Grow Light Market: Global Industry Forecast (2022-2029) by Technology, Installation, Application, and Region

Grow Light Market was valued at US$ 1.79 Bn. in 2021 and the total Grow Light revenue is expected to grow at 24.9% from 2022 to 2029, reaching nearly US$ 10.6 Bn.
Grow Light Market Overview:
Rising urban cultivation, vertical farming & increasing adoption of eco-friendly production of fruits & vegetables is enhancing the growth of the grow light market. The unprecedented growth of the worldwide population has also improved the demand for urban agriculture. The practice of vertical farming, which involves growing food in vertically stacked layers in structures like old warehouses, skyscrapers, or shipping containers, is also promoting market growth towards the north. Grow light helps in ranging the hours of the natural daylight which further rises the health, growth rate, & yield of the plants ion. Crop availability can be increased by using artificial lights like plasma, LED, and high-pressure sodium lighting (throughout a season). Growing population & a lack of fertile agricultural land are the two main reasons expected to drive market growth during the forecast period.
Grow Light Market Report Scope:
The Grow Light market is segmented based on Technology, Installation, Application, and Region. The growth of various segments helps report users in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the target market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.

A bottom-up approach has been used to estimate the market size. Key Players in the Grow Light market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Grow Light market include Royal Philips, General Electric Company, Gravitas Holland B.V., LumiGrow, Inc., Heliospectra AB.

The report is not only a representation of global players but also covers the market holding of local players in each country. Market structure by country with market holding by market leaders, market followers, and local players make this report a comprehensive and insightful industry outlook. The report has covered the mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the market by region, by investment, and their strategic intent.



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Grow Light Market Dynamics:
Extraordinary advantages like energy-efficiency & longer life associated with LED grow lights over traditional lighting technologies.

In terms of energy efficiency, lifespan, adaptability, & color quality, LED-based grow lights have outperformed all conventional lighting technologies. As a result of their increasing cost competitiveness, LED grow lights are widely active in applications like vertical farms, indoor farms & greenhouses. Many plants are grown indoors under grow lights. The spectrum of grow lights can be changed based on the needs of the plants. The usage of various grow light helps assure the growth and development of plants. High-intensity discharge (HID) lamps are the lighting source of choice for horticultural growers for both indoor & outdoor applications.

These lamps are easily accessible, reasonably priced, and capable of supplying the level of light intensity required for plant growth. To get the complete light spectrum for plants, growers have blended HID lamps such high-pressure sodium (HPS) lamps & metal-halide (MH) lamps. However, these lamps produce too much heat and use a lot of electricity. Due to the need to regulate the temperature in the growing units, farmers must install cooling systems, which raises their energy costs. All of these aspects have increased the need for more durable and energy-efficient lighting options for horticulture.



High setup & installation costs of LED grow lights:

The use of LED grow lights is increasing as more people become aware of the advantages that these products may provide. Indoor plant growth has utilised a variety of artificial lighting sources. In the past, HPS & electric ballasts were frequently active in indoor farming as efficient light sources. These days, LED grow lights are popular because they eliminate the shortcomings of HPS, fluorescent (FL), metal halide, and electric ballast lighting. In contrast to conventional lighting technologies like FL & HID lamps, good-quality LED grow lights demand a larger initial investment. This is primarily due to the arrays of LEDs that are specifically created for horticultural applications that are present in each LED grow light unit.

For commercial indoor growing, a top-notch, full-spectrum LED grow light can be put as the main light source. Depending on the power output & other specs, the price may range from USD 2,000 to USD 3,000. A high-powered plasma grow light is less expensive than a high-powered induction grow light, which costs USD 1,300 or more. Nearly USD 3,000. These grow lights are more expensive than a 1,000-watt HPS light, which is suitable for photosynthesis and costs between USD 100 and USD 150. The farmers are prohibited from implementing energy-efficient grow light technologies like LED, induction lighting, and plasma lighting by this huge price differential.

Authorization of cannabis in different nations.

The legalization of cannabis growing has also raised the need for greenhouses & vertical farms, which is fueling a rise in the need for LED-based grow lights. Numerous aspects must be taken into account when growing cannabis in a sunless environment. For instance, produce might be harmed by the heat from HPS lamps. Consequently, LEDs, which operate at considerably lower temperatures, may be a way to reduce the amount of heat that is produced. Businesses using vertical farming to grow cannabis have seen a considerable increase in output. For instance, the deployment of LED systems by MedMen Cannabis Vertical Farm (US), a horticulture lighting company owned by SRAM (Germany), led to a reduction in production time, a decrease in the cost per pound of the finished product, a reduction in energy consumption, and a reduction in the heating, ventilation, & air conditioning (HVAC) load. Although there hasn't been much involvement of cannabis cultivation on a large scale in the grow lights market, some factors that can be expected as some of the potential growth opportunities for the market include the rising demand for cannabis, technology support, an increase in the number of vertical farms & developing LED technology that would significantly lower the cost of lighting.

