Grow Lights Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global grow lights market was valued at USD 1.5 billion in 2022 and is projected to reach USD 7.2 billion by 2028; registering a CAGR of 30.7% during the forecast period. The rise in demand for grow lights solutions are heightened demand for fresh food and loss of arable land.

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The >300 Watt segment accounted for the largest market share of ~66% in 2022 and is also expected to witness the highest CAGR of 31.9% during the forecast period. >300 Watt grow lights are more energy efficiency and offer a good amount of brightness for the plants. They provide improved grow quality and are a good replacement for energy savings. Their price compared to low watt grow lights is higher, but they provide faster growth in plants. Also, >300 Watt grow lights are used mainly used in greenhouses. These are some of the key factors, contributing to create lucrative opportunity for the growth of >300 Watt segment in near future.

The hardware offering segment accounted for the largest market share of ~87% in 2022, and a similar trend is expected during the forecast period. This growth is attributed to wide presence of grow lights manufacturing companies that provide grow lights as a hardware component. Additionally, as the productivity of controlled-environment agriculture (CEA) facilities increasingly depends on the efficiency of hardware systems installed, they play a vital role in the grow lights market.

The limited spectrum segment accounted for the largest market share of ~82% in 2022 and a similar trend is expected in the future. As photosynthesis peaks in the red and blue wavelengths it makes the limited spectrum, not only the most efficient for plant growth, but also the most energy efficient.

The fruits & vegetables segment accounted for the largest market share of ~77% in 2022 and a similar trend is expected during the forecast period. Environmental changes, scarcity of water, costly conventional farming, and no guaranteed outcome are some of the factors leading to the growth of grow lights. Additionally, growth in world population has led to an increase in demand for fruits & vegetables

The new installations segment accounted for the largest market share of ~83% in 2022 and a similar trend is expected during the forecast period. The growth of this segment is mainly attributed to the growing popularity of vertical farming and indoor farming owing to demand for fresh food and loss of arable land. Also, strong government support for the adoption of CEA practices and growing awareness regarding the benefits associated with LED grow lights are expected to contribute to the growth of this segment.

The top-lighting accounted for the largest market share of ~96% in 2022 and a similar trend is expected during the forecast period. The growth of this segment is mainly attributed to the growing adoption and demand for grow lights solutions in greenhouse agriculture across the globe. The production of greenhouse crops is now increasing all over the world. It is estimated that 405,000 hectares of greenhouses are located on all continents. This increase in global adoption and greenhouse land is expected to drive the growth of the global horticulture market.

The distribution channels segment accounted for the largest market share of ~85% in 2022 and a similar trend is expected during the forecast period. They allow for the smooth delivery of grow lights solutions to a customer via a third intermediary. They are essential for grow lights manufacturing companies in carrying out product buying and selling activities because they have distributed goods so that consumers can purchase them more easily. Therefore, companies need to consider various factors carefully for the company's progress in the long term.

Greenhouse's segment accounted for the largest share of ~44% of the grow lights market, by application, in 2022. Grow lights have been extensively used as supplemental lighting in greenhouses for the past few decades. For greenhouse growers, light is a commodity, a necessary consideration, and a tool that they cannot take for granted when planning their greenhouse design, harvest, and setup. Owing to this, LED grow lights have gained popularity as they offer superb alignment with light spectrum requirements across multiple use cases and greenhouse environments.

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Europe held the largest share of ~36% in the grow lights market in 2022 and the same trend is expected during the forecasted year. The growth in the region is attributed to the presence of numerous ecosystem players such as Signify Holding, Gavita International B.V., Heliospectra AB, ams-OSRAM AG, Hortilux Schréder, Valoya Oy etc. Also, Europe has been a frontrunner in the utilization of artificial lighting to accelerate the growth of plants in greenhouses. This practice was carried over to indoor farming practices as well, especially in countries where winters are particularly severe, and the intensity of sunlight is negligible.

News also Covered: https://www.prnewswire.com/news-releases/grow-lights-market-worth-7-2-billion-by-2028---exclusive-report-by-marketsandmarkets-301781860.html

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This release was published on openPR.