Exploring the Growth of Global Grow Lights Industry

As per a report by P&S Intelligence, the grow lights market will advance at 28% CAGR, to generate a value of USD 13,183 million, by 2030.

The growth in the industry is ascribed to the growing requirement for food as a result of the rising disposable income, increasing population, rapid urbanization, advancement of technologies in the agriculture sector, and the increasing preference for enhanced and new practices of farming.

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The LED category is expected to dominate the grow lights market in the years to come. This is attributed to the increasing government programs to encourage the adoption of LED lights and drivers and the increasing demand for energy-efficient and affordable grow lights by consumers.

A key factor driving the industry is the necessity of more cost-effective grow light technologies in the cities. The expenditure on food production is high, and as a result, the requirement for economical food production is growing rapidly in urban areas.

Vertical farming is expected to observe the fastest growth in the years to come, growing at a rate of approximately 29.8%. This is attributed to the mounting requirement for herbs & food and the increasing number of such farms, mainly in developed countries, owing to the lack of space required to establish conventional farms.

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In 2021, Europe generated the largest revenue share in the grow light industry, at approximately 33%, and it will remain the largest in the years to come. This is ascribed to the large consumer base and the substantial adoption of LED lights to grow plants inside commercial greenhouses in the region.

Developing nations, for example, India, South Korea, and China are the main buyers in the APAC grow light industry. This is credited to the rapid implementation of enhanced agricultural approaches, for instance, indoor horticulture, which resulted in a high horticulture light requirement in emerging nations.

The research offers market size of the global grow lights market for the period 2017-2030.

Market Segmentation by Technology
• LED
• Fluorescent
o T6
o CFL
• HID
o High intensity sodium lamps
o Metal-halide lamps
o Ceramic metal halide lamps
o Combination MH and HPS lamps
o Others (conversion bulbs and switchable ballasts)
• Others (induction and plasma)

Market Segmentation by Spectrum
• Full Spectrum
• Partial Spectrum

Market Segmentation by Installation Type
• New
• Retrofit

Market Segmentation by Product
• < 300 Watt
• > 300 Watt

Market Segmentation by Application
• Commercial Greenhouse
• Vertical Farming
• Indoor Farming
• Research
• Others (turf and landscapes, and rooftop farming)

Market Segmentation by Region
• North America Grow Lights Market
o By technology
o By spectrum
o By installation type
o By product
o By application
o By country - U.S. and Canada
• Europe Grow Lights Market
o By technology
o By spectrum
o By installation type
o By product
o By application
o By country - Germany, France, U.K., Italy, Spain, and Rest of Europe
• Asia-Pacific (APAC) Grow Lights Market
o By technology
o By spectrum
o By installation type
o By product
o By application
o By country - China, India, Japan, South Korea, Australia, and Rest of APAC
• Latin America (LATAM) Grow Lights Market
o By technology
o By spectrum
o By installation type
o By product
o By application
o By country - Brazil, Mexico, and Rest of LATAM
• Middle East and Africa (MEA) Grow Lights Market
o By technology
o By spectrum
o By installation type
o By product
o By application
o By country - Saudi Arabia, South Africa, and Rest of MEA

About P&S Intelligence
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This release was published on openPR.