Grow Light Market Poised for 17 % Growth, Set to Hit $9.22 Billion by 2029

Which drivers are expected to have the greatest impact on the over the grow light market's growth?
Advancements in indoor agriculture practices are playing a significant role in propelling the growth of the grow light market. Indoor agriculture is defined as the large scale indoor cultivation of plants or crops. In instances where natural light is scarce, grow lights are utilized as they can mimic or even surpass sunlight in promoting plant growth. For example, the United States Environmental Protection Agency, a government body based in the US, noted in September 2024 that in 2023, agriculture contributed over $1.53 trillion to the U.S. gross domestic product, accounting for 10.4% of the country's total employment. Thus, the rising popularity of indoor agriculture techniques is fuelling the expansion of the grow light market.

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What is the future CAGR of the grow light market, and how will it impact industry expansion?
In recent times, the grow light market has seen fast-paced expansion. The market's size is on track to increase from $4.22 billion in 2024 to $4.96 billion in 2025, representing a compound annual growth rate (CAGR) of 17.4%. Key drivers of this growth over the historic period include the farming of high-value crops, research and development in plant growth, advancements in fluorescent and hid light technologies, changes in industry regulations and legalization, as well as the rising demand for produce throughout the year.

The market size of grow lights is anticipated to experience a swift expansion in the coming years. The market is projected to reach $9.22 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.8%. This projected growth in the predicted timeframe is due to factors such as the rise in vertical farming, development and research initiatives, growing needs for indoor farming, an increase in cannabis* cultivation, and a focus on sustainable solutions. The forecast period will likely see major trends like urban and vertical agriculture, regulatory changes favoring cannabis* cultivation, horticultural research, advancements in connected lighting, and customized light spectrum offerings.

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What are the most significant trends transforming the grow light market today?
Key players in the grow light market are shifting their focus towards the creation of innovative products like the next-generation LED grow light. These are advanced lighting systems that are designed to boost plant growth by providing a more efficient and focused light spectrum, increase energy efficiency, and minimize operational costs. For example, Polymatech Electronics, a company based in India, unveiled its latest horticultural LED grow light, RavayeTM, in January 2023. This product, intended to augment vertical farming and hydroponics agricultural practices, comes with full-spectrum packages and monochromatic LEDs. These features encourage healthier plant growth by speeding up photosynthesis and enhancing nutritional content. RavayeTM, focusing on cost efficiency, aspires to cut down lighting system expenses for farmers which would, in turn, boost their profitability.

Which key market segments comprise the grow light market and drive its revenue growth?
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

Subsegments:
1) By Light Emitting Diode (LED): Full Spectrum LEDs, Red Or Blue Spectrum LEDs, COB (Chip On Board) LEDs
2) By High Intensity Discharge (HID): Metal Halide (MH), High Pressure Sodium (HPS)
3) By Plasma: Plasma Arc Lights, Plasma Grow Lights
4) By Fluorescent: T5 Fluorescent Lights, Compact Fluorescent Lights (CFL)

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What regions are at the forefront of grow light market expansion?
Europe was the largest region in the grow light market in 2024. Asia-Pacific is expected to be the fastest-growing region in the grow light market report during the forecast period. The regions covered in the grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the leading players fueling growth in the grow light market?
Major companies operating in the grow light market include Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v., Illumitex Inc., Lumigrow Inc., Signify N.V., Sunlight Supply Inc., Platinum LED Lights LLC, Hydrofarm Inc., Alta LED Corporation, 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

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What Is Covered In The Grow Light Global Market Report?

• Market Size Forecast: Examine the grow light market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the grow light market for a structured understanding.
• Key Players Overview: Analyze major players in the grow light market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the grow light market.
• Segment Contributions: Evaluate how different segments drive overall growth in the grow light market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the grow light market.
• Industry Challenges: Identify potential risks and obstacles affecting the grow light market.
• Competitive Landscape: Review strategic developments in the grow light market, including expansions, agreements, and new product launches.

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