The global Grow light market is estimated to grow at an impressive CAGR of 8.2%. It is poised to reach a valuation of nearly US$ 11.4 Billion by 2032 from US$ 5.2 Billion in 2022.
“Establishment of controlled greenhouse chambers for food production in urban areas is anticipated to be the increase the demand for grow lights for plants in the global market.”
Rising population has lead food constraints around the world. Building artificial environmental for growing crops and horticulture plants requires provision led grow lights to provide light spectrum similar to that of sun.
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Key Takeaways:
- In terms of technology, the high-intensity discharge (HID) segment is expected to witness highest growth at 9.1% CAGR between 2022 and 2032.
- Based on application, the indoor farming segment is expected to create significant sales for grow lights.
- Sales of grow lights in the U.S are expected to increase at 8.6% CAGR during the assessment period
- Japan is expected to spearhead the growth in East Asia grow light market, registering 10.4% CAGR
- South Korea grow light market is poised to expand at 10.4% CAGR between 2022 and 2032.
Growth Drivers:
- Benefits such as energy-efficiency and longer shelf life provided by grow lights will boost the sales in the market.
- Growing adoption of precision farming and solid-state lighting technology is expected to propel the sales of grow lights.
Restraints:
- High installation and set up costs of LED grow lights might hinder the sales in the market.
- Lack of standard testing practices for assessing product quality in horticulture will limit the growth.
What are the Recent Developments Achieved by the Global Grow Light Market Players?
- Fluence Bioengineering Inc. By OSRAM launched a new model for its VYPR top light series in June 2020. These new products have now included 4 more spectra in the series resulting in an increased efficiency of 3.8 micro mol per joule and enabling growers to optimize the plant light according to requirement and geographical location.
- Valoya expanded its RX-series of grow lights for indoor plants by adding two new models in September 2020. These new models by the name of RX500 and RX600 can produce a uniform light of up to 1700 micro mol per second that can replace 1-to-1 HPS.
- Heliospectra AB launched new LED lighting solutions along with its Mitra Series at GreenTech in May 2019. It also showcased its vertical farming application based led light solutions by the name of SIERA light bar and HelioCORE light control systems.
Key Companies Profiled:
- LumiGrow Inc.
- Philips Lighting
- General Electric Company
- Lumileads Holding B.V
- Fluence Bioengineering Inc.
- Heliospectra AB
- Gravita International B.V.
- Illumitex
- OSRAM Licht Group
Key Segments
- By Component :
- Hardware Based
- IP Desktop Phones
- Audio Conference Phones
- DECT phones
- Softphones
- Services
- Maintenance
- Installation
- Consultant
- Others
- Hardware Based
- By Technology :
- LED
- Fluorescent
- High Intensity Discharge (HID)
- Others
Key Questions Covered in the Grow Light Market Report
- What is the projected value of the Grow Light factors Industry in 2022?
- At what rate will the global Grow Light factors market size grow until 2032?
- Which are the factors hampering the growth of Grow Light factors?
- Which region is expected to lead in the global Grow Light factors market By 2032?
- Which are the factors driving the Grow Light factors Industry during the forecast period?
- What is the expected market value of the Grow Light factors market during the forecast period?
Regional Analysis For Grow Light Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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