Grow Lights Market Size & Share, by Application (Commercial Greenhouse, Vertical Farming, Indoor Farming); Installation Type (New Installation, Retrofit); Technology (LED, Fluorescent, Plasma, High Intensity Discharge); Wattage (300 Watts, 300 Watts); Spectrum (Partial Spectrum, Full Spectrum) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4842
  • Published Date: Apr 23, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

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.


Led Grow Lights Market
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Grow Lights Sector: Growth Drivers and Challenges

Growth Drivers

  • Declining Stocks of Arable Land Per Person– The global per capita agricultural land was 0.6 hectares per capita in the year 2019, accounted for a 30 percent decrement since 1990. The arable land in the major agriculture countries is declining owing to rising industrialization, and urbanization. In addition, the population in the world is increasing, which is leading to a declining stocks of arable land per person. Therefore, it is anticipated to surge the growth of the global grow lights market.
  • Increasing Government Initiatives to Innovate Advanced Lighting Technology – Intelligent Lighting control science technology has been awarded nearly USD 625,387 by Innovate UK in funding to develop its intelligent LED grow lighting cloche solution that supports the indoor farming proposition. There has been rising supports for the different companies and organizations developing advanced technologies for indoor and vertical farming.
  • Growing Urbanization Along with Increasing Population- It is expected that more than 65 percent of the total population will live in urban areas by the end of 2050 across the globe. There has been an increasing urban population owing to the fact that the urban cultivation is rising, and it is projected to drive the growth of the market in the future

Challenges

  • High Installation Cost of LED Grow Lights – The initial setup cost for the LED grow lights is more expensive than the traditional lighting technologies such as HID lamps. Moreover, a single LED grow lights consists of arrays of LEDs that are designed for a particular application. Moreover, these LEDs are available at different prices in the market, that is anticipated to hamper the growth of the market over the forecast period.
  • Lack of Financial Resources for Farming
  • Concerns Related to the Standardization of the LED Grow Lights Parts

Grow Lights Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Grow Lights Segmentation

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

  • Commercial Greenhouse
  • Vertical Farming
  • Indoor Farming

         Installation Type

  • New Installation
  • Retrofit

          Technology

  • LED
  • Fluorescent
  • Plasma
  • High Intensity Discharge

         Wattage

  • 300 Watts
  • 300 Watts

          Spectrum

  • Partial Spectrum
  • Full Spectrum

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Grow Lights Industry - Regional Synopsis

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.

Research Nester
Led Grow Lights Market Size
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Top Featured Companies Dominating the Grow Lights Landscape

top-features-companies
    • Gavita International B.V.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Smart Global Holdings, Inc.
    • EVERLIGHT ELECTRONICS CO., LTD
    • Savant Systems, Inc
    • Bridgelux, Inc.
    • OSRAM GmbH
    • Heliospectra AB
    • Black Dog LED
    • WOLFSPEED, INC.
    • Samsung Electronics

In the News

  • Heliospectra AB announced the expansion of intelligent LED lighting solutions in order to include ELIXIA 600W high-voltage fully adjustable spectrum light for indoor or greenhouse horticulture applications.
  • OSRAM GmbH announced the launch of its Phytofy RL, a grow light system for horticulture research. It was developed to meet the various demand of researchers at private institutes, universities, and plant production in vertical farms.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4842
  • Published Date: Apr 23, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the led grow lights market are the increasing demand for energy-efficient lighting solutions, the rising demand for horticultural lighting, and the growing awareness about the ecological benefits of using LED grow lights.

The market size of led grow lights is anticipated to attain a CAGR of 29.93% over the forecast period, i.e., 2023-2035.

The major players in the market are Smart Global Holdings, Inc., EVERLIGHT ELECTRONICS CO., LTD, Savant Systems, Inc, Bridgelux, Inc., OSRAM GmbH, Heliospectra AB, Black Dog LED, WOLFSPEED, INC., Samsung Electronics, and others.

The vertical farming segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Europe region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Grow Lights Market Report Scope
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