Grow Light Market Size, Share, Trends, Growth and Forecast 2032

Grow Light Market Insights

According to a report from Zion Market Research, the global Grow Light Market was valued at USD 2.18 Billion in 2023 and is projected to hit USD 24.33 Billion by 2032, with a compound annual growth rate (CAGR) of 27.3% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Grow Light industry over the next decade.

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Global Grow Light Market: Overview

In order to stimulate and power the growth of plants and seeds a specially designed artificial source of light is used which is known as grow light. They are also popularly known as plant lights; grow lights are used in conditions where naturally occurring light is not available or in cases where the artificial sources of light are required to augment the sunlight. Grow lights are widely used in vertical farms, commercial greenhouses, and in horticulture, applications to increase and improve the yield. Some of the major types of grow lights are high-intensity discharge grow lights, fluorescent grow lights, and light-emitting diode grows lights.

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Global Grow Light Market: Segmentation

The global grows light market is segmented into spectrum, technology, installation, application, and regions. On the basis of the spectrum, the market is segregated into a full spectrum and partial spectrum. Based on the technology, the market is categorized into fluorescent lighting, high-intensity discharge, LED, and others. On the basis of installation, the market is bifurcated into new installation and retrofit. Depending on the application, the market is divided into indoor farming, turf and landscaping, vertical farming, commercial greenhouse, research, and others. Region-wise, the global grows light market is diversified into Asia Pacific, North America, South America, Europe, and the Middle East and Africa.

Global Grow Light Market: Growth Factors

The increase in the indoor farming methods and the increasing popularity of the commercial greenhouses in order to cultivate plants are the major factors that are propelling the growth of the grow light market. Supporting government regulations and the rigorous initiatives that are adopted for the adoption of solid-state lighting technologies across various regions have triggered the growth of the market. The increasing automation adoption by the commercial greenhouses has helped the farmers to maximize their yield using the grow lights technology, thereby augmenting their implementation in the agricultural practices. Several efforts by the manufacturers to increase the rate of time-to-market for efficient energy grow lights and the introduction of custom-made products with precise wavelength and intensity expects opening up beneficial avenues in the market. Vertical farming methods are gaining popularity in different developed countries, thus accelerating the demand of the grow light market.

Grow Light Market: Report Scope

Global Grow Light Market: Regional Analysis

The Middle East and South American regions are well-known markets for the grow lights. These regional markets are driven by the factors such as rising adoption of the indoor farming methods. Continuous advancement in the technologies of urban farming and the increasing popularity of the hydroponics among the farmers are main factors that are fuelling the demand for grow lights in the developed Asia-Pacific and North American regions. At the current scenario, the impending food crisis in some regions, mainly in parts of Southern Africa expects to stimulate the demand for CEA practices and vertical farming, thus triggering the adoption of grow lights in these regions.

Global Grow Light Market: Competitive Players

Some of the key market players that are involved in the grow light market include-

• General Electric Company
• LumiGrow
• Heliospectra Ab.
• Hortilux SchrEder B.V.
• Gavita Holland B.V.
• Osram Licht AG
• Royal Philips Electronics
• Iwasaki Electric Co.
• and Sunlight Supply Inc.

Global Grow Light Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.