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ELECTRONICS & SMART DEVICES

Horticultural Grow Light Market Segmentation by Product Offering (Hardware, and Software & Services); by Application (Greenhouses, Vertical Farms, Indoor Farms); by Connection (Wired, and Wireless); by Technology (LED, Fluorescent, HID, and Others); by Watt (<300 Watts, and >300 Watts); by Cultivated Plant (Fruits & Vegetables, Floriculture, Cannabis, Crops, and Others); and by Distribution Channel (Online, and Offline) – Global Demand Analysis & Opportunity Outlook 2021-2031

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IN THE NEWS

  • February 1st 2019: Hyperion Grow Lights Limited announced that it has launched its new grow light, Hyperion Inter Light.

  • April 17th 2019: GE Lighting announced that it has launched a new line of indoor GE Grow Lights. Using these lights, users can grow herbs, vegetables, greens, and other plants anywhere inside the home.

  • May 28th 2019: Heliospectra AB announced that it has launched the ELIXIA 600W high-voltage adjustable spectrum light for use in indoor horticulture and greenhouse applications.

  •   April 6th 2021: Agnetix announced that it has launched its new grow lighting series, known as Zenith, which has the first ever built-in multi-sensor & imaging horticulture lighting system.

  • June 24th 2021: Signify Holding announced that its subsidiary, Philips, has signed a partnership with Hortipar, where the latter would add the grow lights of Philips to their global portfolio.

  • May 2nd 2022: Fluence Bioengineering, Inc. announced that it has successfully been acquired by Signify Holding from its earlier parent organization ams-OSRAM International GmbH

Global Horticultural Grow Light Market Highlights Over 2021 - 2031

The global horticultural grow light market is estimated to garner a revenue of USD 39248.3 Million by the end of 2031 by growing at a CAGR of 18.4% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market generated a revenue of USD 7280.3 Million. The growth of the market can be attributed to the increasing demand for different types of food crops globally, and therefore the need amongst the food producers to adopt sustainable production processes. Backed by the growing population worldwide, which according to the World Bank touched 7.76 Billion in the year 2020, up from 6.92 Billion in the year 2010, and the surge in urbanization globally, the land available for agricultural purposes is depleting at a greater rate. For instance, in the other statistics by the World Bank, agricultural land as a share of land area decreased from 37.3% in the year 2000 to 36.9% in the year 2018. As a result, there is a growing need amongst the producers of food to adopt advanced farming methods, which is projected to drive the demand for horticultural grow light. On the other hand, surge in government initiatives to promote the adoption of controlled environment agriculture (CEA) practices is also projected to fuel the growth of the market in the coming years.

Horticultural Grow Light Market Graph

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Global Horticultural Grow Light Market Regional Synopsis

Regionally, the global horticultural grow light market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The market in the Asia Pacific is projected to garner the largest revenue of USD 18093.5 Million by the end of 2031, up from a revenue of USD 3425.4 Million in the year 2021. The growth of the market in the region can primarily be attributed to the presence of a large number of LED light manufacturers in countries such as China, Korea, Taiwan, and Japan among others. LED horticultural grow lights, owing to its high energy efficiency rate and low adoption cost, are widely being used for artificial cultivation techniques. According to the statistics by the International Energy Agency, LED use has increased substantially worldwide over the past few years and that China has taken the lead in the manufacturing of LED lights, backed by the supportive government subsidies and incentives, which has resulted in the fall of the price of LED light bulb to USD 3-5 per bulb. The market in the region is further segmented by country into China, India, Japan, South Korea, Singapore, Australia, and Rest of Asia Pacific. The market in Japan is projected to garner the largest revenue of USD 5084.3 Million by the end of 2031, up from a revenue of USD 982.1 Million in the year 2021.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Growth Drivers and Challenges Impacting the Growth of the Global Horticultural Grow Light Market

