New York, United States, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Grow lights, also known as plant lights, are artificial light sources that generate light across the electromagnetic spectrum to stimulate photosynthesis and accelerate plant development. Fluorescent, high-intensity discharge (HID), light-emitting diode (LED), and incandescent versions are frequently offered. They can be tailored for a particular objective, such as flowering inhibition, anthocyanin accumulation, or increased rooting, and are usually used to supplement the crops' sunshine, colour, and temperature. Because of this, they have many uses in landscaping, commercial greenhouses, vertical farming, indoor farming, and other fields.
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LED grow lights are more energy-efficient and last longer than conventional lighting
Due to their increasing economic competitiveness, LED grow lights are frequently employed in vertical farms, indoor farms, and greenhouses. Indoor plant growth requires grow lights. The plant's needs determine the grow light spectrum. Grow lights help plants grow and develop. Outdoor and indoor growers prefer high-intensity discharge (HID) lighting. These cheap lamps provide the essential light intensity for plant growth. Growers often blend different types of high-intensity discharge (HID) lamps, such as high-pressure sodium (HPS) lamps and metal halide (M.H.) lamps, to provide the optimal lighting environment for their plants. These light bulbs are significantly energy and heat-intensive. Adding cooling systems to grow facilities increases energy costs. These factors have increased the demand for long-lasting and energy-efficient horticultural lighting.
Rising demand for grow lights in agriculture, rising population hence increasing demand for food
The agricultural sector's notable rise is one of the main drivers of the market's growth. Furthermore, the market growth is being boosted by the increased use of indoor and vertical farming techniques. In hydroponic farming systems, grow lights are utilized to ensure that the plants receive enough sunshine and protection from insects and pests. Demand for this product is further boosted because arable land is becoming increasingly scarce, and the world's population is expanding. Grow lights help preserve the best plant output and quality, helping to satiate the world's expanding demand for food. In addition, several technical developments, such as creating smart grow lights connected to the Internet of Things (IoT), are promoting growth. The market is anticipated to grow in the upcoming years for several additional reasons, such as numerous advancements in agricultural sciences and the installation of reasonable government regulations.
Growth opportunities for the global grow light market
- Cannabis legalization in several countries
Legalizing cannabis production has also increased demand for vertical farms and greenhouses, boosting demand for LED-based grow lights. Growing cannabis in sunless conditions requires careful planning. HPS lamps' heat might damage production. LEDs, which run at lower temperatures, can reduce heat emissions. Vertical cannabis farms have increased productivity. MedMen Cannabis Vertical Farm (U.S.) used LED systems from Fluence Bioengineering (U.S.), a horticultural lighting company owned by OSRAM (Germany), which lowered production time, product cost per pound, and energy consumption, and HVAC load. The grow lights market has yet to witness cannabis growing on a bigger scale. Still, expanding demand for cannabis, technology assistance, an increasing number of vertical farms, and new LED technology that would dramatically cut lighting costs are possible growth opportunities.
Report Scope
| Report Metric | Details |
| Market Size | USD 14.27 Billion by 2030 |
| CAGR | 14.8% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, Spectrum |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Koninklijke Philips N.V, General Electric Company, OSRAM Licht AG, LumiGrow, Inc., Gavita Holland B.V., Thrive Agritech Inc., Heliospectra AB, Sunlight Supply, Inc., and Illumitex Incare |
| Key Market Opportunities | Rapid Growth In Semiconductor & Electronics Industry Enhances Grow Lights Market |
| Key Market Drivers | Increasing growth in indoor farming practices Rising awareness regarding the need for low power consumption |
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Regional analysis of the global grow light market.
The global market for grow lights has segmented into North America, Europe, Asia-Pacific, South America and the Middle East & Africa.
Europe had a market share of over 32% in revenue in 2021, and it is anticipated that it will continue to dominate during the forecast period. The growing population and a lack of fertile agricultural land are the two leading causes expected to drive industry demand. Growing awareness of the value of alternative farming is another aspect.
Due to the increased adoption of genetically modified crop technologies, the Asia Pacific regional market will likely grow considerably during the forecast decade. Furthermore, several nations in this region are switching to LED lights to cut energy usage. Greenhouse gas emissions could be reduced by switching to LED light bulbs instead of conventional incandescent ones.
Demand in the African region is expected to be driven by the region's expanding urban population and the commercialization of indoor farming. However, the shortage of funding to construct cutting-edge vertical farms and restricted access to water and land are anticipated to impede regional expansion in Africa. Vertically piled wooden boxes and sack gardens are only two of the many techniques used in the region to address these issues.
