Market Size of Grow Lights Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.74 Billion |
| Market Size (2029) | USD 10.58 Billion |
| CAGR (2024 - 2029) | 17.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Grow Light Market Analysis
The Grow Lights Market size is estimated at USD 4.74 billion in 2024, and is expected to reach USD 10.58 billion by 2029, growing at a CAGR of 17.40% during the forecast period (2024-2029).
An increasing number of plant factories need sustainable development, and a rise in urban agriculture are current catalysts for the grow lights market. Fresh and nutritious vegetables, beautiful floral arrangements, fragrant herbs, etc., are in demand all year round. It has become easier to buy at the touch of a button with the pervasiveness of e-commerce.
- The market for grow lights was evaluated by analyzing separate market sizes for different types of light sources; that includes study's scope includes light sources such as high-intensity discharge (HID) lights, light-emitting diodes, and fluorescent lights for various installation types, including new and retrofit installations across different applications that include indoor farming, vertical farming, and commercial greenhouse in multiple regions.
- A grow light is an electric lamp that functions as an artificial light source to stimulate plant growth. Grow lights execute this via emitting electromagnetic radiation in the visible light spectrum, which simulates sunlight for photosynthesis.
- Indoor farms support growing the total crop yield per unit area by using stacked layers of potted seeds, propelling the market. Indoor farming is growing plants or crops indoors on a large and small scale. Hence, indoor farming executes processes such as hydroponics and aquaponics and utilizes artificial lighting for adequate light levels and nutrients. However, the high initial investment in building indoor farms and limitations on the growing variety of crops is anticipated to hinder the market growth.
- The light spectrum affects plant growth differently, depending on environmental conditions, crop species, etc. Chlorophyll, responsible for photosynthesis to convert light energy to chemical energy, absorbs most light in red and blue spectrums for photosynthesis. Both blue and red light is seen in the PAR range's peaks.
- The COVID-19 pandemic led to lockdowns worldwide with a pause in business operations and production, resulting in an enormous impact globally. As one of the most affected fields, the technology industry had to tackle the challenges of the COVID-19 outbreak and reconsider its strategies and operating plans for the post-pandemic world.
