies like OSLON offering a range of lighting options tailored to vertical farming and horticultural needs, solidifying the hardware segment's key role in the market's evolution.
By Application
In 2023, the indoor farming segment led the grow lights market, accounting for around 35% of total revenue. This growth is driven by the increasing adoption of controlled environment agriculture methods and the demand for fresh produce in urban areas. Technological advancements, such as energy-efficient LED grow lights, optimize plant growth while reducing energy costs. Companies like Signify Holding and Philips Lighting are expanding their product offerings, including specialized LED systems for indoor farming, further boosting the market alongside the rise of vertical farming and hydroponics.
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Key Market Segments:
By Component
- Hardware
- Software
By Technology
- High Intensity Discharge (HID)
- LED
- Fluorescent
- Plasma
By Spectrum
- Partial Spectrum
- Full Spectrum
By Application
- Indoor Farming
- Vertical Farming
- Commercial Greenhouse
- Others
North America Holds Largest Share in Grow Lights Market with Asia Pacific as Fastest-Growing Region
In 2023, North America held a 35% share of the grow lights market, driven by rising demand for energy-efficient lighting solutions in commercial and residential farming, particularly in urban areas. Companies like Signify Holding and OSRAM have advanced LED technologies to support indoor farming and controlled environment agriculture. The U.S. and Canada are leveraging vertical farming technologies to address urban food production challenges, with government support fostering sustainable agriculture.
Asia Pacific emerged as the fastest-growing market, fueled by urbanization, increased food demand, and the adoption of vertical farming and CEA. Countries such as China, India, and Japan are embracing advanced, energy-efficient LED systems, with product innovations from companies like OSRAM and Fluence Bioengineering driving the region's growth.
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Recent Development
- In February 2024, Aero Garden launched the Harvest 2.0, an enhanced version of its popular Harvest unit. Featuring a modern design, a detachable 15W full-spectrum LED grow light, and an automatic timer, it ensures faster plant growth with efficient, gentle lighting. The unit is available in black and white, with more color options expected soon.
- In October 2023, Proplant Propagation, based in Québec, integrated Sollum’s dynamic smart LED fixtures into its greenhouses. This move utilizes precision lighting and tailored light recipes to enhance product quality.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Grow Lights Production Volumes, by Region (2023)
5.2 Grow Light Technology Trends (Historic and Future)
5.3 Grow Light Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
7. Grow Lights Market Segmentation, by Component
8. Grow Lights Market Segmentation, by Technology
9. Grow Lights Market Segmentation, by Spectrum
10. Grow Lights Market Segmentation, by Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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