Grow Lights Market Overview
A Report by DataM Intelligence estimates the Global Grow Lights market to grow at a CAGR of 13.7% during the forecast period 2024-2031.
The market is expected to grow because it becomes important in different industries like Commercial Greenhouses, Vertical Farming, Indoor Farming. The competitive rivalry intensifies with Illumitex, Osram Gmbh., General Electric Company., and others operating in the market.
Market Scope
| Metrics | Details |
| Market CAGR | 13.7% |
| Segments Covered | By Lighting Type, By Offering, By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Grow Lights Market Industry Dynamics
LED-based grow lights have exceeded all conventional lighting tools in terms of energy effectiveness, lifespan, flexibility, and color quality, and owing to their growing budget competitiveness, LED grow lights are extensively used in applications such as indoor farms, vertical farms, and greenhouses. Grow lights are chosen to grow numerous plants indoors. The range of grow lights can be altered rendering to the plant supplies. The evolution and growth of plants can be ensured with the practice of dissimilar types of grow lights. Horticultural farmers choose high-intensity discharge (HID) lamps as the basis of light for indoor and outdoor applications. These HID lamps have simply existed in the market, these lamps are reasonable price anyone can afford and are efficient in providing the required light strength for growth of the healthy plants.
Industry Restraints
The usage of LED lighting is growing with the increasing consciousness about the aids offered by these clarifications. To grow plants indoors several sources of artificial lights have been implemented. Previously, electric ballasts and HPS were extensively used in indoor agriculture as effective sources of light. Currently, LEDs are in movement, LED grow lights overcome the disadvantages of HPS, fluorescent (FL), electric ballasts, and metal-halide lights. Though, the primary capital essential for the purchase of worthy-quality LED grow lights are more advanced than that of conventional lighting tools, such as HID lamps and FL.
Industry Opportunities
The legalization of cannabis farming has also caused an improved necessity for vertical farms and greenhouses which is additional enhancing the demand for LED-based grow lights. Cannabis full-grown below a sunless average requirements to have numerous dynamics considered.
Industry Challenges
The lighting technology market is facing a foremost challenge, that is, the lack of standard testing performs for measuring the product quality, particularly for innovative technologies such as induction, LED, and plasma. In the US and some advanced countries, certain organizations keep analyzing quality guarantees. Though, several developing countries absent such ideals.
Though each organization has its specific technique of manufacturing LEDs, therefore, their challenging performance also changes. As a result, it is challenging to exactly validate the lifetime of LED grow lights, and there is a chance of manufacturers’ creation fabricated claims for their products. Therefore, it is significant to attain mutual agreement and grow standard testing practices to estimate the quality of the product.
Grow Lights Market Segmentation Analysis
According to the research study, the global market is segmented by Lighting type, by offering, and by Application.
Based on Lighting Type, the market is divided into Top lighting and interlighting. Based on Offering, it is further classified into Hardware, Software & and Services. Based on Application, the segment is further classified into Commercial Greenhouses, Vertical Farming, Indoor Farming, and Others.
Grow Lights Market Share by Segments
Segment, software, and services are expected to generate at a higher CAGR
The grow lights market for the software and services segment is predicted to produce at a higher CAGR than the hardware segment throughout the forecast period.
Segment, Interlighting is anticipated to show the highest CAGR
The interlighting segment is projected to see utmost CAGR growth throughout the forecast period, by lighting type.
The vertical farming segment of the grow lights market is anticipated to record the utmost CAGR growth throughout the forecast period by application. Vertical farms are being set up in numerous parts of the globe; North America, Europe, the Middle East, China, and Japan are the major stakeholders in vertical farm developments.
Geographically, the global market is classified into five major regions, such as North America, Latin America, Europe, Asia Pacific, Middle East and Africa, and the rest of the world.
This European region has been using grow light processes for the previous years to grow plants in viable greenhouses. The use of grow light in this region is steadily growing from being an additional lighting source to becoming the main source of light in indoor setups.
Indoor horticulture is acquiring fast drive in some prominent countries such as Belgium, Netherlands, and France in the European region to get fresh yield from locally cultivated farms. This element is projected to produce bulk demand for growing light structures in the coming years.
Among all regions, Asia pacific is the fast-growing region for grow lights market. Prompt increases in urban farming, such as greenhouses, vertical farming, and advanced chambers are fuelling the demand for grow light market growth in the Asia pacific. Countries in the Asia Pacific regions like Japan, Taiwan, and China are the foremost sources of demand for grow lights and are predictable to continue throughout the forecast period. Traditionally, Japan was the main basis of demand for grow lights, due to great technical progress in the urban agricultural technology of the country.
North America has the second-highest share in the grow lights market.
The United States has the uppermost demand followed by Mexico and Canada. The North American region is mainly driven by environmental apprehensions. The grow lights market is expected to keep booming in both developed and developing regions. The progress is furthermore recognized to the emerging attention in grow lights.
Grow Lights Market Companies
Some of the major companies profiled in the global market are; Signify Holding, Gavita International B.V., General Electric Company, Osram Gmbh, Heliospectra Ab., Iwasaki Electric Co., Ltd, Illumitex, Hortilux Schréder, And California Light works.
Recent happening in the industry
- In the year 2020, the major company, Valoya enhanced its RX-Series greenhouse line with two innovative models