Key Highlights
- The global market for grow light was valued at USD 4.12 billion in 2021 and is projected to reach USD 14.27 billion by 2030 at a CAGR of 14.8% from 2022 to 2030.
- The global market for grow lights is divided into seven parts based on product, system, technology, spectrum, applications, installation and region. Further, the market has been divided into two categories based on product: <300-Watt and > 300-Watt. The <300-Watt segment led the market in terms of revenue.
- Based on the system, the market is divided into Hardware and Software. The hardware segment dominated the market in 2021.
- According to technology, the market is divided into High-Intensity Discharge (HID), LED, Fluorescent and Plasma. The HID segment dominated the market.
- Based on the spectrum, the market is bifurcated into Partial and Full spectrums. The partial spectrum dominated the market.
- The market is divided into Indoor Farming, Vertical Farming, Commercial Greenhouse, and Others based on applications. The commercial greenhouse segment dominated the market.
- The global market for grow lights has segmented into North America, Europe, Asia-Pacific, South America and the Middle East & Africa. Europe dominated the market in 2021.
Competitive analysis of the global grow light market
- A.B. Lighting
- Philips Lighting
- Sunlight Supply Inc.
- General Electric Company
- Lumileads Holding B.V
- LumiGrow Inc
- Heliospectra AB
- Illumitex, Gavita International B.V
- OSRAM Licht Group
- Fluence Bioengineering Inc
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Market Segmentation
By Product
-
- < 300 Watt
- >300 Watt
By System
-
- 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
By Installation
-
- New Installation
- Retrofit Installation
By Region
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East & Africa
TABLE OF CONTENT
Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Grow Light Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitutes
