Global Grow Light Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2024 –2031 |
 Market Size (Base Year) |
USD 1.65 Billion |
 Market Size (Forecast Year) |
USD 2.66 Billion |
 CAGR |
% |
| Major Markets Players |
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Global Grow Lights Market Segmentation, By Product (300 Watt), System (Hardware, Software), Wattage (Low Power, Medium Power, High Power), Technology (High Intensity Discharge (HID), Light Emitting Diode (LED), Fluorescent, Others), Installation Type (New Installations, Retrofit Installations), Spectrum (Full-Spectrum, Partial Spectrum), Application (Indoor Farming, Vertical Farming, Commercial Greenhouse, Turf and Landscaping, Others) - Industry Trends and Forecast to 2031.
Grow Lights Market Analysis
The major factors which drives the market growth are spreading message by government regulations supporting the growth of cutting-edge technology, an rising trend in indoor agriculture and durable technologies, and energy-efficient. LED grow lights are unique LED lights used for indoor plant growth. These lights help plants photosynthesize and promote healthy development. LED growth lights offer several benefits over other lighting technologies. It includes higher efficiency, full-spectrum use, longer life, lower temperature, compact size, and government rebates. Furthermore, the lack of standardization upsurges the risk of buying incompatible parts, restraining the market growth of the LED grow lights market.
Grow Lights Market Size
Global grow lights market size was valued at USD 1.65 billion in 2023 and is projected to reach USD 2.66 billion by 2031, with a CAGR of 6.10% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes |
Grow Lights Key Market Insights |
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Segmentation |
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Countries Covered |
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa |
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Key Market Players |
Signify Holding (Netherlands), OSRAM Gmbh (Germany), Gavita International B.V (Netherlands), Valoya (Finland), California LightWorks (US), Helliospectra AB (Sweden), Black Dog Grow Technologies Inc. (U.S.), Bridgelux Inc. (U.S.), Cree LED (U.S.), EVERLIGHT ELECTRONICS CO. LTD. (Taiwan), Lumigrow (U.S.), Samsung (South Korea), Savant Systems Inc. (U.S.), AeroFarms (US), Hortilux Schréder (Netherlands), Koninklijke Philips N.V. (Netherlands), Alta LED Corporation (US), Epistar (Taiwan) General Electric (US), Illumitex Inc, (US), Shenzhen Juson Technology Co. Ltd.(China), Iwasaki Electric Co. Ltd (Japan) |
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Market Opportunities |
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Grow Lights Market Definition
A grow light is an artificial source of light that emits light in the electromagnetic spectrum to promote the process of photosynthesis and accelerate growth in plants. It is usually available in light-emitting diodes (LED), fluorescent, high-intensity discharge (HID), and incandescent variants. Grow lights are used when there is not enough sunlight for the growth of plants naturally. This can be due to a lack of winter sun, insufficient outdoor space for the garden, or other reasons. Grow lights mainly work in two ways. They can be designed to provide plants with an extensive range of light that simulates the sun or adjust the spectrum of light designed to grow a particular plant. Plants have different light cycles at several cultivation levels and use growth light to stimulate these light cycles, imitate sunlight, and upsurge the yield of plants to vegetables and fruits.
Grow Lights Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increase the demand in agriculture sector
Agricultural sector is driving the growth of the market. The widespread adoption of indoor and vertical farming practises is also boosting industry growth. Multiple grow lights are used in hydroponic farming systems to protect plants from insect and pest damage and to provide an adequate amount of sunshine.
Rise in the number of new start-ups
Regional and national governments all around the world are trying to boost new start-up and take initiatives to recover the agricultural sector by reviving the downlink and uplink market chains for perishable vegetable and fruit products. Such rising support is expected to drive the grow light market.
- Rise in the adoption of LED solutions
LED lighting solutions in the grow lighting are anticipated to see higher demand from several AG Tech firms for low energy consumption and cost-saving benefits which is help to reduce farming costs across the world which are anticipated to leverage LED-based lighting solutions to improve their farming.
Opportunities
- Technological advancement
The several technological advancements that include the expansion of smart grow lights integrated with the Internet of Things (IOT) and innovations in the field of agricultural sciences are acting as growth-inducing factors that will act as market drivers and further boost beneficial opportunities for the market's growth rate.
