Global Grow Light Market Size Study, By Application, By Product, By System, By Technology, By Installation, By Spectrum, and Regional Forecasts 2022-2032

Description

The Global Grow Light Market, valued at USD 1.58 billion in 2023, is projected to grow at a robust CAGR of 26.5% from 2024 to 2032, reaching USD 13.11 billion by the end of the forecast period. The adoption of advanced farming techniques such as vertical farming and indoor cultivation, coupled with the growing emphasis on environment-friendly food production, is driving market expansion. The demand for grow lights is further boosted by urban population growth and the consequent need for space-efficient agricultural practices.

Grow lights, utilizing technologies such as LEDs and plasma lighting, extend natural daylight hours, enhancing plant growth, health, and yield. These lights play a pivotal role in alternative farming practices, which address challenges like limited fertile agricultural land and climatic unpredictability. Indoor farming, enabled by controlled-environment agriculture (CEA), offers year-round crop production, optimizing light, temperature, and water conditions to boost productivity.

The <300 Watt segment leads the market, driven by its energy efficiency, reduced heat generation, and cost-effectiveness, making it suitable for small to medium-scale growers. LED technology is anticipated to dominate, fueled by government incentives and its ability to provide tailored lighting solutions for various growth stages. Furthermore, the demand for full-spectrum grow lights is expected to surge as they replicate sunlight and cater to every growth stage of plants.

Europe holds the largest regional share, attributed to its focus on alternative farming practices and the adoption of energy-efficient technologies. Asia Pacific is poised for significant growth, driven by advancements in genetically modified crops and increasing adoption of LEDs for sustainable farming.

Major market players included in this report are:

AeroFarms
EVERLIGHT ELECTRONICS CO., LTD.
GAVITA Holland bv
Heliospectra AB
Hortilux Schreder
Illumitex
LumiGrow Inc.
Osram Licht AG
Panasonic
Toshiba

The detailed segments and sub-segments of the market are explained below:

By Application

Indoor Farming
Vertical Farming
Commercial Greenhouse
Others

By Product

<300 Watt
300 Watt

By System

Hardware
Software

By Technology

High Intensity Discharge (HID)
LED
Fluorescent
Plasma

By Installation

New Installation
Retrofit

By Spectrum

Partial Spectrum
Full Spectrum

By Region:

North America
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
Asia Pacific
- China
- India
- Japan
South America
- Brazil
Middle East & Africa
- Saudi Arabia
- UAE
Years Considered for the Study
Historical Year: 2022
Base Year: 2023
Forecast Period: 2024-2032

Key Takeaways:

Market estimates and forecasts for 10 years (2022-2032).
Detailed analysis of geographical regions with country-level data.
Analysis of key business strategies and growth tactics.
Insights into market dynamics, including drivers, restraints, and opportunities.
In-depth competitive landscape and company profiling.

Chapter 1. Global Grow Light Market Executive Summary

1.1. Global Grow Light Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Application
- 1.3.2. By Product
- 1.3.3. By System
- 1.3.4. By Technology
- 1.3.5. By Installation
- 1.3.6. By Spectrum
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Grow Light Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Grow Light Market Dynamics

3.1. Market Drivers
- 3.1.1. Urban Cultivation and Vertical Farming Growth
- 3.1.2. Adoption of Sustainable Farming Practices
- 3.1.3. Technological Advancements in Grow Lights
3.2. Market Challenges
- 3.2.1. High Initial Costs of Advanced Grow Light Systems
- 3.2.2. Supply Chain Disruptions and Raw Material Availability
3.3. Market Opportunities
- 3.3.1. Expansion of LED Technologies for Energy Efficiency
- 3.3.2. Rising Investments in Controlled-Environment Agriculture

Chapter 4. Global Grow Light Market Industry Analysis

4.1. Porter's Five Forces Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunity
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Grow Light Market Size & Forecasts by Application (2022-2032)

5.1. Segment Dashboard
5.2. Global Grow Light Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 5.2.1. Indoor Farming
- 5.2.2. Vertical Farming
- 5.2.3. Commercial Greenhouse
- 5.2.4. Others

Chapter 6. Global Grow Light Market Size & Forecasts by Product (2022-2032)

6.1. Segment Dashboard
6.2. Global Grow Light Market: Product Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 6.2.1. <300 Watt
- 6.2.2. >300 Watt

Chapter 7. Global Grow Light Market Size & Forecasts by System (2022-2032)

7.1. Segment Dashboard
7.2. Global Grow Light Market: System Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 7.2.1. Hardware
- 7.2.2. Software

Chapter 8. Global Grow Light Market Size & Forecasts by Technology (2022-2032)

8.1. Segment Dashboard
8.2. Global Grow Light Market: Technology Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 8.2.1. High Intensity Discharge (HID)
- 8.2.2. LED
- 8.2.3. Fluorescent
- 8.2.4. Plasma

Chapter 9. Global Grow Light Market Size & Forecasts by Installation (2022-2032)

9.1. Segment Dashboard
9.2. Global Grow Light Market: Installation Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 9.2.1. New Installation
- 9.2.2. Retrofit

Chapter 10. Global Grow Light Market Size & Forecasts by Spectrum (2022-2032)

10.1. Segment Dashboard
10.2. Global Grow Light Market: Spectrum Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 10.2.1. Partial Spectrum
- 10.2.2. Full Spectrum

Chapter 11. Global Grow Light Market Size & Forecasts by Region (2022-2032)

11.1. North America Grow Light Market
- 11.1.1. U.S. Grow Light Market
  - 11.1.1.1. Technology Breakdown Size & Forecasts, 2022-2032
  - 11.1.1.2. Spectrum Breakdown Size & Forecasts, 2022-2032
- 11.1.2. Canada Grow Light Market
- 11.1.3. Mexico Grow Light Market
11.2. Europe Grow Light Market
- 11.2.1. Germany Grow Light Market
- 11.2.2. U.K. Grow Light Market
11.3. Asia Pacific Grow Light Market
- 11.3.1. China Grow Light Market
- 11.3.2. India Grow Light Market
- 11.3.3. Japan Grow Light Market
11.4. South America Grow Light Market
- 11.4.1. Brazil Grow Light Market
11.5. Middle East & Africa Grow Light Market
- 11.5.1. Saudi Arabia Grow Light Market
- 11.5.2. UAE Grow Light Market

Chapter 12. Competitive Intelligence

12.1. Key Company SWOT Analysis
- 12.1.1. AeroFarms
- 12.1.2. EVERLIGHT ELECTRONICS CO., LTD.
- 12.1.3. Osram Licht AG
12.2. Top Market Strategies
12.3. Company Profiles
- 12.3.1. AeroFarms
  - 12.3.1.1. Key Information
  - 12.3.1.2. Overview
  - 12.3.1.3. Financials (Subject to Data Availability)
  - 12.3.1.4. Product Summary
  - 12.3.1.5. Market Strategies
- 12.3.2. Osram Licht AG
- 12.3.3. EVERLIGHT ELECTRONICS CO., LTD.

Chapter 13. Research Process

13.1. Research Process
- 13.1.1. Data Mining
- 13.1.2. Analysis
- 13.1.3. Market Estimation
- 13.1.4. Validation
- 13.1.5. Publishing
13.2. Research Attributes