Grow Light Global Market Report 2024

Description

“Grow Light Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on grow light market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for grow light? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The grow light market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Light Emitting Diode (LED); High Intensity Discharge (HID); Plasma; Fluorescent
2) By Spectrum: Full-Spectrum; Partial Spectrum
3) By Application: Indoor Farming; Commercial Greenhouse; Vertical Farming; Other Applications
Companies Mentioned: AeroFarms; Everlight Electronics Co. Ltd.; Gavita International b.v.; Heliospectra AB; Hortilux Schreder b.v.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

A grow light is an artificial lighting system crafted to serve as a substitute for natural sunlight, promoting indoor plant photosynthesis and delivering the optimal color spectrum necessary for plant growth and prosperity.

The primary categories of grow lights encompass light-emitting diode (LED), high-intensity discharge (HID), plasma, and fluorescent options. LED grow light fixtures leverage LED chips in a contemporary and efficient manner to generate light tailored for the cultivation of plants. These lights, available in both full-spectrum and partial spectrum variants, are employed to enhance the size and pace of plant development, resulting in superior crops. Their applications span diverse settings such as indoor farming, commercial greenhouses, vertical farming, and other agricultural scenarios.

The grow light market research report is one of a series of new reports from The Business Research Company that provides grow light market statistics, including grow light industry global market size, regional shares, competitors with a grow light market share, detailed grow light market segments, market trends and opportunities and any further data you may need to thrive in the grow light industry. This grow light market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The grow light market size has grown rapidly in recent years. It will grow from $3.63 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The expansion observed during the historical period can be ascribed to the cultivation of high-value crops, advancements in research related to plant growth, progress in fluorescent and HID (high-intensity discharge) lighting technologies, regulatory developments in the industry, legalization initiatives, and a heightened demand for year-round produce.

The grow light market size is expected to see rapid growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The anticipated growth in the forecast period is linked to the expansion of vertical farming, ongoing research and development initiatives, a growing demand for indoor agriculture, the surge in cannabis cultivation, and a dedicated focus on sustainable solutions. Noteworthy trends expected in the forecast period encompass urban agriculture and vertical farming, regulatory changes favoring cannabis cultivation, advancements in horticultural research and development, the integration of smart and connected lighting systems, and the adoption of customized light spectrums.

The grow light market is experiencing substantial growth due to the increasing adoption of indoor farming practices. Indoor farming involves cultivating crops or plants indoors, often on a large scale. Grow lights are utilized in indoor farming when natural light is insufficient, as they can replicate or even surpass sunlight in promoting plant development. In 2021, investments in indoor farming exceeded $1 billion, as reported by the UK-based newspaper, The Guardian. This surpassed the combined investment of previous years, highlighting the significant impact of indoor farming on the grow light market.

The surge in urbanization is expected to drive the growth of the grow light market. Urbanization, characterized by the expansion of cities and population migration from rural to urban areas, creates a demand for efficient indoor gardening and vertical farming. Grow lights play a crucial role in enabling residents in densely populated urban areas to cultivate fresh produce and plants despite limited outdoor space. According to the World Economic Forum in April 2022, over 55% of the world's population, or 4.3 billion people, lived in urban settings, and this number is projected to reach 80% by 2050. Therefore, the increasing trend of urbanization is a key driver for the grow light market.

A prominent trend in the grow light market is product innovation, with major companies focusing on developing innovative grow lights to enhance energy efficiency and expand their spectrum and applications. For example, in September 2021, Growealth, a US-based manufacturer, introduced a line of grow lights featuring innovative surface-mounted diodes, providing maximum Par/Lumen output. These lights operate silently without fan noise, and their durable aluminum board ensures longevity. The adjustable input voltage, ranging from 110V to 277V, adds versatility, making them compatible with power cables and plugs from various countries.

Companies in the grow light market are increasingly concentrating on introducing indoor garden lights to gain a competitive advantage. These lighting fixtures are specifically designed for cultivating plants and supporting indoor gardening activities. In October 2023, AeroGarden, a US-based home gardening company, launched a new series of indoor grow lights for houseplants. This product line includes tabletop grow lights, stem grow lights, and LED grow light panels utilizing full-spectrum LED technology to meet the light requirements for indoor plants to thrive. These lights are particularly suitable for areas with limited natural light, making them an excellent solution for indoor gardening enthusiasts.

