NEW YORK, April 5, 2022 /PRNewswire/ — The global grow light market is poised to expand at over 8.2% CAGR between 2022 and 2032, finds Fact.MR. Growth is primarily attributed to rising application of LED grow lights for indoor farming.
Overall sales in the market are projected to reach a valuation of US$ 5.2 Bn in 2022, with the market size increasing two-fold by the end of 2032. Grow lights are extensively used for indoor plants, especially in greenhouse chambers, for food production.
With growing population across the globe, need for crops and food has burgeoned. On account of this, need for artificial environment for crops and horticulture plants is increasing. Building this kind of environment for crop production requires provision LED grow lights as an alternative to the natural light.
This is expected to drive the sales of grow lights over the forecast period of 2022 to 2032. Fact.MR opines, backed by these aforementioned factors, the demand for grow lights is expected to surpass US$ 11.4 Bn by 2032.
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Additionally, surging trend of precision farming, especially in emerging economies such as India and China, is aiding the growth in the market. Government in these countries are emphasizing on developing sustainable agricultural management through controlled farming.
Subsequently, to conserve soil, water, and light for the growth and production of food crops in unsuitable areas will propel the sales of grow lights. Hence, key players are adopting new technologies to develop efficient products to cater to the rising demand.
Besides this, trend of integrating plant science and semiconductor technology for aeroponics and vertical farming will create remunerative growth opportunities for the market. These modern farming methods and advanced technology requires grow light bulbs.
|
Report Attributes |
Details |
|
Grow Light Market (2022A) |
US$ 5.2 Bn |
|
Estimated Market Value (2025) |
US$ 6.6 Bn |
|
Projected Market Value (2032) |
US$ 11.4 Bn |
|
Global Growth Rate (2022-2032) |
8.2% CAGR |
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.
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Competitive Landscape:
Key players operating in grow light market are developing efficient new devices for indoor farming to gain competitive edge. Some of the players are eyeing developing markets such as India and China to cater to the growing demand for grow light bulbs, increasing revenue.
Meanwhile, other players are adopting inorganic growth strategies such as mergers and acquisition to expand their product portfolio and strengthen their global footprints.
For instance:
- In January 2022, Lighting, a U.S.-based premier LED grow light provider with a focus on the cannabis industry announced the launch of its new LED grow light, the AB520, at CannaCon Northeast Cannabis.
- In April 2021, Pozeen unveiled its new commercial grade LED grow lights for greenhouse and indoor cultivation.
Key Companies Profiled by Fact.MR
- LumiGrow Inc.
- Philips Lighting
- General Electric Company
- Lumileads Holding B.V
- Fluence Bioengineering Inc.
- Heliospectra AB
- Gravita International B.V.
- Illumitex
- OSRAM Licht Group
- Sunlight Supply Inc.
More Valuable Insights on Grow Light Market
In the latest study, Fact.MR’s offers crucial insights on the global grow light market by scrutinizing key growth drivers, trends and opportunities for the forecast period of 2022 to 2032. This study also covers the factors affecting the growth in grow light market through detailed segmentation as follows:
By Component:
- Hardware Based
- IP Desktop Phones
- Audio Conference Phones
- DECT Phones
- Softphones
- Services
- Maintenance
- Installation
- Consultant
- Others
By Technology:
- LED
- Fluorescent
- High Intensity Discharge (HID)
- Others
By Application:
- Indoor Farming
- Vertical Farming
- Greenhouse
- Research
- Turf
- Others
By End Use:
- BFSI
- Healthcare
- Retail
- Government Organizations
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
Key Questions Covered in the Grow Light Market Report
- At what rate will the global grow light market grow until 2032?
- What is the projected market value of grow light market in 2022?
- Which are the factors restraining the growth of the grow light market?
- Which are the factors propelling the growth in global grow light market?
- Who are the leading players in the global grow light market?
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SOURCE Fact.MR
Source: PRNewswire