Grow Lights Market – Industry Trends, Growth Analysis and Forecast to 2029
Chicago, July 02, 2024 (GLOBE NEWSWIRE) — The grow lights market is expected to reach USD 6.4 billion by 2029 from USD 2.0 billion in 2024, at a CAGR of 26.5% during the 2024-2029 period.
Grow lights are specialized artificial lighting systems essential for promoting plant growth in indoor environments where natural sunlight is limited or unavailable. These lights are available in various types, including fluorescent (CFLs, T5, T8, and T12 tubes), LED (standard and full spectrum), and HID (Metal Halide, High-Pressure Sodium, and Ceramic Metal Halide) lights, each offering unique benefits such as energy efficiency, longevity, and specific wavelength emissions tailored to different plant growth stages. Fluorescent lights are commonly used for seedlings and leafy greens, while LEDs are preferred for their customizable spectra that support all growth stages from seedling to flowering. HID lights, known for their high intensity, are often used in commercial settings, with Metal Halide lights promoting vegetative growth and High-Pressure Sodium lights enhancing flowering and fruiting. Grow lights work by emitting light wavelengths that plants absorb for photosynthesis, the process by which they convert light into chemical energy to fuel their growth.
To know about the assumptions considered for the study
Major Grow Lights Companies Include:
- Signify Holding (Netherlands),
- Gavita International B.V. (Netherlands),
- Heliospectra (Sweden),
- ams-OSRAM AG (Austria),
- California LightWorks (US),
- Hortilux Schréder (Netherlands),
- Valoya (Finland),
- ILUMINAR Lighting LLC. (US),
- SAVANT TECHNOLOGIES LLC. (US) & others.
Grow Lights Market Segmentation Analysis:
The hardware segment currently leads the grow lights market and is expected to have the largest market share in the forecast period.
Grow lights serve as supplemental lighting for indoor cultivation of fruits, vegetables, and flowers. The adjustment of bulb types, electrical power, and the distance between the lamp and the plant varies accordingly. The grow light system comprises hardware components such as bulbs, fixtures, metal reflectors, reflective films, and ballasts.
Vertical farming is expected to have the highest market share during the forecast period.
The widespread adoption of LED grow lights has spurred a significant uptake of vertical farming practices. Vertical farming, characterized by stacked plant layers, optimizes available space to produce high-quality, pesticide-free food, addressing global challenges of space constraints and soaring food prices. By utilizing vertical space, crops can be cultivated year-round despite fluctuating climatic conditions.
LED grow light systems are increasingly favored for vertical farming due to their compact design, waterproofing capabilities, and minimal maintenance requirements. Their low heat emission allows for closer placement to plants, maximizing light exposure and enabling designers to stack more layers within limited growing room heights. In contrast, HID lighting systems, with their higher heat output, risk plant damage if stacks are placed too closely.
Asia Pacific region is projected to grow at the highest CAGR during the forecast period from 2024-2029.
The market in the Asia Pacific region has been further segmented into China, Japan, Southeast Asia, Australia, and the Rest of Asia Pacific. The grow lights market in this region is expected to expand at a highest CAGR from 2024 to 2029. The Asia Pacific is characterized by diverse climatic conditions. Tropical countries like India, Thailand, and Malaysia receive ample sunlight throughout the year, whereas countries such as Australia and New Zealand experience harsh winters, driving higher demand for horticulture lighting systems.
Limited spectrum segment is projected to have the highest market share in the forecast period from 2024-2029.
Narrow-band LEDs, or limited spectrum LEDs, provide monochromatic output to optimize the most essential wavelengths of light. These LEDs are available in deep blue (450 nm), hyper red (660 nm), far-red (730 nm), and green (530 nm). Traditionally, blue, and red lights have been predominantly used in horticulture lighting since plants absorb these wavelengths more effectively. Other wavelengths, such as green, have received less attention.
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