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Press Release:

Global Grow Light Market to Reach US$ 6.99 Billion by 2027, Bolstered by Significant Growth in the Agriculture Sector

COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global grow light market reached a value of US$ 3.58 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.99 Billion by 2027, exhibiting at a CAGR of 12% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

A grow light, or plant light, is an artificial source of light that emits light in the electromagnetic spectrum to promote photosynthesis and accelerate growth in plants. It is commonly available in fluorescent, high-intensity discharge (HID), light-emitting diodes (LED) and incandescent variants. They are primarily used for supplementing sunlight, color and temperature to the crops and can be customized according to a specific goal, such as flowering inhibition, anthocyanin accumulation and enhanced rooting. Owing to this, they find extensive applications in vertical farming, indoor farming, commercial greenhouses, landscaping, and for other purposes.

 

 
 

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Significant growth in the agricultural sector is one of the key factors driving the growth of the market. Furthermore, widespread adoption of vertical and indoor farming practices is also providing a boost to the market growth. The hydroponic farming systems use multiple grow lights to maintain an adequate amount of sunlight and protecting the plants from damage caused by insects and pests. Additionally, the rising demand for food as a result of the increasing population, coupled with the limited availability of cultivable land, is also impacting the product demand positively. Grow lights aid in maintaining the optimal yield and plant quality, thereby meeting the steadily rising food demand across the globe. Apart from this, various technological advancements, including the development of smart grow lights integrated with the Internet of Things (IoT), are acting as another growth-inducing factor. Other factors, including various innovations in the field of agricultural sciences and the implementation of favorable government policies, are projected to drive the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global grow light market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology, installation type, spectrum and application.

Breakup by Technology:

 

 
 

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  • HID
  • LED
  • Fluorescent
  • Others
     

Breakup by Installation Type:

  • New Installations
  • Retrofit Installations
     

Breakup by Spectrum:

  • Full-Spectrum
  • Partial Spectrum
     

Breakup by Application:

  • Indoor Farming
  • Vertical Farming
  • Commercial Greenhouse
  • Turf and Landscaping
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Others
  • Middle East and Africa
    • Turkey
    • Saudi Arabia
    • Iran
    • United Arab Emirates
    • Others


Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Technology, Installation Type, Spectrum, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Osram Licht AG and Shenzhen Juson Technology Co. Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology 
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction
    4.1    Overview
    4.2    Key Industry Trends
5   Global Grow Light Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Technology
    6.1    HID
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    LED
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Fluorescent
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Others
        6.4.1 Market Trends
        6.4.2 Market Forecast
7   Market Breakup by Installation Type
    7.1    New Installations
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Retrofit Installations
        7.2.1 Market Trends
        7.2.2 Market Forecast
8   Market Breakup by Spectrum
    8.1    Full-Spectrum
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Partial Spectrum
        8.2.1 Market Trends
        8.2.2 Market Forecast
9   Market Breakup by Application
    9.1    Indoor Farming
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Vertical Farming
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Commercial Greenhouse
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Turf and Landscaping
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Others
        9.5.1 Market Trends
        9.5.2 Market Forecast
10  Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
     10.2    Asia Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Argentina
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
        10.4.4 Colombia
           10.4.4.1 Market Trends
           10.4.4.2 Market Forecast
        10.4.5 Chile
           10.4.5.1 Market Trends
           10.4.5.2 Market Forecast
        10.4.6 Peru
           10.4.6.1 Market Trends
           10.4.6.2 Market Forecast
        10.4.7 Others
           10.4.7.1 Market Trends
           10.4.7.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Turkey
           10.5.1.1 Market Trends
           10.5.1.2 Market Forecast
        10.5.2 Saudi Arabia
           10.5.2.1 Market Trends
           10.5.2.2 Market Forecast
        10.5.3 Iran
           10.5.3.1 Market Trends
           10.5.3.2 Market Forecast
        10.5.4 United Arab Emirates
           10.5.4.1 Market Trends
           10.5.4.2 Market Forecast
        10.5.5 Others
           10.5.5.1 Market Trends
           10.5.5.2 Market Forecast
11  SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
    12.1    Overview
    12.2    Research and Development
    12.3    Raw Material Procurement
    12.4    Manufacturing
    12.5    Marketing
    12.6    Distribution
    12.7    End-Use
13  Porters Five Forces Analysis
    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14  Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Epistar
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
        14.3.2    Everlight Electronics
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio 
        14.3.3    Gavita International B.V.
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio 
        14.3.4    General Electric Company
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Heliospectra AB
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
        14.3.6    Illumitex Inc.
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio 
        14.3.7    Koninklijke Philips N.V.
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio 
        14.3.8    LumiGrow
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio 
        14.3.9    Osram Licht AG
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio 
        14.3.10    Shenzhen Juson Technology Co. Ltd.
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio 