Lack of common testing procedures to evaluate the quality of grow lights & their fixtures

The lack of standardized testing procedures for evaluating the quality of products, especially for emerging technologies like LED, induction, and plasma, is a significant barrier for the lighting technology business. Quality assurance is monitored by specific organisations in the US and other developed nations, but there are no such standards in many emerging economies. For instance, the American National Standards Institute (ANSI), the National Electrical Manufacturers Association (NEMA), and the Illuminating Engineering Society of North America (IES) have been collaborating with the US Department of Energy (DOE) to develop standards for SSL. Additionally, a product's quality assessment is necessary primarily to confirm its lumen output & working life. Based on years of research & testing, producers of LED grow lights say that the operational lifetime of their products is between 30,000 hours and 50,000 hours. However, each manufacturer makes LEDs using a different method, therefore their testing procedures also vary. It is therefore challenging to precisely evaluate the lifespan of LED grow lights, and It is possible for manufacturers to make exaggerated claims about their goods. Therefore, it is crucial to reach an understanding and create standardized testing procedures to assess the quality of products.
Grow Light Market Segment Analysis:
Based on technology, the market is segmented by High Intensity Discharge (HID), LED, fluorescent & plasma. The HID segment led the Grow Light Market in terms of revenue in the year 2021 commanding a market share of more than 36 percent. The HID is mainly used for commercial growing such as commercial greenhouses and vertical farms. Whereas the LED sector is estimated to dominate during the forecast period. The government's measures to embrace energy-efficient LEDs & rising urban horticulture are expected to drive the LED market. When they cost more, LED bulbs perform at their peak efficiency. LEDs provide the desired light at the precise wavelength. It can concurrently provide a dual band spectrum. All stages of growth can benefit from LEDs. LEDs are more expensive initially but become less expensive with time. During the forecast period, the plasma segment is expected to develop at the highest CAGR. Full-spectrum light resembling that of sunlight is provided by plasma lamps. These lights have a longer lifespan & generate less heat. Even though they provide light with a similar intensity to HID and LED, plasma lights use a lot less energy than other technology kinds. Although they are expensive at first, plasma lights become more affordable over time. Both vegetative & blooming development can benefit from plasma lighting.

Based on application segment market is segmented by indoor farming, vertical farming, commercial greenhouses, & other. With a market share of more than 44%, the commercial greenhouse segment dominated the market in terms of revenue in the year 2021. The use of grow lights is increasing, which is credited with contributing to this growth. During the forecast period, it is expected that factors like increasing technological developments in grow lights & rising adoption of vertical and indoor farming will propel the application sector. In countries like Japan, China, & the Netherlands, the vertical farming industry is well-accepted.
Grow Light Market Regional Insights:
In terms of revenue, the Europe region held largest market share of more than 32% in total Grow Light Market in year 2021 and is expected to maintain its dominance throughout the forecast period. Growing population & a lack of fertile agricultural land are the two main causes expected to drive market demand. Growing awareness of the value of alternative farming is another aspect. Due to the increased adoption of genetically modified crop technologies, the Asia Pacific regional market is likely to have considerable growth during the forecast period. Furthermore, to cut energy usage, a number of nations in this region are switching to LED lights. Greenhouse gas emissions could be reduced by switching to LED light bulbs in place of conventional incandescent ones. Demand in the African region is expected to be driven by the region's growing urban population and the commercialization of indoor farming. However, the shortage of funding to construct cutting-edge vertical farms and restricted access to water and land are expected to impede regional expansion in Africa. Vertically piled wooden boxes and sack gardens are only two of the many techniques used in the region to address these issues.
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Grow Light Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 1.79 Bn.


Forecast Period 2022 to 2029 CAGR:
24.9%
Market Size in 2029:
US $ 10.6 Bn.


 Segments Covered:
by Technology
• HID
• LED
• Fluorescent
• Induction
• Plasma


by Installation
• New
• Retrofit


by Application
• Indoor Farming
• Vertical Farming
• Commercial Greenhouse
• Research



Grow Light Market by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Grow Light Market Key Players
• Royal Philips
• General Electric Company
• Gavita Holland B.V.
• LumiGrow, Inc.
• Heliospectra AB
• Borst Bloembollen B.V.
• Transcend Lighting Inc.
• Sunlight Supply Inc.
• Beacon Lighting India
• Walters Garden, Inc.
• Osram Licht AG
• Green Sense Farms
• Eye Hortilux
• ILUMINAR Lighting
• A Daintree Company
• PARsource
• A Savant Company
• Hubbell

FAQs:

1. Which region has the largest share in Global Grow Light Market?
Ans: Asia Pacific region holds the highest share in 2021.

2. What is the growth rate of Global Grow Light Market?
Ans. The Global Grow Light Market is growing at a CAGR of 24.9% during forecasting period 2022-2029

3. What is scope of the Global Grow Light market report?
Ans. Global Grow Light Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period

4. What is the projected market size & growth rate of the Grow Light Market?
Ans. Grow Light Market size was valued at US$ 1.79 Billion in 2021 and the total Grow Light revenue is expected to grow at 24.9% through 2022 to 2029, reaching nearly US$ 10.6 Billion.

5. What segments are covered in the Grow Light Market report?
Ans. The segments covered are Technology, Installation, Application and Region.