Grow Lights Market by Offering (Hardware, Software, Services), Type (Fluorescent, LED, HID), Application (Conventional Farming, Horticulture, Poultry), Wattage, Farming Types (Horizontal, Vertical), Sales Channel, and Geography

Description

List of Tables

Grow Lights Market Size, Share, Forecast, & Trends by Offering, Type (Fluorescent, LED, HID), Application (Conventional, Horticulture, Poultry), Wattage, Farming Types (Horizontal, Vertical), Sales Channel, and Geography-Global Forecast to 2031.

The research report titled, 'Grow Lights Market Size, Share, Forecast, & Trends Analysis by Offering, Type (Fluorescent, LED, HID), Application (Conventional, Horticulture, Poultry), Wattage, Farming Types (Horizontal, Vertical), Sales Channel, and Geography-Global Forecast to 2031,' provides in-depth analysis of the grow lights market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The grow lights market is projected to reach $10.3 billion by 2031, at a CAGR of 20.6% from 2024 to 2031. The growth of this market is driven by the increasing R&D initiatives aimed at developing hybrid plants and crops, the rising adoption of vertical farming, the growing need to enhance agricultural production efficiency, food safety, and the quality of fruits & vegetables, and the increasing adoption of urban farming. However, the high setup costs associated with grow lights may restrain the market's growth.

Furthermore, technological advancements in LED grow lights and the integration of smart technologies in farming are expected to offer significant market growth opportunities. However, the diverse requirements of lighting spectrums for different plants and crops, along with the absence of standard testing practices to assess the product quality of horticulture lights and fixtures, are some of the challenges impacting the market's growth.

The grow lights market is segmented by offering, type, application, wattage, and sales channel. This study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering type, the grow lights market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the grow lights market. This segment's large market share is attributed to the growing adoption of indoor farming and controlled environment agriculture, increasing emphasis on developing sustainable agricultural management through controlled farming, and government initiatives aimed at promoting the adoption of precision farming in emerging economies.

Based on type, the grow lights market is segmented into fluorescent grow lights, incandescent grow lights, LED grow lights, HID grow lights, hybrid grow lights, and full LED grow lights. In 2024, the LED grow lights segment is expected to account for the largest share of the grow lights market. The large market share of this segment is driven by several factors, including the growing trend of indoor farming, which boosts the adoption of LED grow lights, the increasing demand for energy-efficient and long-lasting lighting technology, especially with the emergence of vertical farms in urban areas, and the rising need for precise control over the light spectrum emitted by grow lights, allowing growers to meet the specific needs of their plants at different growth stages. Furthermore, LED lights offer better support for plant growth in comparison to other lighting options, promoting healthy photosynthesis and reducing bacteria buildup on leaves. LED grow lights also have a significantly extended lifespan than other types of grow lights.

Based on application, the grow lights market is segmented into conventional farming, horticulture, poultry, tissue culture, and growth chambers. In 2024, the horticulture segment is expected to account for the largest share of the grow lights market. This segment's large market share can be attributed to several factors, such as the rising need to extend growing seasons and cultivate crops year-round, the increasing adoption of grow lights to optimize space utilization in vertical farming and indoor horticulture, and the growing need to support the cultivation of a diverse range of horticultural crops.

Based on wattage, the grow lights market is segmented into 18W to 250W, 250W to 500W, 500W to 750W, and 750W to 1000W. In 2024, the 500W to 750W segment is expected to account for the largest share of the grow lights market. High-power lights generate significant heat and can be used for extended periods without harming plants, making them ideal for large-scale production. Commercial horticulture relies on high-wattage grow lights to accelerate plant growth and boost production. These factors contribute to the large market share of this segment.

Based on farming type, the grow lights market is segmented into horizontal farming and vertical farming. In 2024, the vertical farming segment is expected to account for the larger share of the grow lights market. Vertical farming maximizes space utilization by stacking growing layers vertically, enabling year-round crop cultivation with grow lights regardless of seasonal changes or external conditions. This method ensures consistent food production and reduces reliance on traditional outdoor farming. The large market share of this segment is attributed to the increased crop production within compact infrastructures and the growing demand for grow lights to provide precise control over light spectrum, intensity, and photoperiod, optimizing plant growth and maximizing crop yields in vertical farming systems.

