Global Grow Lights Market, By Product (<300 Watt, > 300 Watt), System (Hardware, Software), Wattage (Low Power, Medium Power, High Power),Technology (High Intensity Discharge (HID), Light Emitting Diode (LED), Fluorescent, Others), Installation Type (New Installations, Retrofit Installations), Spectrum (Full-Spectrum, Partial Spectrum), Application (Indoor Farming, Vertical Farming, Commercial Greenhouse, Turf and Landscaping, Others) - Industry Trends and Forecast to 2029
Market Analysis and Size
The major factors which drives the market growth are spreading message by government regulations supporting the growth of cutting-edge technology, an rising trend in indoor agriculture and durable technologies, and energy-efficient. LED grow lights are unique LED lights used for indoor plant growth. These lights help plants photosynthesize and promote healthy development. LED growth lights offer several benefits over other lighting technologies. It includes higher efficiency, full-spectrum use, longer life, lower temperature, compact size, and government rebates. Furthermore, the lack of standardization upsurges the risk of buying incompatible parts, restraining the market growth of the LED grow lights market.
Data Bridge Market Research analyses that the grow lights market was valued at USD 1474.05 million in 2021 and is expected to reach USD 2367.20 million by 2029, registering a CAGR of 6.10% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
A grow light is an artificial source of light that emits light in the electromagnetic spectrum to promote the process of photosynthesis and accelerate growth in plants. It is usually available in light-emitting diodes (LED), fluorescent, high-intensity discharge (HID), and incandescent variants. Grow lights are used when there is not enough sunlight for the growth of plants naturally. This can be due to a lack of winter sun, insufficient outdoor space for the garden, or other reasons. Grow lights mainly work in two ways. They can be designed to provide plants with an extensive range of light that simulates the sun or adjust the spectrum of light designed to grow a particular plant. Plants have different light cycles at several cultivation levels and use growth light to stimulate these light cycles, imitate sunlight, and upsurge the yield of plants to vegetables and fruits.
Grow Lights Market Regional Analysis/Insights
The grow lights market is analyzed and market size insights and trends are provided by country, product, system, wattage, technology, installation, spectrum and application as referenced above.
The countries covered in the grow lights market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa.
Asia-Pacific dominates the grow lights market in terms of market share and revenue and will continue to flourish its dominance during the forecast period. This is due to the rising demand for grow lights in this region. The Asia-Pacific region dominates the grow lights market, with Japan leading the way in terms of technological advancement and rising commercial vertical farms. Due of the ease of technological advancement and rising commercial vertical farms, Japan is leading the Asia-Pacific market.
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Competitive Landscape and Grow Lights Market Share Analysis
The grow lights market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to grow lights market.
Some of the major players operating in the grow lights market are:
- Signify Holding (Netherlands)
- OSRAM Gmbh (Germany)
- Gavita International B.V (Netherlands)
- Valoya (Finland)
- California LightWorks (US)
- Helliospectra AB (Sweden)
- Black Dog Grow Technologies Inc. (U.S.)
- Bridgelux Inc. (U.S.)
- Cree LED (U.S.)
- EVERLIGHT ELECTRONICS CO. LTD. (Taiwan)
- Lumigrow (U.S.)
- Samsung (South Korea)
- Savant Systems Inc. (U.S.)
- AeroFarms (US)
- Hortilux Schréder (Netherlands)
- Koninklijke Philips N.V. (Netherlands)
- Alta LED Corporation (US)
- Epistar (Taiwan) General Electric (US)
- Illumitex Inc, (US)
- Shenzhen Juson Technology Co. Ltd. (China)
- Iwasaki Electric Co. Ltd (Japan)
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Major TOC of the Report
- MARKET SEGMENTATION
- MARKET OVERVIEW
- EXECUTIVE SUMMARY
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