In May 2022, Signify, a Netherlands-based lighting corporation, acquired Fluence, a US-based manufacturer of LED grow lights. This acquisition bolstered Signify's position in the North American horticulture lighting market, emphasizing the strategic importance of such moves in the grow light industry.

Major companies operating in the grow light market report are AeroFarms, Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schreder b.v., Illumitex Inc., Lumigrow Inc., Osram Licht AG, Signify N.V., Sunlight Supply Inc., General Electric Company, Platinum LED Lights LLC, Hydrofarm Inc., Alta LED Corporation, Savant Systems Inc., Valoya Ltd., Black Dog LED, Advanced LED Lights, ams-OSRAM AG, GrowGeneration, California LightWorks, Electric Sky, EYE Hortilux, Kind LED Grow Lights, BIOS Lighting, Timber Grow Lights, Kroptek, SANlight GmbH, Viparspectra, Mars Hydro, Spider Farmer .

Europe was the largest region in the grow light market in 2023. Asia-Pacific is expected to be the fastest-growing region in the grow light market report during the forecast period. The regions covered in the grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the grow light market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The grow light market consists of sales of far-red grow light and blue LED grow light. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11003

1. Executive Summary

2. Grow Light Market Characteristics

3. Grow Light Market Trends And Strategies

4. Grow Light Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Grow Light Market Size and Growth

5.1. Global Grow Light Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Grow Light Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Grow Light Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Grow Light Market Segmentation

6.1. Global Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Light Emitting Diode (LED)
High Intensity Discharge (HID)
Plasma
Fluorescent
6.2. Global Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Full-Spectrum
Partial Spectrum
6.3. Global Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Indoor Farming
Commercial Greenhouse
Vertical Farming
Other Applications

7. Grow Light Market Regional And Country Analysis

7.1. Global Grow Light Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Grow Light Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Grow Light Market

8.1. Asia-Pacific Grow Light Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Grow Light Market

9.1. China Grow Light Market Overview
9.2. China Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Grow Light Market

10.1. India Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Grow Light Market

11.1. Japan Grow Light Market Overview
11.2. Japan Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Grow Light Market

12.1. Australia Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Grow Light Market

13.1. Indonesia Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Grow Light Market

14.1. South Korea Grow Light Market Overview
14.2. South Korea Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Grow Light Market

15.1. Western Europe Grow Light Market Overview
15.2. Western Europe Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Grow Light Market

16.1. UK Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Grow Light Market

17.1. Germany Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Grow Light Market

18.1. France Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Grow Light Market

19.1. Italy Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Grow Light Market

20.1. Spain Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Grow Light Market

21.1. Eastern Europe Grow Light Market Overview
21.2. Eastern Europe Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Grow Light Market

22.1. Russia Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Grow Light Market

23.1. North America Grow Light Market Overview
23.2. North America Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Grow Light Market

24.1. USA Grow Light Market Overview
24.2. USA Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Grow Light Market

25.1. Canada Grow Light Market Overview
25.2. Canada Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Grow Light Market

26.1. South America Grow Light Market Overview
26.2. South America Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Grow Light Market

27.1. Brazil Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Grow Light Market

28.1. Middle East Grow Light Market Overview
28.2. Middle East Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Grow Light Market

29.1. Africa Grow Light Market Overview
29.2. Africa Grow Light Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Grow Light Market Competitive Landscape And Company Profiles

30.1. Grow Light Market Competitive Landscape
30.2. Grow Light Market Company Profiles
- 30.2.1. AeroFarms
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Everlight Electronics Co. Ltd.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Gavita International b.v.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Heliospectra AB
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Hortilux Schreder b.v.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Grow Light Market Competitive Benchmarking

32. Global Grow Light Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Grow Light Market

34. Grow Light Market Future Outlook and Potential Analysis

34.1 Grow Light Market In 2028 - Countries Offering Most New Opportunities
34.2 Grow Light Market In 2028 - Segments Offering Most New Opportunities
34.3 Grow Light Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer