Global Grow Lights Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Grow Lights Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

By creating a spectrum similar to sunlight, growing light acts as a substitute for sunlight, helping plants during photosynthesis. Briefly, any source that is capable of stimulating plant growth by emitting electromagnetic radiation that contributes to photosynthesis can be referred to as growing light. Several geographical areas during the year have been deprived of sunlight for a long time. The lack of sunlight in these areas affects the growth of plants and degrades the flora of the area. Plants important to important industries and important species of flowering plants are exposed to light to enhance their growth.

Market Overview:

The latest research study on the global Grow Lights market finds that the global Grow Lights market reached a value of USD 4628.62 million in 2022. It’s expected that the market will achieve USD 11174.21 million by 2028, exhibiting a CAGR of 15.82% during the forecast period.

Urban population continues to increase

According to United Nations statistics, by 2050, about 80% of the world’s population will live in cities. People keep entering the city to get training, service, work, culture and entertainment as well as everything else the city has to offer. This means that the demand for food in these areas is increasing, and the arable land around the city is very limited. Therefore, artificially grown light helps to prolong the natural daylight, thereby further improving plant health, growth rate and yield. As the urban population continues to increase, the lack of arable land around the city will drive market development.

Rising Popularity of Hydroponic Farming Systems

Farmers are increasingly shifting toward hydroponic systems for plant cultivation, due to limited access to outdoor space for gardening and cultivation. Although sunlight is a key element in the development of hydroponic systems, gardeners are increasingly opting for electrical illumination for indoor farming applications. Thus, grow light solutions are increasingly being adopted for hydroponic systems. Therefore, the rising popularity of hydroponic farming systems is expected to drive the grow lights market growth during the forecast period. Apart from the rising popularity of the hydroponic farming system, other factors such as the rising prominence of IoT in grow light technology, and the increasing application of grow lights in plant disease detection and monitoring will boost the grow lights market growth during the forecast period.

Legalization of cannabis production in the US

Legalization of cannabis production in the US is a key opportunity observed in the grow lights market. For instance, in 2012, Colorado, U.S., legalized the production of cannabis for recreational purposes. Cannabis production in the U.S. has become a profitable option for the growers, on account of the increasing demand for cannabis across the world. Indoor production of cannabis can be carried out by either vertical farming or hydroponics. Since grow lights are largely used to support vertical farming, increased production of cannabis in the country is expected to offer lucrative opportunities to the players operating in the market.

Region Overview:

USA dominated the Grow Lights market in 2022, with a market share of 33.8%.

Company Overview:

General Electric is one of the major players operating in the Grow Lights market, holding a share of 13.42% in 2023.

General Electric

GE Lighting is the professional division of General Electric specializing in lighting solutions all around the world.

Philips

The company's line of business includes the manufacturing of lighting fixtures and equipment.

Segmentation Overview:

As for product types, the LED segment held the largest market share in 2022.

HID

High-intensity discharge lights are a type of electrical gas-discharge lamp which produces light by means of an electric arc between tungsten electrodes housed inside a translucent or transparent fused quartz or fused alumina arc tube.

LED

A light-emitting diode is a semiconductor light source that emits light when current flows through it. Electrons in the semiconductor recombine with electron holes, releasing energy in the form of photons.

Fluorescent Lighting

A fluorescent lamp, or fluorescent tube, is a low-pressure mercury-vapor gas-discharge lamp that uses fluorescence to produce visible light. An electric current in the gas excites mercury vapor, which produces short-wave ultraviolet light that then causes a phosphor coating on the inside of the lamp to glow.

Application Overview:

By application, the Soil System segment occupied the biggest share from 2018 to 2022.

Hydroponics System

Hydroponics is a method of growing plants in a water based, nutrient-rich solution. Hydroponics does not use soil, instead, the root system is supported using an inert medium such as perlite, rock wool, clay pellets, peat moss, or vermiculite.

Soil System

The soil system is a specific organic whole composed of a solid phase (mineral and organic matter), liquid phase (soil moisture and soil solution) and gas phase (soil air). It shows the fertility, energy exchange and purification function.

Key Companies in the global Grow Lights market covered in Chapter 3:

Gavita
Black Dog LED
General Electric
LumiGrow
VividGro LED Grow Lights
Philips
Axlen
BIOS Lighting
Hydro Farm
Parsource
Heliospectra
CannaPro
Osram
Koray Opto-Electronic Co. Ltd.
Sun System

In Chapter 4 and Chapter 14.2, on the basis of types, the Grow Lights market from 2018 to 2029 is primarily split into:

HID
LED
Fluorescent Lighting

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Grow Lights market from 2018 to 2029 covers:

Hydroponics System
Soil System

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)