In 2021, the global grow light market was valued at USD 4.23 million. It is expected to grow at a CAGR of 14.7% between 2022 and 2032.
Grow Light Market Demand
The market for agricultural LED grow lights is expected to experience healthy growth during the forecast period. Market growth is expected to be driven by the increasing use of solid-state lighting technology, and controlled environmental agriculture practices. Market growth will also be supported by the increased investment in greenhouses and vertical farms. The demand for LED grow lights will be positively impacted by legalization of cannabis cultivation in different parts of the world. Indoor farming is increasing the demand for LED grow light. There are many types of grow light options available on the market, including fluorescent lights, LED grow lights and high-pressure sodium grow lights. The LED grow lights use less energy.
LED lights will be more useful as urban farming grows. Indoor farming has seen a rise in demand for nutritious and fresh vegetables. This will fuel the market for LED agricultural grow lights. The growing demand from the poultry sector is also driving the development of LED lights for agriculture. For better chicken growth, poultry farmers turn to LED grow lights. It has been found that chickens raised under LED grow lamps produce higher quality and more quantity of eggs.
Driving Factors
Grow lights are more efficient than conventional lights due to their energy efficiency. Grow lights are highly sought after for their unique features, such as energy efficiency, cost-effectiveness, color quality, and versatility. Indoor farming has high requirements for grow lights. Growing indoor plants requires light. There are many benefits and uses for grow lights that will ultimately drive market demand.Grow lights are also required in the field of horticulture.
Global demand is high for grow lights due to their high sodium and metal-halide contents. Indoor farming is on the rise in all regions. Indoor farming is a major demand driver for grow lights. These movements encourage many industries to use grow lights. Its environmental benefits are what drive its growth. The key drivers for the growth-light market are therefore the rapidly expanding indoor farming industry and government initiatives.
Grow Light Market Restraints Factors
Growing awareness about the many benefits of grow lighting is driving up its demand. Many artificial lights have been used in the past for vertical and indoor farming. Artificial lights have many drawbacks. This has led to a growing market for grow lights. The limitations of artificial light, such as electric and fluorescent ballasts, are overcome by the grow-light. The biggest problem is the high initial cost for grow lights. Grow lights are more expensive than artificial lights in terms of capital costs. The cost of grow lights varies depending on their specification and power output. The market is limited by the high price differential of grow lights.
Grow Light Market Trends
Grow lights are required for indoor farming. They can be used to replace direct sunlight and mimic the effect. They can sometimes even surpass sunlight in some cases. Indoor cultivation lights are composed of three types: fluorescent lights, HID or HPS develop lights, and LED lights.
Technological advancements in the fields of grow lights, and affordable gardening systems are some factors that have contributed to the increase in indoor market growth.
Indoor grow lights give plants the best red and blue wavelengths for healthy and big growth. The plants sense red light and release a hormone to prevent chlorophyll from being broken down. Red light is able to produce large and healthy plants as well as seeds and fruits. You can regulate the amount of red light that is being given to plants with grow lights. Too much red light can lead to spindly and lanky plants.
Recent Developments:
Valoya has created a new range of LED lights for growing in greenhouses. The light can intensify and the new model offers several replacements.
Valoya's RX-Series range of greenhouse LEDs has been expanded by two new models, the RX500- and RX600-series. These new models can be used to replace HPS 1-1 and produce a staggering 1700 umol/s uniform light output. They can be placed up to 4 meters above the canopy because of their high light intensity.
Market Key Players:
AeroFarms, everlight electronics co. LTD., Lumigrow, Inc., Illumitex Inc.,Epistar Corporation, Bridgelux, Inc., Heliospectra AB, Hortilux Schréder, Illumitex, Black Dog Grow Technologies Inc., LumiGrow Inc, Gavita International B.V., Bridgelux Inc., Gavita Holland bv, Samsung Electronics Co. Ltd., Royal Philips Electronics N.V., Osram Licht AG, and Other Key Players
Grow Light Market Segmentation
Market.US has divided the market for Grow Light by geography (North America and Europe, APAC and South America), and the Middle East, Africa, and the Middle East. The market is divided by Applications into vertical farming, indoor farming, commercial greenhouse, and other uses. The market is further segmented by product into 300 Watt and 300 Watt. The market can be further broken down into hardware and software. The market can be divided by technology into high-intensity (hid), le, and fluorescent. The market can be divided by installation into retrofit and new installations. The market can be further divided by Spectrum into a partial and full spectrum.
Frequently Asked Questions
What is the size of the Grow Light Market?
The Grow Light Market was valued at USD 4.23 Billion in 2021. It is projected to grow to $19.12 Billion by 2032.
What is Grow Light Market?
The Grow Light Market is expected to expand at a compound annual rate of 14.7 % between 2021 and 2032, reaching $19.12 Billion in 2032.
Which segment had the largest share of the Grow Light Market?
Europe held a 32.05% share in the global grow light market in 2021. This can be attributed to increasing awareness about the importance of alternative farming due to the decreasing availability of fertile land and the growing population.
What factors are driving the Grow Light Market?
The key factors driving the growth of the light market include urban cultivation and vertical farming, and increasing adoption of organic and sustainable production methods for fruits and vegetables.
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