Based on sales channel, the grow lights market is segmented into retail and e-commerce. In 2024, the e-commerce segment is expected to account for the larger share of the grow lights market. The large market share of this segment is attributed to the increasing purchases of grow lights from e-commerce platforms, which offer customers a convenient and comfortable shopping experience. Through e-commerce platforms, customers can easily compare different brands and prices of grow lights and make purchases anytime and from anywhere. This convenience allows customers to browse, compare, and buy grow lights from the comfort of their homes. Additionally, e-commerce platforms often offer competitive pricing for grow lights due to lower overhead costs compared to traditional brick-and-mortar stores.

Based on geography, the grow lights market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the grow lights market. North America's significant market share can be attributed to several factors, including advancement in farming technologies, strong government support to promote the agriculture industry, legalization of cannabis for medicinal and recreational use in various North American countries and states, a growing demand for high-value crops, increasing need for consistent and reliable crop production regardless of external environmental conditions, and the rising adoption of indoor farming and controlled environment agriculture (CEA) practices across the region.

Key Players:

The key players operating in the grow lights market are Gavita International B.V (Netherlands), Heliospectra AB (Sweden), ams-OSRAM AG (Austria), California Lightworks (U.S.), Signify (Netherlands), Hortilux Schreder B.V. (Netherlands), Valoya Oy (Finland), ILUMINAR LIGHTING (U.S.), Bridgelux, Inc. (U.S.), Oreon Holding BV (Netherlands), Iwasaki Electric Co., Ltd. (Japan), Savant Systems, Inc. (U.S.), Ennostar Inc. (Taiwan), AB Lighting (U.K.), and EVERLIGHT Electronics Co., Ltd. (Taiwan).

Key questions answered in the report-

Which are the high-growth market segments based on technology, portability, distribution channel, end user, and geography?
What was the historical market for the grow lights market?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, opportunities, and challenges in the grow lights market?
Who are the major players in the grow lights market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the grow lights market?
What are the different strategies adopted by the major players in the grow lights market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the grow lights market, and how do they compete with the other players?

Scope of the Report:

Grow Lights Market Assessment-by Offering

Hardware
- Heat Sink
- Light source
- Controller
- Drivers
Software
Services

Grow Lights Market Assessment-by Type

Fluorescent Grow Lights
Incandescent Grow Lights
LED Grow Lights
HID Grow Lights
Hybrid Grow Lights
Full LED Grow Lights

Grow lights Market Assessment-by Application

Conventional Farming
Horticulture
- Hydroponics
- Aquaponics
- Floriculture
- Aeroponics
Poultry
Tissue Culture
Growth Chambers

Grow lights Market Assessment-by Wattage

18W to 250W
250W to 500W
500W to 750W
750W to 1000W

Grow lights Market Assessment-by Farming

Horizontal Farming
Vertical Farming

Grow lights Market Assessment-by Sales Channel

Retail
E-commerce

Grow lights Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Denmark
- Sweden
- Finland
- Norway
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Indonesia
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- Israel
- Saudi Arabia
- UAE
- Rest of Middle East & Africa

Product Code: MRSE - 104840

1. Market Definition & Scope

1.1 Market Definition
1.2 Market Ecosystem
1.3 Currency and Limitations
1.4 Key Stakeholders

2. Research Methodology

2.1 Research Approach
2.2 Process of Data Collection & Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
2.3 Market Sizing and Forecast
- 2.3.1 Market Size Estimation Approach
- 2.3.2 Growth Forecast Approach
2.4 Assumptions for the Study

3. Executive Summary

4. Market Insights

4.1 Overview
4.2 Grow Lights Market Drivers: Impact Analysis (2024-2030)
- 4.2.1 Increasing R&D Initiatives to Develop Hybrid Plants & Crops
- 4.2.2 Rising Adoption of Vertical Farming
- 4.2.3 Increasing Requirement for Improving Agricultural Production Efficiency, Food Safety, and Fruits & Vegetable Quality
- 4.2.4 Rising Adoption of Urban Farming
4.3 Grow Lights Market Restraints: Impact Analysis (2024-2030)
- 4.3.1 High Set-up Costs
4.4 Grow Lights Market Opportunities: Impact Analysis (2024-2030)
- 4.4.1 Technological Advancement in LED Grow Lights
- 4.4.2 Penetration of Smart Technologies in Farming
4.5 Grow Lights Market Challenges: Impact Analysis (2024-2030)
- 4.5.1 Varying Requirement of Lighting Spectrum for Different Plants & Crops
- 4.5.2 Lack of Standard Testing Practices for Assessing Product Quality of Horticulture Lights and Fixture
4.6 Case Studies
4.7 Value Chain Analysis

