Overview and Scope
Grow light refers to artificial lighting designed to substitute natural sunlight that encourages indoor plant photosynthesis and provides the right color spectrum where the plant can grow and flourish.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Europe was the largest region in the grow light market in 2023. Asia-Pacific is expected to be the fastest-growing region in the grow light market report during the forecast period. The regions covered in the grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the grow light market are increasing their focus on introducing indoor garden lights to gain a competitive edge in the market. Indoor garden lights are lighting fixtures designed for cultivating plants and supporting indoor gardening activities. For instance, in October 2023, AeroGarden, a US-based home gardening company, launched a new series of indoor grow lights for houseplants. The product line features tabletop grow lights, stem grow lights, and LED grow light panels that use full-spectrum LED technology to provide the necessary light for indoor plants to thrive. These lights are ideal for areas with limited natural light, making them an excellent solution for indoor gardening enthusiasts.
The grow light market report table of contents includes:
1. Executive Summary
2. Grow Light Market Characteristics
3. Grow Light Market Trends And Strategies
4. Grow Light Market – Macro Economic Scenario
5. Global Grow Light Market Size and Growth.
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32. Global Grow Light Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Grow Light Market
34. Grow Light Market Future Outlook and Potential Analysis
35. Appendix
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