Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

  • February 2022 •
  • 143 pages •
  • Report ID: 5878759 •
  • Format: PDF
The global grow light market reached a value of US$ 3.58 Billion in 2021. Looking forward, the analyst expects the market to reach US$ 6.99 Billion by 2027, exhibiting a CAGR of 12% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

A grow light, or plant light, is an artificial source of light that emits light in the electromagnetic spectrum to promote photosynthesis and accelerate growth in plants. It is commonly available in fluorescent, high-intensity discharge (HID), light-emitting diodes (LED) and incandescent variants. They are primarily used for supplementing sunlight, color and temperature to the crops and can be customized according to a specific goal, such as flowering inhibition, anthocyanin accumulation and enhanced rooting. Owing to this, they find extensive applications in vertical farming, indoor farming, commercial greenhouses, landscaping, and for other purposes.

Significant growth in the agricultural sector is one of the key factors driving the growth of the market. Furthermore, widespread adoption of vertical and indoor farming practices is also providing a boost to the market growth. The hydroponic farming systems use multiple grow lights to maintain an adequate amount of sunlight and protecting the plants from damage caused by insects and pests. Additionally, the rising demand for food as a result of the increasing population, coupled with the limited availability of cultivable land, is also impacting the product demand positively. Grow lights aid in maintaining the optimal yield and plant quality, thereby meeting the steadily rising food demand across the globe. Apart from this, various technological advancements, including the development of smart grow lights integrated with the Internet of Things (IoT), are acting as another growth-inducing factor. Other factors, including various innovations in the field of agricultural sciences and the implementation of favorable government policies, are projected to drive the market in the upcoming years.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global grow light market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology, installation type, spectrum and application.

Breakup by Technology:
HID
LED
Fluorescent
Others

Breakup by Installation Type:
New Installations
Retrofit Installations

Breakup by Spectrum:
Full-Spectrum
Partial Spectrum

Breakup by Application:
Indoor Farming
Vertical Farming
Commercial Greenhouse
Turf and Landscaping
Others

Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Argentina
Colombia
Chile
Peru
Others
Middle East and Africa
Turkey
Saudi Arabia
Iran
United Arab Emirates
Others

Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc.

Key Questions Answered in this Report
1. What was the global grow light market size in 2021?
2. What are the major global grow light market drivers?
3. What are the major trends in the global grow light market?
4. What is the impact of COVID-19 on the global grow light market?
5. What will be the size of the global grow light market by 2027?
6. What is the leading technology in the global grow light market?
7. What is the major installation type in the global grow light market?
8. What is the global grow light market breakup by the spectrum?
9. What is the global grow light market breakup by application?
10. Which is the leading regional market in the global grow light industry?
11. Who are the leading players in the global grow light industry?