Growth Drivers

  • Growing Population and Urbanization
  • Surge in Government Initiatives

Challenges

  • High Costs of Installation of the Product

Global Horticultural Grow Light Market Segmentation Synopsis

The global horticultural grow light market is segmented by product into hardware, and software & services, out of which, the hardware segment is anticipated to garner the highest market share by the end of 2031, while the software & services segment is projected to garner the highest CAGR of 19.3% during the forecast period. By application, the market is segmented into greenhouses, vertical farms, and indoor farms. Out of these, the vertical farms segment is projected to garner the largest revenue of USD 16561.3 Million by the end of 2031, up from a revenue of USD 3032.5 Million in the year 2021. By connection, the market is segmented into wired and wireless, out of which the wireless segment is projected to grow with the highest CAGR of 20.7% during the forecast period. By technology, the market is segmented into LED, fluorescent, HID, and others. The LED segment is projected to garner the largest revenue of USD 17512.5 Million by the end of 2031, up from a revenue of USD 3166.0 Million in the year 2021. By watt, the market is segmented into <300 watts and >300 watts, out of which, the >300 watts segment is projected to garner the highest market share by the end of 2031. By cultivated plant, the market is segmented into fruits & vegetables, floriculture, cannabis, crops, and others. The fruits & vegetables segment is projected to garner the largest revenue of USD 30340.4 Million by the end of 2031, up from a revenue of USD 5673.5 Million in the year 2021. By distribution channel, the market is segmented into online and offline, out of which, the offline segment is projected to garner the highest market share by the end of 2031.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global horticultural grow light market that are included in our report are Signify Holding (Philips), Fluence Bioengineering, Inc., GE Lighting (SAVANT TECHNOLOGIES LLC), Hubbell Incorporated, California Lightworks, Gavita International B.V., Heliospectra AB, Valoya, LumiGrow, Inc., Hortilux Schreder, Lemnis Oreon BV, Black Dog Grow Technologies Inc., Agnetix, Thrive Agritech, Hyperion Grow Lights Limited, Hydrofarm Holdings Group, Inc., MechaTronix Co., Ltd., Felio Sylvania Group, SANANBIO, PL Light Systems, Tungsram Operations Ltd., ams-OSRAM International GmbH, Lumileds Holding B.V., Cree LED (SMART Global Holdings, Inc.), SAMSUNG, Bridgelux, Inc., Luminus, Inc. and others.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

