Grow Lights Market Key Players & Growth Rate and Forecasts to 2029

The grow lights market was valued at USD 1474.05 million in 2021 and is expected to reach USD 2367.20 million by 2029, registering a CAGR of 6.10% during the forecast period of 2022 to 2029.

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.

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

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.

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Global Grow Lights Market: Major Players
Osram
Heliospectra
Black Dog LED
BIOS Lighting
LumiGrow
CannaPro
Axlen
Philips
General Electric
Sun System
Black Dog LED
Koray Biotech Lighting
Parsource
Advanced Lighting Technologies
Hydro Farm

Global Grow Lights Market: By Types
HID
LED

Global Grow Lights Market: By Applications
Hydroponics System
Soil System

Global Grow Lights Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Grow Lights market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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