Plant Factory Grow Lights Market Size, Share, Growth Report 2032

Plant Factory Grow Lights Market Insights

According to a report from Zion Market Research, the global Plant Factory Grow Lights Market was valued at USD 6.82 Billion in 2023 and is projected to hit USD 79.92 Billion by 2032, with a compound annual growth rate (CAGR) of 27.9% 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 Plant Factory Grow Lights Market industry over the next decade.

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Global Plant Factory Grow Lights Market Size Analysis

The global Plant Factory Grow Lights market accounted for USD 4.3 Billion in 2020 and is expected to reach USD 7.9 Billion by 2028, growing at a CAGR of around 7.7% between 2021 and 2028.   

The global plant factory growth lights market is predicted to develop at an interesting rate. The need for organic vegetables and plants has increased everywhere on the planet while the comparative supply has not been capable of matching the need. This has resulted in the development of the plant factory system, which is an automatic farm with enhanced techs and may work 24 hours each day without relying upon climate. This boosted the plant factory grow lights market considerably. Government regulations and initiatives to simply accept energy-efficient LEDs are often among the main boosters for the worldwide plant factory grow lights market. The plant factory grows lights market creates more yields in less time, which may be one of the catalysts for the worldwide plant factory grow lights market.

Various players launching new products also are set to foster the event of the plant factory grow lights market. for instance, in June 2018, the German-based global lighting firm Osram started supplying NASA (National Aeronautics and Space Administration) with a customized model of Phytofy RL (its linked horticulture research lighting system,). The unique product will employ smart grow lighting software to reinforce the lighting technology employed in Food Production by NASA. Plant factories are believed to be the long-term farming also as plant factories grow lights market. Increasing techniques like vertical farming and therefore the rising implementation of recent agriculture have elevated the investment & interest in related technology and plant factories. Additionally, to the present, it's believed that plant factory offers more competence owing to offering food for the growing population within the world.  

COVID-19 Impact Analysis

The grow lights manufactured by companies are purchased by several stakeholders for various applications. COVID-19 not only impacted the operations of the varied grow lights manufacturers companies but also affected the companies of their suppliers & distributers and had stopped the production resulting in disruption across the whole supply chain. The autumn in export shipments and slow domestic demand for grow lights as compared to pre-COVID-19 levels are additionally expected to negatively impact and slightly stagnate the demand for grow lights briefly term. The key companies operating during this market, have also witnessed the impact of the pandemic in their order intakes for grow lights during the primary half 2020.

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Growth Factors

The driving factors for plant factories and grow lights market are the increasing demand for the power to grow food locally and consistently, the paucity of space for farming, especially in cities, and therefore the got to increase the yield per unit area without harming the environment. Governments also are encouraging plant factories and grow lights for improving the assembly. The opportunities during this market are varied and may range from technological advancement in grow lights, combined use of natural lighting with artificial lighting, development of a solar energy-based plant factory to constructing multiple level plant factories which might further reduce space requirement.

Plant Factory Grow Lights Market: Report Scope

Segment Analysis Preview  

The global plant factory growth lights market is divided into technology, application, and regions. The application sector of plant factory grows lights market includes indoor farming, vertical farming, landscaping & turf, commercial greenhouse, research, and others. The technology sector of plant factory grows lights market includes fluorescent lighting, high-intensity discharge, and others including led.

Based on application, the vertical farming segment of the grow lights market is predicted to register the very best CAGR growth during the forecast period. Vertical farms are being set up in several parts of the world; China and Japan are the leading investors in vertical farm projects. Several established corporations have started providing funds to encourage entrepreneurs to determine vertical farms. In May 2018, Signify (Netherlands) announced its collaboration with Travaglini FarmTech, a replacement business division of Travaglini S.p.a (Italy), to develop the primary vertical farm plant lab of Italy in Milan. Also, General power company (US), a serious provider of grow light systems, is partnering with Mirai, Inc. (Japan) in establishing a sequence of vertical farms across multiple cities in Japan. Such developments in vertical farming are likely to spice up the demand for grow lights within the coming years.

Based on region, Europe is projected to register the largest market share of the grows lights market during the forecast period. The expansion of the market in this region is often attributed to the very fact that the region has the strongest economies in the world, alongside flourishing industries that cause increased capital investment capabilities. This region has been using grow light systems for the past few decades to grow plants in commercial greenhouses.  The population of Europe has expanded rapidly in recent times, and countries are importing fruits and vegetables in frozen form from external markets in Africa and Asia. Indoor horticulture is gaining rapid momentum in some major countries like Netherlands, France, and Belgium during this region to get fresh produce from locally cultivated farms. This factor is predicted to get massive demand for to grow light systems within the near future.
 

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Key Market Players & Competitive Landscape

The major players that comprised the plant factory grow lights market are Daystar, APL engineered material, Siemens Philips horticulture Lamps, Advanced Lighting Technologies, Hydrofarm, General Electric, Sun System, Iwasaki Electric, Taiwan Floriculture Exports Association, and others. These players are set to foster the development of the plant factory grow lights market.

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The global Plant Factory Grow Lights Market is segmented as follows:

By Application

• Vertical Farming
• Indoor Farming
• Commercial Greenhouse
• Turf and Landscaping
• Research
• Others

By Technology

• High-Intensity Discharge
• Fluorescent Lighting
• LED
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa