Grow Lights Market to be Worth $8.5 Billion by 2030

Meticulous Research®-a leading global market research company, published a report titled, 'Grow Lights Market by Offering (Hardware, Software, Services), Type, Application, Wattage, Farming Type, Sales Channel, and Geography - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the grow lights market is projected to reach $8.5 billion by 2030, at a CAGR of 20.6% during the forecast period. The growth of the grow lights market is driven by increasing R&D initiatives to develop hybrid plants & crops, the rise in the adoption of vertical farming, increasing requirements for improving agricultural production efficiency, food safety, and fruits & vegetable quality, and the rise in adoption for urban farming. However, the high set-up costs may restrain the market's growth.

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The technological advancement in LED grow lights and penetration of smart technologies in farming are expected to offer significant growth opportunities for the growth of the grow lights market. However, the varying requirement of the lighting spectrum for different plants & crops and the lack of standard testing practices for assessing product quality of horticulture lights and fixtures may hinder this market's growth.

Meticulous Research® has segmented this market based on offering, type, application, farming type, sales channel, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the grow lights market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the increasing demand for fresh fruits & vegetables, the adoption of horticulture farming, strong government support for the adoption of precision farming in emerging economies, and increasing emphasis on developing sustainable agricultural management through controlled farming.

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Based on type, the grow lights market is segmented into fluorescent grow lights, incandescent grow lights, LED grow lights, HID grow lights, hybrid grow lights, and full-LED grow lights. In 2023, the LED grow lights segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the adoption of higher-efficiency LEDs. LEDs use much less energy than other lights and help to keep the growing environment cool. Furthermore, the higher controllability of LEDs enables quicker growth of plants.

Based on application, the grow lights market is segmented into conventional farming, horticulture, poultry, tissue culture, and growth chambers. In 2023, the horticulture segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the technological advancements in horticulture farming, the increasing demand for fruits, vegetables, medicinal, aromatic, and ornamental plants, and the adoption of innovative and advanced techniques in horticulture.

Based on wattage, the grow lights market is segmented into 18W to 250W, 250W to 500W, 500W to 750W, and 750W to 1000W. In 2023, the 500W to 750W segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the high demand for 500W to 750W grow lights for horticulture farming. These lights are more efficient for horticulture farming and cost-efficient as well.

Based on farming type, the grow lights market is segmented into horizontal farming and vertical farming. In 2023, the vertical farming segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the increased production throughout the year rather than being tied to a specific season. Furthermore, vertical farming requires less space than horizontal farming as it involves growing plants indoors in layers using LED lighting and controlled growing.

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Based on sales channel, the grow lights market is segmented into retail and e-commerce. In 2023, the e-commerce segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the availability of options to choose grow lights from suppliers across the world. Furthermore, e-commerce has many benefits, such as price comparisons, no geographical limitations, and brand comparisons.

Based on geography, the grow lights market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the market. The large share of this market is attributed to the rising adoption of rooftop farming in urban areas, rapid innovation in farming technology, and strong government support to promote the agriculture industry.

Key Players:

The key players operating in the grow lights market are Gavita International B.V (Netherlands), Heliospectra AB (Sweden), ams-OSRAM AG (Austria), California Lightworks (U.S.), Signify (Netherlands), Hortilux Schréder B.V. (Netherlands), Valoya Oy (Finland), ILUMINAR LIGHTING (U.S.), Bridgelux, Inc. (U.S.), Oreon Holding BV (Netherlands), Iwasaki Electric Co., Ltd. (Japan), Savant Systems, Inc. (U.S.), Ennostar Inc. (Taiwan), AB Lighting (U.K.), and EVERLIGHT Electronics Co., Ltd. (Taiwan).

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Key questions answered in the report-

Which are the high-growth market segments in terms of type, application type, wattage, farming, sales channel, and geography?
What is the historical market size for grow lights across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the grow lights market?
Which are the major players, and what shares do they hold in the grow lights market?
How is the competitive landscape?
What are the recent developments in the grow lights market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends and high-growth countries?

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