- Legalization of cannabis
The legalisation of cannabis growing has also increased demand for vertical farms and greenhouses, which in turn has increased demand for LED-based grow lights. Several considerations must be considered while growing cannabis in a sunless medium. The heat released by HPS lamps, for example, can harm the merchandise. As a result, drastically lower lighting prices can be expected as some of the prospective growth opportunities for the grow lights market.
Restraints/ Challenges
As most farm producers in the world are traditional farmers, a major portion of farmers belongs to lower-income categories. Lack of sufficient understanding about the use of plant light for greater yields makes it tough for manufacturing companies to breach the market for LED grow lights at a rapid pace. The semiconductor appliances market in several regions, mainly in developing economies and lack sufficient infrastructure for quality assurance can pose a major challenge for the market players to increase their full spectrum led grow lights in these markets. Another major restraint for the growth of the global grow light market is the unavailability of raw materials.
This grow lights market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the grow lights market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Grow lights Market
COVID-19 impacted the processes of the several grow lights producers companies and affected the industries of their distributers and suppliers. The reduction in export shipments and slow domestic demand for grow lights compared to pre COVID-19 levels is also expected to negatively impact the market. The supply chain of unpreserved items such as food was the worst affected segment during the years of the Covid-19 outbreak. It encouraged several industrialists to establish indoor farming in the outskirts and urban cities. Establishing such commercial greenhouse farming is expected to recover the global grow light market during the forecast period.
Grow Lights Market Scope
The grow lights market is segmented on the basis of product, system, wattage, technology, installation, spectrum and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- < 300 Watt
- > 300 Watt
System
- Hardware
- Software
By Wattage
- Low Power
- Medium Power
- High Power
Technology
- High Intensity Discharge (HID)
- Light Emitting Diode (LED)
- Fluorescent
- Others
Installation
- New Installations
- Retrofit Installations
Spectrum
- Full-Spectrum
- Partial Spectrum
Application
- Indoor Farming
- Vertical Farming
- Commercial Greenhouse
- Turf and Landscaping
- Others
Grow Lights Market Regional Analysis
The grow lights market is analysed and market size insights and trends are provided by country, product, system, wattage, technology, installation, spectrum and application as referenced above.
The countries covered in the grow lights market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa.
Asia-Pacific dominates the grow lights market in terms of market share and revenue and will continue to flourish its dominance during the forecast period. This is due to the rising demand for grow lights in this region. The Asia-Pacific region dominates the grow lights market, with Japan leading the way in terms of technological advancement and rising commercial vertical farms. Due of the ease of technological advancement and rising commercial vertical farms, Japan is leading the Asia-Pacific market.
During the projected period, North America is expected to be the fastest developing region due to the rising demand of re-usable grow lights in retail sector in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Grow Lights Market Share
The grow lights market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to grow lights market.
Grow Lights Market Leaders Operating in the Market Are:
- Signify Holding (Netherlands)
- OSRAM Gmbh (Germany)
- Gavita International B.V (Netherlands)
- Valoya (Finland)
- California LightWorks (US)
- Helliospectra AB (Sweden)
- Black Dog Grow Technologies Inc. (U.S.)
- Bridgelux Inc. (U.S.)
- Cree LED (U.S.)
- EVERLIGHT ELECTRONICS CO. LTD. (Taiwan)
- Lumigrow (U.S.)
- Samsung (South Korea)
- Savant Systems Inc. (U.S.)
- AeroFarms (US)
- Hortilux Schréder (Netherlands)
- Koninklijke Philips N.V. (Netherlands)
- Alta LED Corporation (US)
- Epistar (Taiwan) General Electric (US)
- Illumitex Inc, (US)
- Shenzhen Juson Technology Co. Ltd. (China)
- Iwasaki Electric Co. Ltd (Japan)
Latest Developments in Grow Lights Market
- In January 2020, Nectar Farms in Victoria (Australia) offer a contract to MITRA LED lighting solutions. This solution will allow Nectar Farms to scale glasshouse tomato production. to Heliospectra AB
- In March 2020, Signify acquired Cooper Lighting Solutions (US), an Eaton subsidiary that is a major provider of lighting controls, professional lighting, and connected lighting. Eaton is a world-class manufacturer of professional lighting, lighting controls, and networked lighting. With this accomplishment, the company will be able to improve its position in the North American market
- In June 2020, Fluence by OSRAM propelled 4 additional spectra on its VYPR top light series, featuring market-leading efficacies up to 3.8 µmol/J. From broad white to high red, Fluence’s extended PhysioSpec spectra allow growers to optimize lighting strategies for any crop in any growth stage or geographic location
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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