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.
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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
- Growing Population and Urbanization
- Surge in Government Initiatives
- 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.
Top Featured 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.
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