Grow Lights Market size is anticipated to reach USD 94 Billion by the end of 2035, growing at a CAGR of 29.93% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of grow lights was over USD 4 Billion.The growth of the market can be attributed to the growing concept of indoor plants in order to make the appearance of a home more beautiful. LED lights are more effective than fluorescent lights for growing plants at home, and this is expected to boost the growth of the market.
LED lights are the most effective, efficient, and customer friendly way to grow plants. In addition, the LEDs are much cooler than HPS bulbs, and also lower the environmental impact. They have a wider spectrum of red and blue lights that promote flowering, and vegetative growth. Hence, all these factors are anticipated to provide opportunities to the growth of the global market in the upcoming years.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~29.93% |
|
Base Year Market Size (2022) |
~ USD 4 Billion |
|
Forecast Year Market Size (2035) |
~ USD 94 Billion |
|
Regional Scope |
|
Technology (LED, Fluorescent, Plasma, High Intensity Discharge)
The LED segment is estimated to gain the largest grow lights market share of 38% in the year 2035. The growth of the segment is propelled by the increasing government initiatives to adopt energy efficient LEDs. In addition, the surging urban population is opting for LEDs technology, followed by an increase in the sale of LED lights. This is set to influence the growth of the segment during the forecast timeline.
Application (Commercial Greenhouse, Vertical Farming, Indoor Farming)
The vertical farming segment in the grow lights market is slated to hold the significant share during the forecast timeframe. This can be attributed to the widely acceptance of vertical farming in countries such as China, Japan, and others. Vertical farming produces food, herbs, and medication in vertically stacked layers. These are integrated into a utilized warehouse, skyscraper, or shipping container. Some vertical farms use greenhouse techniques, in which sunlight is enhanced with metal reflectors and grow lights. This influences the growth of the segment.
Our in-depth analysis of the global market includes the following segments:
|
Application |
|
|
Installation Type |
|
|
Technology |
|
|
Wattage |
|
|
Spectrum |
|
European Market Statistics
The market share of grow lights in European is predicted to be the largest with a share of about 28% by 2035. The growth of the market can be attributed majorly to the increasing awareness of alternative farming owing to the non-availability of enough fertile agricultural land. There has been a surge in the usage of grow light systems for a long time in multiple controlled agriculture needs, which further impels the market. Additionally, the market is witnessing a plethora of infrastructural plans by merchants. Bayer, for instance, just established a new, automated greenhouse facility in Marana, Arizona. The USD 100 million facility will primarily function as a global product design centre for maize, and it will be the only crop farmed in that facility. There is also an increasing number of jobs in food production, and agriculture sector in the European region. According to the reported data, the agriculture industry in the EU supported more than 9,000,000 jobs in the year 2020.
North American Forecast
North American grow lights market is set to register a share of 23% by 2035. The market growth is influenced by the different factors such as scarcity of space for cultivating particularly in urban communities. The surging need to develop yield per unit range is yet another factor. The rising adoption of technologies for the vertical and other types of farming is further poised to increase the growth of the LED grow lights marker in the upcoming years. The increasing indoor farming trend in the region is projected to expand the market’s growth in the North America region by the end of 2035.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?