  1. Market Definition
    1. Definition
    2. Market Segmentation
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
    3. Secondary Research
  4. Executive Summary – Global Horticultural Grow Light Market
  5. Market Dynamics
    1. Drivers
    2. Trends
  6. Key Market Opportunities
  7. Major Roadblocks for the Market Growth
  8. Regulatory & Standards Landscape
  9. Industry Risk Analysis
  10. Market Attractiveness Analysis
  11. Technological Outlook
  12. Horticulture Grow Light Market Ecosystem
  13. Value Chain Analysis
  14. Raw Material Analysis
  15. Customer Preference Analysis
  16. Industry Growth Outlook
  17. Impact of COVID-19 on the Horticulture Grow Light Market
  18. Cost Analysis
  19. Competitive Positioning
    1. Horticulture Grow Light Products (LED Fixture)
    2. LED Chip
  20. Competitive Structure
    1. Market Share Analysis
    2. Competitive Benchmarking
    3. Company Profiles – Horticulture Grow Light Products (LED Fixture)
      1. Signify Holding (Philips)
        1. Detailed Overview
        2. Assessment of Key Offering
        3. Predictive Strategies & Positioning vs Current Positioning
        4. Analysis of Growth Strategies
        5. Exhaustive Analysis on Key Financial Indicators
        6. Recent Developments
      2. Fluence Bioengineering, Inc.
      3. GE Lighting (SAVANT TECHNOLOGIES LLC)
      4. Hubbell Incorporated
      5. California Lightworks
      6. Gavita International B.V.
      7. Heliospectra AB
      8. Valoya
      9. LumiGrow, Inc.
      10. Hortilux Schreder
      11. Lemnis Oreon BV
      12. Black Dog Grow Technologies Inc.
      13. Agnetix
      14. Thrive Agritech
      15. Hyperion Grow Lights Limited
      16. Hydrofarm Holdings Group, Inc.
      17. MechaTronix Co., Ltd.
      18. Felio Sylvania Group
      19. SANANBIO
      20. PL Light Systems
      21. Tungsram Operations Ltd.
      22. ams-OSRAM International GmbH
      23. Lumileds Holding B.V.
      24. Cree LED (SMART Global Holdings, Inc.)
      25. SAMSUNG
      26. Bridgelux, Inc.
      27. Luminus, Inc.
  21. Global Horticulture Grow Light Market
    1. Market Overview
    2. Market Size (2021-2031)
    3. Market Segmentation
      1. By Product Offering
        1. Hardware, 2021-2031F (USD Million)
          1. Interlighting, 2021-2031F (USD Million)
          2. Toplighting, 2021-2031F (USD Million)
          3. Bulbs, 2021-2031F (USD Million)
          4. Fixtures, 2021-2031F (USD Million)
        2. Software & Services, 2021-2031F (USD Million)
      2. By Application
        1. Greenhouses, 2021-2031F (USD Million)
        2. Vertical Farms, 2021-2031F (USD Million)
        3. Indoor Farms, 2021-2031F (USD Million)
      3. By Connection
        1. Wired, 2021-2031F (USD Million)
        2. Wireless, 2021-2031F (USD Million)
      4. By Technology
        1. LED, 2021-2031F (USD Million)
        2. Fluorescent, 2021-2031F (USD Million)
        3. HID, 2021-2031F (USD Million)
        4. Others, 2021-2031F (USD Million)
      5. By Watt
        1. <300 Watts, 2021-2031F (USD Million)
        2. >300 Watts, 2021-2031F (USD Million)
      6. By Cultivated Plant
        1. Fruits & Vegetables, 2021-2031F (USD Million)
        2. Floriculture, 2021-2031F (USD Million)
        3. Cannabis, 2021-2031F (USD Million)
        4. Crops, 2021-2031F (USD Million)
        5. Others, 2021-2031F (USD Million)
      7. By Distribution Channel
        1. Online, 2021-2031F (USD Million)
        2. Offline, 2021-2031F (USD Million)
      8. By Region
        1. North America, 2021-2031F (USD Million)
        2. Europe, 2021-2031F (USD Million)
        3. Asia Pacific, 2021-2031F (USD Million)
        4. Rest of the World, 2021-2031F (USD Million)
  22. North America Horticulture Grow Light Market
    1. Market Overview
    2. Market Size (2021-2031)
    3. Market Segmentation
      1. By Product Offering
        1. Hardware, 2021-2031F (USD Million)
          1. Interlighting, 2021-2031F (USD Million)
          2. Toplighting, 2021-2031F (USD Million)
          3. Bulbs, 2021-2031F (USD Million)
          4. Fixtures, 2021-2031F (USD Million)
        2. Software & Services, 2021-2031F (USD Million)
      2. By Application
        1. Greenhouses, 2021-2031F (USD Million)
        2. Vertical Farms, 2021-2031F (USD Million)
        3. Indoor Farms, 2021-2031F (USD Million)
      3. By Connection
        1. Wired, 2021-2031F (USD Million)
        2. Wireless, 2021-2031F (USD Million)
      4. By Technology
        1. LED, 2021-2031F (USD Million)
        2. Fluorescent, 2021-2031F (USD Million)
        3. HID, 2021-2031F (USD Million)
        4. Others, 2021-2031F (USD Million)
      5. By Watt
        1. <300 Watts, 2021-2031F (USD Million)
        2. >300 Watts, 2021-2031F (USD Million)
      6. By Cultivated Plant
        1. Fruits & Vegetables, 2021-2031F (USD Million)
        2. Floriculture, 2021-2031F (USD Million)
        3. Cannabis, 2021-2031F (USD Million)
        4. Crops, 2021-2031F (USD Million)
        5. Others, 2021-2031F (USD Million)
      7. By Distribution Channel
        1. Online, 2021-2031F (USD Million)
        2. Offline, 2021-2031F (USD Million)
      8. By Country
        1. United States, 2021-2031F (USD Million)
        2. Canada, 2021-2031F (USD Million)
  23. Europe Horticulture Grow Light Market
    1. Market Overview
    2. Market Size (2021-2031)
    3. Market Segmentation
      1. By Product Offering
      2. By Application
      3. By Connection
      4. By Technology
      5. By Watt
      6. By Cultivated Plant
      7. By Distribution Channel
      8. By Country
        1. United Kingdom, 2021-2031F (USD Million)
        2. Germany, 2021-2031F (USD Million)
        3. Italy, 2021-2031F (USD Million)
        4. France, 2021-2031F (USD Million)
        5. Spain, 2021-2031F (USD Million)
        6. Russia, 2021-2031F (USD Million)
        7. Netherland, 2021-2031F (USD Million)
        8. Rest of Europe, 2021-2031F (USD Million)
  24. Asia Pacific Horticulture Grow Light Market
    1. Market Overview
    2. Market Size (2021-2031)
    3. Market Segmentation
      1. By Product Offering
      2. By Application
      3. By Connection
      4. By Technology
      5. By Watt
      6. By Cultivated Plant
      7. By Distribution Channel
      8. By Country
        1. Australia, 2021-2031F (USD Million)
        2. Japan, 2021-2031F (USD Million)
        3. Singapore, 2021-2031F (USD Million)
        4. South Korea, 2021-2031F (USD Million)
        5. India, 2021-2031F (USD Million)
        6. China, 2021-2031F (USD Million)
        7. Rest of APAC, 2021-2031F (USD Million)
  25. Rest of the World Horticulture Grow Light Market
    1. Market Overview
    2. Market Size (2021-2031)
    3. Market Segmentation
      1. By Product Offering
      2. By Application
      3. By Connection
      4. By Technology
      5. By Watt
      6. By Cultivated Plant
      7. By Distribution Channel
      8. By Region
        1. Latin America, 2021-2031F (USD Million)
        2. Middle East & Africa, 2021-2031F (USD Million)

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