Grow Light Market size to grow by USD 7,472.08 million from 2022 to 2027

NEW YORK, July 7, 2023 /PRNewswire/ -- The grow light market is set to grow by USD 7,472.08 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 15.76% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the growing popularity of urban agriculture. Urban agriculture, such as vertical farming in countries such as the US, Canada, and the Netherlands, is in high demand, which drives market growth. To reduce the dependency on natural light sources, grow light solutions are being increasingly adopted in urban agriculture projects. Additionally, as a result of the rapid advancement in LED growth lights, farmers can replicate natural light wavelengths and color components to ensure fertile plant development. Hence, such factors boost the market growth during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and the forecast period (2023-2027). Download Sample Report in minutes!

The grow light market covers the following areas:

Grow Light Market Sizing

Grow Light Market Forecast

Grow Light Market Analysis

The report on the grow light market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

Grow Light Market 2023-2027: Market Dynamics

The application of grow lights in plant disease detection and monitoring is an emerging trend shaping the market. Vendors increasingly focus on investments in R&D and technology to expand the applications and functionalities of grow lighting solutions to various aspects of plant growth. For instance, in July 2019, LumiGrow announced the launch of a product line of early disease detection sensors and services. Optimization of disease management processes, reduction of losses in terms of yield, and monitoring of treatment effectiveness related to plants are some of the key features of LumiGrow. Hence, such trends are expected to drive the global glow light market growth during the forecast period.

High ownership costs for grow lights are challenging the grow light market growth. The upfront cost associated with the setup and installation of grow light solutions for horticultural applications is considerably high compared to traditional incandescent bulbs. The type of glow lights changes the variability of the challenges. For instance, End-users' installation of HPS grow lights may incur additional costs to the end-user due to the requirement of additional grow fans and blowers to manage the heat. Hence, such challenges are expected to hinder the global glow light market growth during the forecast period.

Grow Light Market 2023-2027: Market Segmentation

The grow light market analysis includes application (commercial greenhouse, vertical farming, indoor farming, and research), product (hid, led lights, fluorescent lights, and others), and geography (Europe, North America, APAC, Middle East and Africa, and South America).

The commercial greenhouse segment will contribute a significant share of the grow light market during the forecast period. It is a type of greenhouse used to grow crops that are sold for commercial consumption. LED lights and sodium lights are a couple of examples of the main commercial greenhouses. Furthermore, LED lights are ideal for indoor growers, mainly those using vertical farming, as emitting very little heat. This is because they are easier to manage and are smaller in size, as they are manufactured as a single encapsulated light. Hence, such factors boost the segment growth during the forecast period.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

Companies Mentioned

Aerogrow International Inc.

Agnetix

ams OSRAM AG

Black Dog Grow Technologies Inc.

California LightWorks

Crecer Lighting

EconoLux Industries Ltd.

Everlight Electronics Co. Ltd.

General Electric Co.

Heliospectra AB

Hubbell Inc.

Hydrofarm LLC

Koninklijke Philips NV

Lemnis Oreon BV

Samsung Electronics Co. Ltd.

Sanan Optoelectronics Co. Ltd.

Signify NV

Thrive Agritech

ViparSpectra

ALTO INDIA

What's New?

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings

Agnetix - The company offers grow light solutions, namely PHENOM Liquidcooled, multi sensor, and imaging smart horticulture lighting systems for vertical farming.

Black Dog Grow Technologies Inc. - The company offers grow light solutions, namely OSLON Square Hyper Red LED.

Crecer Lighting - The company offers grow light solutions such as MegaDrive Series, SpectraMax Series, SolarSystem Series, SolarXtreme Series.

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Grow Light Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 15.76%

Market growth 2023-2027

USD 7,472.08 million

Market structure

Fragmented

YoY growth 2022-2023(%)

15.48

Regional analysis

Europe, North America, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 29%

Key countries

US, China, Japan, The Netherlands, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Aerogrow International Inc., Agnetix, ams OSRAM AG, Black Dog Grow Technologies Inc., California LightWorks, Crecer Lighting, EconoLux Industries Ltd., Everlight Electronics Co. Ltd., General Electric Co., Heliospectra AB, Hubbell Inc., Hydrofarm LLC, Koninklijke Philips NV, Lemnis Oreon BV, Samsung Electronics Co. Ltd., Sanan Optoelectronics Co. Ltd., Signify NV, Thrive Agritech, ViparSpectra, and ALTO INDIA

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Topics Covered:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global grow light market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Commercial green house - Market size and forecast 2022-2027

6.4 Vertical farming - Market size and forecast 2022-2027

6.5 Indoor farming - Market size and forecast 2022-2027

6.6 Research - Market size and forecast 2022-2027

6.7 Market opportunity by Application

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 HID - Market size and forecast 2022-2027

7.4 LED lights - Market size and forecast 2022-2027

7.5 Fluorescent lights - Market size and forecast 2022-2027

7.6 Others - Market size and forecast 2022-2027

7.7 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 Europe - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 The Netherlands - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 China - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Aerogrow International Inc.

12.4 Agnetix

12.5 ams OSRAM AG

12.6 California LightWorks

12.7 Crecer Lighting

12.8 Everlight Electronics Co. Ltd.

12.9 General Electric Co.

12.10 Heliospectra AB

12.11 Hydrofarm LLC

12.12 Koninklijke Philips NV

12.13 Lemnis Oreon BV

12.14 Sanan Optoelectronics Co. Ltd.

12.15 Signify NV

12.16 Thrive Agritech

12.17 ViparSpectra

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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