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Market Share Analysis
4 Technology Overview
4.1 Introduction
4.1.1 Market Size & Forecast
4.2 High Intensity Discharge
4.2.1 Market Size & Forecast
4.3 LED
4.3.1 Market Size & Forecast
4.4 Florescent
4.4.1 Market Size & Forecast
5 Application Overview
5.1 Introduction
5.1.1 Market Size & Forecast
5.2 Vertical Farming
5.2.1 Market Size & Forecast
5.3 Indoor Farming
5.3.1 Market Size & Forecast
5.4 Commercial Green House
5.4.1 Market Size & Forecast
5.5 Others
5.5.1 Market Size & Forecast
6 Spectrum Overview
6.1 Introduction
6.1.1 Market Size & Forecast
6.2 Partial Spectrum
6.2.1 Market Size & Forecast
6.3 Full Spectrum
6.3.1 Market Size & Forecast
7 Product Overview
7.1 Introduction
7.1.1 Market Size & Forecast
7.2 >300 Watts
7.2.1 Market Size & Forecast
7.3 <300 Watts
7.3.1 Market Size & Forecast
8 Regional Overview
8.1 Introduction
8.1.1 Market Size & Forecast
8.2 North America
8.2.1 Market Size & Forecast
8.2.2 U.S.
8.2.2.1 By Technology
8.2.2.2 By Application
8.2.2.3 By Spectrum
8.2.2.4 By Product
8.2.3 Canada
8.2.3.1 By Technology
8.2.3.2 By Application
8.2.3.3 By Spectrum
8.2.3.4 By Product
8.2.4 Mexico
8.2.4.1 By Technology
8.2.4.2 By Application
8.2.4.3 By Spectrum
8.2.4.4 By Product
8.3 Europe
8.3.1 Market Size & Forecast
8.3.2 Germany
8.3.2.1 By Technology
8.3.2.2 By Application
8.3.2.3 By Spectrum
8.3.2.4 By Product
8.3.3 France
8.3.3.1 By Technology
8.3.3.2 By Application
8.3.3.3 By Spectrum
8.3.3.4 By Product
8.3.4 U.K.
8.3.4.1 By Technology
8.3.4.2 By Application
8.3.4.3 By Spectrum
8.3.4.4 By Product
8.3.5 Italy
8.3.5.1 By Technology
8.3.5.2 By Application
8.3.5.3 By Spectrum
8.3.5.4 By Product
8.3.6 Spain
8.3.6.1 By Technology
8.3.6.2 By Application
8.3.6.3 By Spectrum
8.3.6.4 By Product
8.3.7 Rest of Europe
8.3.7.1 By Technology
8.3.7.2 By Application
8.3.7.3 By Spectrum
8.3.7.4 By Product
8.4 Asia Pacific
8.4.1 Market Size & Forecast
8.4.2 Japan
8.4.2.1 By Technology
8.4.2.1 By Application
8.4.2.3 By Spectrum
8.4.2.4 By Product
8.4.3 China
8.4.3.1 By Technology
8.4.3.2 By Application
8.4.3.3 By Spectrum
8.4.3.4 By Product
8.4.4 Australia
8.4.4.1 By Technology
8.4.4.2 By Application
8.4.4.3 By Spectrum
8.4.4.4 By Product
8.4.5 India
8.4.5.1 By Technology
8.4.5.2 By Application
8.4.5.3 By Spectrum
8.4.5.4 By Product
8.4.6 South Korea
8.4.6.1 By Technology
8.4.6.2 By Application
8.4.6.3 By Spectrum
8.4.6.4 By Product
8.4.7 Rest of Asia-Pacific
8.4.7.1 By Technology
8.4.7.2 By Application
8.4.7.3 By Spectrum
8.4.7.4 By Product
8.5 SOUTH AMERICA
8.5.1 Market Size & Forecast
8.5.2 Argentina
8.5.2.1 By Technology
8.5.2.2 By Application
8.5.2.3 By Spectrum
8.5.2.4 By Product
8.5.3 Chile
8.5.3.1 By Technology
8.5.3.2 By Application
8.5.3.3 By Spectrum
8.5.3.4 By Product
8.5.4 Brazil
8.5.4.1 By Technology
8.5.4.2 By Application
8.5.4.3 By Spectrum
8.5.4.4 By Product
8.5.5 Rest of SOUTH AMERICA
8.5.5.1 By Technology
8.5.5.2 By Application
8.5.5.3 By Spectrum
8.5.5.4 By Product
8.6 Middle East & Africa
8.6.1 Market Size & Forecast
8.6.2 UAE
8.6.2.1 By Technology
8.6.2.2 By Application
8.6.2.3 By Spectrum
8.6.2.4 By Product
8.6.3 Saudi Arabia
8.6.3.1 By Technology
8.6.3.2 By Application
8.6.3.3 By Spectrum
8.6.3.4 By Product
8.6.4 South Africa
8.6.4.1 By Technology
8.6.4.2 By Application
8.6.4.3 By Spectrum
8.6.4.4 By Product
8.6.5 Rest of Middle East & Africa
8.6.5.1 By Technology
8.6.5.2 By Application
8.6.5.3 By Spectrum
8.6.5.4 By Product
9 Company Profile
9.1 Koninklijke Philips N.V
9.1.1 Company Overview
9.1.2 Financial Performance
9.1.3 Recent Developments
9.1.4 Product Portfolio
9.2 General Electric Company
9.2.1 Company Overview
9.2.2 Financial Performance
9.2.3 Recent Developments
9.2.4 Product Portfolio
9.3 OSRAM Licht AG
9.3.1 Company Overview
9.3.2 Financial Performance
9.3.3 Recent Developments
9.3.4 Product Portfolio
9.4 LumiGrow, Inc.
9.4.1 Company Overview
9.4.2 Financial Performance
9.4.3 Recent Developments
9.4.4 Product Portfolio
9.5 Gavita Holland B.V.
9.5.1 Company Overview
9.5.2 Financial Performance
9.5.3 Recent Developments
9.5.4 Product Portfolio
9.6 Thrive Agritech Inc.
9.6.1 Company Overview
9.6.2 Financial Performance
9.6.3 Recent Developments
9.6.4 Product Portfolio
9.7 Heliospectra AB
9..7.1 Company Overview
9.7.2 Financial Performance
9.7.3 Recent Developments
9.7.4 Product Portfolio
9.8 Sunlight Supply, Inc.
9.8.1 Company Overview
8.8.2 Financial Performance
8.8.3 Recent Developments
8.8.4 Product Portfolio
9.9 Illumitex Inc.
9.9.1 Company Overview
9.9.2 Financial Performance
9.9.3 Recent Developments
9.9.4 Product Portfolio
Table of Content and Figure @ https://straitsresearch.com/report/grow-lights-market/toc
Recent developments
- A.B. Lighting, a leading supplier of LED grow lights in the United States with a focus on the cannabis sector, announced the debut of its latest LED grow light, the AB520, at CannaCon Northeast Cannabis in January 2022.
- In February 2022, Fluence unveiled VYNE, its intercanopy lighting system. With several spectrum options, the newest luminaire from the brand, growers can balance light efficacy with crop quality and output.
News Media
Industrial Lighting Market Share Worth USD 1990 Million By 2030 | CAGR of 5%
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