According to a new market research report titled, ‘Grow Lights Market by Offering (Hardware, Software, Services), Type, Application, Wattage, Farming Type, Sales Channel, and Geography - Global Forecast to 2030,’ the grow lights market is projected to reach $8.5 billion by 2030, at a CAGR of 20.6% during the forecast period.
Grow lights convert electrical energy into photons, light particles that stimulate photosynthesis and plant growth. The growth of this market is attributed to the increasing R&D initiatives to develop hybrid plants & crops, the rising adoption of vertical farming, the increasing requirement for improving agricultural production efficiency, food safety, and fruit & vegetable quality, and the rising adoption of urban farming. In addition, technological advancements in LED grow lights and the penetration of smart technologies in farming are expected to offer significant opportunities for the growth of this market.
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The grow lights market is segmented by offering (hardware, software, and services), type (fluorescent grow lights, incandescent grow lights, LED grow lights, HID grow lights, hybrid grow lights, and full LED grow lights), application (conventional farming, horticulture, poultry, tissue culture, and growth chambers), wattage (18W to 250W, 250W to 500W, 500W to 750W, and 750W to 1000W), sales channel (retail sales and e-commerce sales), and geography.
Vertical farming is becoming more and more popular worldwide. The increasing demand for food, coupled with decreasing farmlands and fertile soils, has led to the emergence of alternative forms of farming, such as indoor farming, vertical farming, and horticulture farming, to boost food production. The adoption of grow lights in vertical farming is increasing as they provide sufficient light for crop growth, allowing crop growth all year round, irrespective of weather conditions.
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Based on type, the grow lights market is segmented into fluorescent grow lights, incandescent grow lights, LED grow lights, HID grow lights, hybrid grow lights, and full LED grow lights. In 2023, the LED grow lights segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the higher efficiency of LED grow lights. These lights generate less heat than other lighting technologies and reduce environmental impact.
Based on application, the grow lights market is segmented into conventional farming, horticulture, poultry, tissue culture, and growth chambers. In 2023, the horticulture segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to technological advancements in horticulture farming, the rising global population, and the growing demand for organic and fresh food from the health-conscious population in urban areas.
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Based on farming type, the grow lights market is segmented into horizontal farming and vertical farming. In 2023, the vertical farming segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to the increasing crop production in small infrastructure, increasing demand for urban cultivation such as vertical farming, which is reducing transportation costs, and also delivering good quality fruits and vegetables in urban areas.
Based on sales channel, the grow lights market is segmented into retail and e-commerce. In 2023, the e-commerce channel segment is expected to account for the largest share of the grow lights market. The large market share of this segment is attributed to an increase in online shopping post-COVID-19 pandemic due to contactless shopping.
The major players in this market are Gavita International B.V (Netherlands), Heliospectra AB (Sweden), ams-OSRAM AG (Austria), California Lightworks (U.S.), Signify (Netherlands), Hortilux Schréder B.V. (Netherlands), Valoya Oy (Finland), ILUMINAR LIGHTING (U.S.), Bridgelux, Inc. (U.S.), Oreon Holding BV (Netherlands), Iwasaki Electric Co., Ltd. (Japan), Savant Systems, Inc. (U.S.), Ennostar Inc. (Taiwan), AB Lighting (U.K.), and EVERLIGHT Electronics Co., Ltd. (Taiwan).
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