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Grow Light Market Size To Touch $14.31 Billion By 2030, Due To Growing Vertical Farming And Rising Adoption of Environment-Friendly Production of Fruits And Vegetables | Grand View Research, Inc.

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Grow Light Market Size To Touch $14.31 Billion By 2030, Due To Growing Vertical Farming And Rising Adoption of Environment-Friendly Production of Fruits And Vegetables | Grand View Research, Inc.

May 31
07:15 2022
Grow Light Market Size To Touch $14.31 Billion By 2030, Due To Growing Vertical Farming And Rising Adoption of Environment-Friendly Production of Fruits And Vegetables | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the grow light industry to grow boosted by the practice of vertical farming for producing food in a vertically stacked-layer such as a used warehouse, skyscraper, or shipping container over the forecast period.

Grow Light Industry Overview

The global grow light market size was valued at USD 4.23 billion in 2021 and is anticipated to reach USD 14.31 billion by 2030, growing at a CAGR of 15.0% over the forecast period.

Growing urban cultivation, vertical farming and growing adoption of environment-friendly production of fruits and vegetables is boosting the growth of the market. The unprecedented growth of the global population has also increased the demand for urban agriculture. Furthermore, the practice of vertical farming for producing food in a vertically stacked-layer such as a used warehouse, skyscraper, or shipping container is boosting the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Grow Light Market

Grow light helps in extending the hours of the natural daylight which further increases the health, growth rate, and yield of the plants. Artificial lighting, such as high-pressure sodium lighting, LED lighting and plasma lighting can extend the availability of crops (throughout a season). Growing awareness regarding the importance of alternative farming, owing to the less availability of fertile agricultural land and increasing population, are the key factors anticipated to spur the industry demand.

 

U.S. grow light market size, by technology, 2020 - 2030 (USD Million)

 

Unlike traditional farming, indoor farming can produce crops throughout the year, which results in increased productivity. Furthermore, indoor farming can protect crops from extreme weather conditions through the usage of techniques such as the controlled environment agriculture technology, where the facilities use artificial environmental control, control of light, and fertigation.

 

Grow Light Market Segmentation

Based on the Product Insights, the market is segmented into < 300 Watt and > 300 Watt.

  • The < 300 Watt segment dominated the industry in terms of revenue in 2021 with a market share of more than 64% and is expected to remain dominant over the forecast period.
  • The >300 Watt segment is expected to hold a lesser market share as compared to other segments as higher wattage leads to more light and heat output which can result in wilting, browning, or even dying of plants.

 

Based on the Application Insights, the market is segmented into Indoor Farming, Vertical Farming, Commercial Greenhouse, and Others.                                            

  • The commercial greenhouse segment dominated the industry in terms of revenue in 2021 with a market share of more than 44%.
  • Vertical farming segment is expected to grow the highest over the forecast period. The vertical farming segment is widely accepted in countries like Japan, China, Netherlands.

 

Based on the System Insights, the market is segmented into Hardware and Software.

  • The hardware segment dominated the industry with a market share of about 75% in terms of revenue in 2021. It is expected to remain dominant over the forecast period.
  • Software segment of the grow light market includes Controlled-Environment Agriculture (CEA) to control various environmental factors such as humidity, temperature, water and light. Software solutions are used in grow lights to improve plant quality.

 

Based on the Technology Insights, the market is segmented into High Intensity Discharge (HID), LED, Fluorescent, and Plasma.

  • The HID segment dominated the industry in terms of revenue in 2021 commanding a market share of more than 36%.
  • The LED segment is expected to dominate over the forecast period. Increasing urban cultivation and government initiatives to adopt energy efficient LEDs are expected to drive LED segment.

 

Based on the Spectrum Insights, the market is segmented into Partial Spectrum and Full Spectrum.

  • The partial spectrum segment marginally dominated the industry with a market share of about 42% in 2021.
  • Full spectrum segment is expected to dominate over the forecast period. It is also expected to grow at a higher CAGR as compared to partial spectrum. Full spectrum lamps emit light similar to sunlight.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

  • In terms of revenue, the Europe region dominated the industry in 2021 commanding a market share of more than 32% and is expected to remain dominant over the forecast period.
  • Asia Pacific regional market is anticipated have significant growth over the projected period owing to the growing expansion of genetically modified crop technology.

 

Market Share Insights

  • December 2021: Signify Holding B.V. announced an agreement with Osram to acquire Fluence, an agriculture lighting division of Osram to strengthen its agriculture lighting business. The acquisition has also strengthened the company’s position in North America horticulture lighting market.  
  • June 2019 – In Guangzhou International Lighting Exhibition, A new horticulture, UV (UVA&UVC) and general lighting products have been declared by Everlight Electronics Co. Ltd.

 

Key Companies Profile:

The key market players engage in strategies such as partnerships and new product developments to expand their market share. Companies are also acquiring competitors’ businesses to strengthen their position in the market. Some of the prominent players in the grow light market include,

  • AeroFarms
  • EVERLIGHT ELECTRONICS CO., LTD.,
  • GAVITA Holland bv
  • Heliospectra AB
  • Hortilux Schréder
  • Illumitex
  • LumiGrow Inc
  • Osram Licht AG

 

Order a free sample PDF of the Grow Light Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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