Grow Lights Market By Offering (Hardware, Software, Services), By Technology (High Intensity Discharge (HID), Light Emitting Diode (LED), Fluorescent, Others), By Spectrum (Narrow, Broad), By Installation Type (New Installation, Retrofit), By Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf and Landscaping, Research, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global grow light market was valued at $2,421.7 million in 2021, and is projected to reach $27,348.3 million by 2031, registering a CAGR of 27.5% from 2022 to 2031. Grow lights are specialized lights used for growing indoor and commercial greenhouse plants. These lights help plants in the process of photosynthesis and boost healthy development and yield incredible products. Grow lights offer many benefits as it mimics the white light received from the sun.
The increased efficiency provided by grow lights such as LEDs is the primary factor driving growth in the grow light industry during the forecast period. Furthermore, grow lights provide greater control and scalability, accelerating the growth of the grow light market. Furthermore, the increased adoption of vertical farming is opportunistic for market growth. Given these factors, the grow light market is expected to grow at an exponential rate in the future.
The grow light market is segmented based on offering, technology, spectrum, installation type, application, and region. Based on offering, it is fragmented into hardware, software, and services. Based on technology, the market is segregated into high intensity discharge (HID), light emitting diode (LED), fluorescent and others. By spectrum, the market is divided into narrow and broad. By installation type, the market is divided into new installation, and retrofit. By application, the market is divided into indoor farming, commercial greenhouse, vertical farming, Turf & landscaping, research, and others. Region-wise, the grow light market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include BIOS Lighting, Fluence (Osram), GE Current, Heliospectra AB, HORTILUX SCHRÉDER, Kroptek, SANlight GmbH, Signify N.V., Valoya and Vertically Urban.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the grow lights market analysis from 2021 to 2031 to identify the prevailing grow lights market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the grow lights market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global grow lights market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Offering
Hardware
Software
Services
By Technology
High Intensity Discharge (HID)
Light Emitting Diode (LED)
Fluorescent
Others
By Spectrum
Narrow
Broad
By Installation Type
New Installation
Retrofit
By Application
Indoor Farming
Commercial Greenhouse
Vertical Farming
Turf and Landscaping
Research
Others
By Region
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
bios lighting
Fluence (Osram)
GE Current
heliospectra ab
hortilux schreder
Kroptek
SANlight GmbH
Signify N.V.
valoya ltd
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