Grow Light Market Future Demand & Growth Analysis with Forecast up to 2025

Grow light or plant light is a synthetic source of light energy, which is designed specifically to nourish and power the growth of plants and seeds. Grow light is employed in places where there is a lack of naturally occurring light or where artificial sources of light are required to supplement sunlight. Grow lights are used in vertical farming, indoor farming, commercial greenhouses, and in a range of gardening applications to improve the yield.

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Growth in indoor farming practices and increasing popularity of commercial greenhouses for farming are the key factors driving the grow light market. Various governments are taking initiatives to encourage the adoption of solid state lighting (SSL) technology such as LED, which is expected to propel the market. Furthermore, increase in the use of vertical farming and indoor cultivation is anticipated to boost the market in the near future. Grow light helps in extending the hours of natural sunlight, which further improves the health, growth rate, and yield of plants. LED lighting and plasma lighting, artificial lighting can extend the accessibility of crops throughout the season.

High cost of grow lights is expected to restrain the market. Moreover, complexities related to installation of these lights is expected to restrain the market. However, technological advances in LED grow light have led to innovations in vertical farming and the agriculture industry, thereby creating abundant growth opportunities for LED manufacturers.

The major trend helpful to the expansion of the grow light market is the increase population in urbanization, the demand for nourishment has increased. Additionally, the need of reducing energy consumption and increase in demand for food have propelled the market for fluorescent lighting and LED grow lights. This combined with the upcoming trend of indoor cultivation has led to the development of the LED grow light market. Which is helping the market grow in the near future.

The grow light market has been segmented based on spectrum, technology, installation, application, and geography. In terms of spectrum, the market can be bifurcated into partial and full spectrum. Based on technology, the market has been segmented into high-intensity discharge, fluorescent lighting, light-emitting diode (LED), and others. Based on the technology LED are used in LED also helps extend natural daylight, which improves the health of plants and crops. This segment is expected to expand at a significant pace in the near future. In terms of installation, the grow light market is divided into retrofit and new installation. Based on application, the market has been categorized into vertical farming, indoor farming, commercial greenhouse, turf and landscaping, research, and others.

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In terms of geography, the grow light market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The market in North America is projected to expand substantially, primarily due to rapid adoption of indoor farming methods and continuous development in urban farming. The grow light market in Europe and South America are expected to expand due to significant investment in vertical farming. Wherein this regions have a significant adoption of vertical farming, in the near future.

Major players operating in the global grow light market are Royal Philips, General Electric Company, Osram LichtAG, Gavita Holland B.V., LumiGrow, Inc., Heliospectra AB, Iwasaki Electric Co., Ltd., Illumitex, Inc., Hortilux Schreder B.V., and Sunlight Supply, Inc.

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