5. Global Grow Lights Market Assessment-by Offering

5.1 Overview
5.2 Hardware
- 5.2.1 Heat Sink
- 5.2.2 Light Source
- 5.2.3 Controller
- 5.2.4 Drivers
5.3 Software
5.4 Services

6. Global Grow Lights Market Assessment-by Type

6.1 Overview
6.2 Fluorescent Grow Lights
6.3 Incandescent Grow Lights
6.4 LED Grow Lights
6.5 HID Grow Lights
6.6 Hybrid Grow Lights
6.7 Full LED Grow Light

7. Global Grow Lights Market Assessment-by Application

7.1 Overview
7.2 Conventional Farming
7.3 Horticulture
- 7.3.1 Hydroponics
- 7.3.2 Aquaponics
- 7.3.3 Floriculture
- 7.3.4 Aeroponics
7.4 Poultry
7.5 Tissue Culture
7.6 Growth Chambers

8. Global Grow Lights Market Assessment-by Wattage

8.1 Overview
8.2 18W to 250W
8.3 250W to 500W
8.4 500W to 750W
8.5 750W to 1000W

9. Global Grow Lights Market Assessment-by Farming Type

9.1 Overview
9.2 Horizontal farming
9.3 Vertical farming

10. Global Grow Lights Market-by Sales Channel

10.1 Overview
10.2 Retail
10.3 E-commerce

11. Grow Lights Market-by Geography

11.1 Overview
11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
11.3 Europe
- 11.3.1 Overview
- 11.3.2 U.K.
- 11.3.3 Germany
- 11.3.4 France
- 11.3.5 Spain
- 11.3.6 Denmark
- 11.3.7 Sweden
- 11.3.8 Finland
- 11.3.9 Norway
- 11.3.10 Italy
- 11.3.11 Rest of Europe
11.4 Asia-Pacific
- 11.4.1 Overview
- 11.4.2 China
- 11.4.3 Japan
- 11.4.4 India
- 11.4.5 South Korea
- 11.4.6 Thailand
- 11.4.7 Singapore
- 11.4.8 RoAPAC
11.5 Latin America
- 11.5.1 Mexico
- 11.5.2 Brazil
- 11.5.3 Rest of Latin America
11.6 Middle East & Africa
- 11.6.1 Israel
- 11.6.2 Saudi Arabia
- 11.6.3 UAE
- 11.6.4 Rest of Middle East & Africa

12. Competition Analysis

12.1 Overview
12.2 Key Growth Strategies
- 12.2.1 Market Differentiators
- 12.2.2 Synergy Analysis: Major Deals & Strategic Alliances
12.3 Competitive Dashboard
- 12.3.1 Industry Leaders
- 12.3.2 Market Differentiators
- 12.3.3 Vanguards
- 12.3.4 Emerging Companies
12.4 Vendor Market Positioning
12.5 Market Share Analysis (2022)

13. Company Profiles (Company Overview, Financial Overview, Product portfolio, and Strategic Developments)

13.1 GAVITA INTERNATIONAL B.V
13.2 Heliospectra AB
13.3 ams-OSRAM AG
13.4 California Lightworks
13.5 Signify
13.6 Hortilux Schreder B.V.
13.7 Valoya Oy
13.8 ILUMINAR LIGHTING
13.9 Bridgelux, Inc.
13.10 Oreon Holding BV
13.11 Iwasaki Electric Co., Ltd.
13.12 Savant Systems, Inc.
13.13 Ennostar Inc.
13.14 AB Lighting
13.15 EVERLIGHT Electronics Co., Ltd.

14. Appendix

14.1 Related Reports
14.2 Available Customization