Grow Light Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Grow Light by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Grow Light , The grow light market size has grown rapidly in recent years. It will grow from $3.63 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to cultivation of high-value crops, research in plant grow, advancements in fluorescent and hid light, industry regulations and legalization, increased demand for year-round produce..

The grow light market size is expected to see rapid growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to expansion of vertical farming, research and development initiatives, increasing demand for indoor agriculture, rise in cannabis cultivation, focus on sustainable solutions.. Major trends in the forecast period include urban agriculture and vertical farming, regulatory shifts towards cannabis cultivation, horticultural research and development, smart and connected lighting, customized light spectrum..

The growing adoption of indoor farming practices is significantly contributing to the growth of grow light market going forward. Indoor farming refers to the method of cultivating crops or plants, typically on a large scale, entirely indoors. Grow lights are employed in indoor farming when there is a dearth of natural light since they mimic or even outperform sunlight in terms of plant development. For instance, according to the Guardian, a UK-based daily newspaper, investments in indoor farming increased by over $1bn in 2021, exceeding the combined investment generated in previous years. Therefore, the growing adoption of indoor farming practices is driving the grow light market.

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The grow light market covered in this report is segmented –

1) By Type: Light Emitting Diode (LED), High Intensity Discharge (HID), Plasma, Fluorescent

2) By Spectrum: Full-Spectrum, Partial Spectrum

3) By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Other Applications

Product innovation is the key trend gaining popularity in the grow light market. Major companies operating in the grow light market are focusing on manufacturing innovative grow lights to improve their energy efficiency and offer more in terms of spectrum and applications. For instance, in September 2021, Growealth a US-based manufacturer of grow lights launched an innovative line of grow lights for efficient plant growth. The maximum Par/Lumen output is offered by these innovative surface-mounted diodes. It is ideal for silent operation indoors because there is no fan noise and the aluminum board it is made of makes it strong and long-lasting. Additionally, it has a clever input voltage adjustment that ranges from 110V to 277V, making it compatible with various power cables and plugs from various countries.

The grow light market report table of contents includes: