Grow Lights Market Set to Surpass $8.5 Billion by 2030

[Redding, California, 16-02-2024] - Meticulous Research®, a premier provider of global market intelligence, has unveiled its latest comprehensive analysis report titled, "Advancements in Grow Lights Market: Harnessing Opportunities for Sustainable Agriculture." The report covers a wide array of factors impacting the industry, including Offering (Hardware, Software, Services), Type, Application, Wattage, Farming Type, Sales Channel, and Geography, offering a profound outlook into the growth trajectory till 2030.

According to the latest findings from Meticulous Research®, the global grow lights market is poised to reach a staggering valuation of $8.5 billion by 2030, with a formidable compound annual growth rate (CAGR) of 20.6% during the forecast period.

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The ascendancy of the grow lights market can be attributed to a multitude of factors. Key drivers include the intensifying research and development endeavors aimed at enhancing hybrid plant and crop cultivation, the burgeoning adoption of vertical farming practices, escalating demands for augmenting agricultural productivity, ensuring food safety, and enhancing the quality of fruits and vegetables. Furthermore, the burgeoning trend of urban farming is also fueling market expansion. Nonetheless, the market's growth may be somewhat restrained by the considerable setup costs involved.

Technological innovations in LED grow lights and the integration of smart farming technologies are poised to unlock significant growth opportunities in the sector. However, challenges such as the variability in lighting spectrum requirements for diverse plant species and the absence of standardized testing protocols for assessing the quality of horticultural lights and fixtures may pose impediments to market proliferation.

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The Meticulous Research® report segments the market based on various parameters including offering, type, application, farming type, sales channel, and geography, facilitating a thorough and insightful analysis of the market landscape.

Key Highlights from the Report:

Offering: The hardware segment is anticipated to dominate the grow lights market, attributed to the escalating demand for fresh produce, burgeoning adoption of horticulture farming, and robust governmental support for precision farming initiatives, particularly in emerging economies.

Type: LED grow lights are expected to retain the lion's share of the market, driven by their superior efficiency, energy-saving attributes, and precise controllability facilitating accelerated plant growth.

Application: Horticulture is projected to be the leading application segment, owing to technological advancements in horticultural practices and the burgeoning demand for diverse plants for medicinal, aromatic, and ornamental purposes.

Wattage: Grow lights with wattage ranging from 500W to 750W are anticipated to hold the largest market share, primarily due to their efficacy in horticulture farming and cost-effectiveness.

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Farming Type: Vertical farming is poised to dominate the market, fueled by its year-round production capabilities and space-efficient nature.

Sales Channel: E-commerce is expected to emerge as the dominant sales channel, owing to its global reach, convenience, and extensive product offerings.

Geography: North America is anticipated to command the largest market share, driven by the burgeoning trend of rooftop farming in urban locales, rapid technological innovations in farming practices, and robust governmental support for the agriculture sector.

Key Players:

The prominent players operating in the grow lights market include Gavita International B.V., Heliospectra AB, ams-OSRAM AG, California Lightworks, Signify, Hortilux Schréder B.V., Valoya Oy, ILUMINAR LIGHTING, Bridgelux, Inc., Oreon Holding BV, Iwasaki Electric Co., Ltd., Savant Systems, Inc., Ennostar Inc., AB Lighting, and EVERLIGHT Electronics Co., Ltd.

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This release was published on openPR.