The Grow Lights Market was valued at USD 2710 million in 2020 and is expected to reach USD 7603.16 million by 2026 and grow at a CAGR of 19.5% over the forecast period (2021-2026). Grow light is a key component of the urban agriculture practices. It is generally used to provide all the light a plant needs to grow or in some cases, to supplement natural sunlight, especially in cold countries that have low daylight hours, especially in the winter season.

- An increasing number of plant factories, need for sustainable development, and rise in urban agriculture are current catalysts for the grow lights market.Fresh and nutritious vegetables, beautiful floral arrangements, fragrant herbs, etc., are in demand all year round, and it has become easier at the touch of a button with the pervasiveness of e-commerce. Indoor farming represents the largest market share, with the availability of affordable yet fashionable grow lights.
- The rise in farming companies across the world is driving global investments towards technology providers for the industry. The propensity towards high-tech farming solutions such as vertical farming is attracting investment; in July 2019, vertical farming start up InFarm raised USD 100 million in its series B funding led by Atomico.

- LED lighting solutions in the grow lighting are expected to see higher demand from various AgTech firms for cost-saving and low energy consumption benefits which in turn help reduce farming costs, farming companies across the world are expected to leverage LED-based lighting solutions to enhance their farming. For example, Scottish vertical farming technology firm Intelligent Growth Solutions (IGS) is seeing a growth in its funding; the company develops vertical farming solutions to boost LED grow light efficiency, enhancing plant production.

- In order to meet the demand agriculture industry is currently on the verge of technological change by incorporating indoor farming, vertical farming, commercial greenhouse, urban farming, etc. Such technologies are increasingly gaining traction, which is, in turn, driving the demand for agritech products such as grow to light. By recognizing the trend, governments across the world are helping farmers innovate their cultivation methods and are subsidizing such equipment to promote the adoption

- Growing environmental concerns and uncertainty over the existing rainfall patterns has led the population to invest in the domestic garden set-up willingly. The further developments in the innovative farming practices, like the vertical farming method, have been driving the growth of grow lights market. On the contrary, the high set-up and maintenance cost are hindering the growth of the market.

Key Market Trends

Indoor Farming Expected to Witness Significant Market Share

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- Indoor farming operations done in large scale require grow lights that can completely replace direct sunlight by mimicking the same. In some applications, they can even outperform sunlight. Grow lights for indoor cultivating constitute of three essential types namely fluorescent lights, HPS or HID develop lights, and LED grow lights.

- The technological advancements in the field of grow lights and affordable gardening systems are some of the factors augmenting the growth of the market with about one-third of the millennia growing herbs, indoors.

- Indoor grow lights provide the plants with the optimal red and blue wavelengths to grow big, healthy, and strong. Red light when sensed by the plants, using a special light receptor, release a hormone that keeps chlorophyll from breaking down. Hence, red light yields large, healthy plants in addition to its ability to grow flowers and seeds/fruits. With grow lights, it is possible to regulate the red light as too much red light can cause serious problems, namely lanky and spindly plants.

- A study published by the researchers from Horticultural Sciences Department at the University of Florida (August 2019) indicated that plants cultivated using a slow disco of pulsing lights have utilized reduced energy from grow lights. The scientists who have tested their idea on seedlings of kale, turnip, beet, and thale cress discovered that exposing these plants to pulsing lights (five seconds of light, ten seconds of darkness) has resulted in reduced energy usage of 30%, without any disruption in the plants growth. Such advancements could drastically reduce operational costs to the farmers (up to 25%) over a period of time.

Asia-Pacific Expected to Witness Significant Growth

- The Asia-Pacific region is one of the fastest-growing regions for grow lights. Rapid increase in urban agriculture, such as vertical farming, green houses, and growth chambers are fueling the demand for growth light in the region. Countries like Japan, Taiwan, and China are the major sources of demand for grow lights in the region and are estimated to stay so over the forecast period.​
- Traditionally, Japan was the primary source of demand for grow lights, owing to high technological advances in the urban farming technology of the country. In Japan, the urban agriculture establishments are addressed as plant factories and the country’s largest plant factory is capable of producing more than 20,000 heads of lettuce in a day, in just over a 3000-square-metre facility.
- Moreover, in the Asia-pacific region countries like Singapore, that despite producing little of its own, people in the country have better access as compared to others to affordable, abundant and high-quality produce. The country has also been ranked first in an index of food security for two years running and is now increasing its focus as the recent outbreak of coronavirus crisis has exposed the fragility of the global food supply chains.​
- As multiple countries across the globe are confronting with the prospect of increasing food demand that’s is also forecasted to rise by more than half by 2050, Singapore is finding itself at the vanguard of work in order to keep a swelling population fed while also addressing the land constraints with the threat of climate change.​

Competitive Landscape

With advancements in smart and connected systems, the grow light market is witnessing technological innovations by major players, like Signify, Everlight, among others. With more investments inclined toward large-scale deployment of grow lights, companies are seeking to merge, partner, or acquire for technical capabilities.

- June 2019 - Everlight Electronics Co. Ltd announced new horticulture, UV (UVA&UVC) and general lighting products in Guangzhou International Lighting Exhibition. The new grow light PC Red is packed in 2835 and 3030, once replacing Royal Blue & Deep red and new high-power LED in 660nm (2W, 700mA) can reach over WPE 70%.

- March 2019 - Signify, the world leader in lighting, used the Philips GreenPower LED production module range to provide the Japanese food supplier, Prime Delica, the capability to grow high-quality lettuce varieties, spinach, and coriander all year round.

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