Grow Light Market is Estimated to be US$ 11.4 Billion with a CAGR of 8.2% by 2032

According to Fact.MR, the worldwide grow light market is expected to develop at a CAGR of more than 8.2% between 2022 and 2032. The increase is mostly due to the increased use of LED grow lights for indoor farming.

Overall market sales are expected to reach $5.2 billion in 2022, with the market size expanding twofold by the end of 2032. Grow lights are widely employed for indoor plants, particularly in greenhouse chambers, in food production.

With an increasing global population, the need for crops and food has increased dramatically. As a result, there is an increased demand for artificial environments for crops and horticultural plants. To create this type of crop production environment, LED grow lights must be installed in place of natural light.

This is predicted to drive sales of grow lights from 2022 to 2032. According to Fact.MR, backed by the aforementioned causes, demand for grow lights is predicted to exceed $11.4 billion by 2032.

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Furthermore, the growing trend of precision farming, particularly in rising economies like India and China, is helping to drive market expansion. The government of these countries is focusing on improving sustainable agriculture management through regulated farming.

As a result, the need to save land, water, and light for the growth and production of food crops in unfavorable places will drive up demand for grow lights. As a result, important businesses are leveraging new technology to provide efficient products to meet expanding demand.

Aside from that, the trend of combining plant science and semiconductor technology for aeroponics and vertical farming will provide profitable growth prospects for the industry. Modern farming techniques and new technologies need the use of grow lights.

Key Takeaways:

In terms of technology, the high-intensity discharge (HID) segment is predicted to expand the most, at a CAGR of 9.1% between 2022 and 2032.

Based on the application, the indoor farming market is predicted to generate large sales of grow lights.

Sales of grow lights in the United States are predicted to increase at an 8.6% CAGR during the assessment period.

Japan is predicted to lead the growth in the East Asia grow light market, with a 10.4% CAGR.

South Korea's grow light market is expected to develop at a 10.4% CAGR between 2022 and 2032.

Growth Drivers:

Grow lights' benefits, such as increased energy efficiency and shelf life, will raise market sales.

Grow light sales are likely to increase as precision farming and solid-state lighting technology become more widely adopted.

Restraints:

The high installation and setup expenses of LED grow lights may restrict market sales.

The absence of established testing techniques for verifying product quality in horticulture will impede growth.

Read More: https://www.factmr.com/report/grow-light-market

Competitive Landscape:

Key companies in the grow light market are creating efficient new equipment for indoor farming to obtain a competitive advantage. Some manufacturers are looking at expanding countries such as India and China to meet the growing need for grow light bulbs, which would increase revenue.

Meanwhile, other companies are pursuing inorganic growth techniques such as mergers and acquisitions to broaden their product portfolios and increase their global presences.

In April 2021, Pozeen introduced commercial-grade LED grow lights for greenhouse and indoor cultivation.

Key Companies Profiled by Fact.MR

LumiGrow Inc.
Philips Lighting
General Electric Company
Lumileads Holding B.V
Fluence Bioengineering Inc.
Heliospectra AB
Gravita International B.V.
Illumitex
OSRAM Licht Group
Sunlight Supply Inc.
Key Segments

By Component:

Hardware Based
IP Desktop Phones
Audio Conference Phones
DECT Phones
Softphones
Services
Maintenance
Installation
Consultant
Others

By Technology:

LED
Fluorescent
High Intensity Discharge (HID)
Others

By Application:

Indoor Farming
Vertical Farming
Greenhouse
Research
Turf
Others

By End Use:

BFSI
Healthcare
Retail
Government Organizations
Others

By Region:

North America
Latin America
Europe
Asia Pacific (APAC)
Middle East and Africa (MEA)

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