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Grow Light Market 2024 - By Size, Share Analysis, Trends And Growth Forecast By 2033
Grow Light Market
As per the report, the grow light market size has grown rapidly in recent years. It will grow from $3.63 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The grow light market size is expected to see rapid growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%.
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Indoor Farming Revolution Drives Grow Light Market Growth
The growing adoption of indoor farming practices is significantly contributing to the growth of grow light market going forward. Indoor farming refers to the method of cultivating crops or plants, typically on a large scale, entirely indoors. Grow lights are employed in indoor farming when there is a dearth of natural light since they mimic or even outperform sunlight in terms of plant development. For instance, according to the Guardian, a UK-based daily newspaper, investments in indoor farming increased by over $1bn in 2021, exceeding the combined investment generated in previous years. Therefore, the growing adoption of indoor farming practices is driving the grow light market.
Grow Lights Undergo Transformation With Innovative Product Design
Product innovation is the key trend gaining popularity in the grow light market. Major companies operating in the grow light market are focusing on manufacturing innovative grow lights to improve their energy efficiency and offer more in terms of spectrum and applications. For instance, in September 2021, Growealth a US-based manufacturer of grow lights launched an innovative line of grow lights for efficient plant growth. The maximum Par/Lumen output is offered by these innovative surface-mounted diodes. It is ideal for silent operation indoors because there is no fan noise and the aluminum board it is made of makes it strong and long-lasting. Additionally, it has a clever input voltage adjustment that ranges from 110V to 277V, making it compatible with various power cables and plugs from various countries.
The grow light market covered in this report is segmented -
1) By Type: Light Emitting Diode (LED), High Intensity Discharge (HID), Plasma, Fluorescent
2) By Spectrum: Full-Spectrum, Partial Spectrum
3) By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Other Applications
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Major companies operating in the grow light market report are AeroFarms, Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v., Illumitex Inc., Lumigrow Inc., Osram Licht AG, Signify N.V., Sunlight Supply Inc., General Electric Company, Platinum LED Lights LLC, Hydrofarm Inc., Alta LED Corporation, Savant Systems Inc., Valoya Ltd., Black Dog LED, Advanced LED Lights, ams-OSRAM AG, GrowGeneration, California LightWorks, Electric Sky, EYE Hortilux, Kind LED Grow Lights, BIOS Lighting, Timber Grow Lights, Kroptek, SANlight GmbH, Viparspectra, Mars Hydro, Spider Farmer .
Contents of the report:
1. Executive Summary
2. Grow Light Market Report Structure
3. Grow Light Market Trends And Strategies
4. Grow Light Market - Macro Economic Scenario
5. Grow Light Market Size And Growth
…..
27. Grow Light Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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