Grow Lights Market worth $7.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 27, 2023 /PRNewswire/ -- The global grow lights market was valued at USD 1.5 billion in 2022 and is projected to reach USD 7.2 billion by 2028; registering a CAGR of 30.7% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for grow lights solutions is attributed to Increased investments in establishing vertical farms and greenhouses and associated advanced technologies.

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Browse in-depth TOC on "Grow Lights Market" 175 – Tables
62 – Figures
256 – Pages

By Offering: hardware segment to propel market growth in the forecasted year.

The hardware segment held the major market share of ~84% of the grow lights market in 2028.  The grow light system comprises hardware components, namely, bulbs and fixtures, metal reflectors, reflective films, and ballasts. Reflectors play a crucial role in the distribution of a sufficient amount of light to all the plants. Reflectors maximize the efficiency of lights reaching the plants in indoor horticulture. They also help maintain the light at a reasonable level and keep it away from getting excessively hot or cold. Ballasts refer to electronic devices that are required to power high-intensity grow lights. The basic functions of ballasts are to start the lamp and control its operations.

By Watt: >300 Watt segment accounted for the largest share of the grow lights market in 2028.

The >300 Watt segment accounted for the largest market share of ~80% in 2028. The >300W grow lights are ideally good for different types of grow rooms, particularly the ones that need specific care and more focused light on the plants without causing a risk of overheating inside the tent. >300-watt grow lights offer a full-spectrum light, which is safe for all stages of growing plants. These lighting fixtures cover an area of about 4×4 sq. mts. and a height of about 6.5 feet. The wide array of light helps stimulate photosynthesis. The intensity remains constant, thereby facilitating the rapid growth of plants. They come with high-quality fans and aluminum heat sinks, which ensure efficient heat dissipation and extended life.

By Application: In 2028, vertical farms segment accounted for the largest share of the grow lights market.

Vertical farms segment accounted for the largest share of ~49% of the grow lights market, by application, in 2028. Vertical farming is changing the outlook of food production. The increased use of LED grow lights is encouraging cultivators to adopt vertical farming on a large scale. Vertical farming generally requires more lights, which creates more heat in closed rooms. In vertical farming, plants are stacked in layers one above the other, utilizing maximum available space. High-quality, locally developed food free from pesticides and other harmful chemicals is highly in demand from consumers. Many places in the world are facing space constraints owing to the said concerns, and the food prices are also high at these places. However, with the use of vertical farming methods, the yield can be produced even in a square-foot area. It helps in harvesting a variety of crops for the entire year despite the changing climatic conditions. At many places around the world, a single layer of farming is done under the sunlight, whereas in vertical farming, a stack of crops can be developed in the same amount of space under artificial lighting, along with efficient water usage. LED grow light systems have become quite popular for vertical farming as they have a compact fixture design, can be waterproof, and require minimum maintenance.

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Europe likely to hold the largest share of grow lights market during forecast period.

Europe accounted for the largest share of ~34% in the grow lights market in 2028. The growth of the grow lights market in Europe is expected to be majorly driven by the growing food demand, urbanization, unfavorable weather conditions for conventional farming, urge to minimize the import of fresh produce, and the need for new productive farming activities. The European grow lights market has been segmented into the UK, Germany, Scandinavia, the Netherlands, and Rest of Europe. Most of the top grow light manufacturers are Europe-based with global operations.

Key Market Players

Signify Holding (Netherlands), Gavita International B.V. (Netherlands), GE Lighting (US), Current (US), ams-OSRAM AG (Styria), Heliopsetra AB (Sweden), California LightWorks (US), Valoya Oy (Finland), EYE Hortilux (US), Hortilux Schréder (Netherlands) are some of the key players in the grow lights market.

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LED Grow Light Market by Wattage, Type of Installation (New, Retrofit), Spectrum (Partial, Full), Application (Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf & Landscaping, Research, and Others), and Geography - Forecast to 2020

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