Press release
Grow Lights Market A Look into the Future of the Market: Trends and Opportunities till 2031
The global grow lights market size was US$ 2.4 billion in 2021. The global grow lights market size is estimated to reach US$ 21.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 27.5% during the forecast period from 2022 to 2030.
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Grow lights are specialized lights used for growing commercial and indoor greenhouse plants. These lights help plants in the procedure of photosynthesis and promote healthy growth and yield amazing products. It includes many advantages as it emulates the white light received from the Sun. These include a longer lifetime, greater efficiency, cooler temperatures, compact size, full spectrum utilization, and state exemptions. These factors make it ideal for vertical farming, indoor, and commercial greenhouses, and other applications. They can be adjusted to various colors that impact the growth cycle of specific plants. It can be modified to change from the ultraviolet (UV) spectrum to the infrared (IR) spectrum. This adjustment allows plants to grow to their best potential while maximizing conceivable profits. They are highly selected for herbs, seedlings, succulent plants, and foliage houseplants, as they provide an optimal environment for growth.
Factors Affecting Marketing Growth
Higher efficiency offered by grow lights such as LEDs is the major reason driving the growth of the global market
Grow lights offer higher controllability and scalability. Thus, these advantages will boost the growth of the global market.
The increase in the adoption of vertical farming and the cultivation of medicinal plants is anticipated to boost the growth of the global market.
High initial investments and lack of standardization results in a high risk of purchasing incompatible parts hindering global market growth.
Impact on COVID-19 Analysis
The COVID-19 outbreak negatively impacted the growth of global grow lights market share and revenue. Production facilities for electronics and semiconductors have ground to a halt due to shortage and unavailability of the workforce across the globe. This has led to a substantial and prolonged decline in manufacturing use and travel restrictions. Furthermore, facility closures kept workers out of their factories, leading to a slowdown in the global grow lights industry growth in 2020.
Regional Analysis
The Asia Pacific region is forecast to grow at the highest rate in the global market owing to the immediate rise in urban agriculture, such as greenhouses, vertical farming, and growth chambers.
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Leading Competitors
The prominent players in the global grow lights market are:
Signify N.V.
SANlight GmbH
Kroptek
Hortilux Schreder
Heliospectra ab
Valoya ltd
GE Current
Fluence (Osram)
Bios lighting
Others
Segmentation Analysis
The global grow lights market segmentation focuses on Offering, Technology, Spectrum, Installation Type, Application, and Region.
Segmentation on the basis of Offering
Services
Software
Hardware
Segmentation on the basis of Technology
Fluorescent
Light Emitting Diode (LED)
High-Intensity Discharge (HID)
Others
Segmentation on the basis of Spectrum
Narrow
Broad
Segmentation on the basis of Installation Type
Retrofit
New Installation
Segmentation on the basis of Application
Research
Turf and Landscaping
Vertical Farming
Commercial Greenhouse
Indoor Farming
Others
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Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the market over the forecast period?
- What are the factors driving and restraining the market?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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