List of Figures

Figure 1: Global: Grow Light Market: Major Drivers and Challenges
Figure 2: Global: Grow Light Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Grow Light Market: Breakup by Technology (in %), 2021
Figure 4: Global: Grow Light Market: Breakup by Installation Type (in %), 2021
Figure 5: Global: Grow Light Market: Breakup by Spectrum (in %), 2021
Figure 6: Global: Grow Light Market: Breakup by Application (in %), 2021
Figure 7: Global: Grow Light Market: Breakup by Region (in %), 2021
Figure 8: Global: Grow Light Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 9: Global: Grow Light (HID) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Grow Light (HID) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Grow Light (LED) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Grow Light (LED) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Grow Light (Fluorescent) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Grow Light (Fluorescent) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Grow Light (Other Technologies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Grow Light (Other Technologies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Grow Light (New Installations) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Grow Light (New Installations) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Grow Light (Retrofit Installations) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Grow Light (Retrofit Installations) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Grow Light (Full-Spectrum) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Grow Light (Full-Spectrum) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Grow Light (Partial Spectrum) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Grow Light (Partial Spectrum) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Grow Light (Indoor Farming) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Grow Light (Indoor Farming) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Grow Light (Vertical Farming) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Grow Light (Vertical Farming) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Grow Light (Commercial Greenhouse) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Grow Light (Commercial Greenhouse) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Global: Grow Light (Turf and Landscaping) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Global: Grow Light (Turf and Landscaping) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Global: Grow Light (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Global: Grow Light (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: North America: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: North America: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: United States: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: United States: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Canada: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Canada: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Asia Pacific: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Asia Pacific: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: China: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: China: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: Japan: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: Japan: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: India: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: India: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: South Korea: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: South Korea: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Australia: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Australia: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Indonesia: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Indonesia: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Others: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Others: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Europe: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Europe: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Germany: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Germany: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: France: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: France: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: United Kingdom: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: United Kingdom: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Italy: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Italy: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Spain: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Spain: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Russia: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Russia: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Others: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Others: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Latin America: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Latin America: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Brazil: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Brazil: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Mexico: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 78: Mexico: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 79: Argentina: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 80: Argentina: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 81: Colombia: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 82: Colombia: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 83: Chile: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 84: Chile: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 85: Peru: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 86: Peru: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 87: Others: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 88: Others: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 89: Middle East and Africa: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 90: Middle East and Africa: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 91: Turkey: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 92: Turkey: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 93: Saudi Arabia: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 94: Saudi Arabia: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 95: Iran: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 96: Iran: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 97: United Arab Emirates: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 98: United Arab Emirates: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 99: Others: Grow Light Market: Sales Value (in Million US$), 2016 & 2021
Figure 100: Others: Grow Light Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 101: Global: Grow Light Industry: SWOT Analysis
Figure 102: Global: Grow Light Industry: Value Chain Analysis
Figure 103: Global: Grow Light Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: Grow Light Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Grow Light Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 3: Global: Grow Light Market Forecast: Breakup by Installation Type (in Million US$), 2022-2027
Table 4: Global: Grow Light Market Forecast: Breakup by Spectrum (in Million US$), 2022-2027
Table 5: Global: Grow Light Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Grow Light Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Grow Light Market: Competitive Structure
Table 8: Global: Grow Light Market: Key Players


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Key Questions Answered in This Report

The global grow light market was worth US$ 3.58 Billion in 2021.

The market is primarily driven by the growing adoption of indoor farming practices, the rising demand for food, innovations in the field of agricultural sciences and various technological advancements.

The major trends in the market include the shift from traditional farming methods to commercial greenhouse cultivation, increasing integration of the Internet of Things (IoT) with grow lighting solutions and rising preference for energy-efficient and long-lasting variants, such as LED.

The global grow light market is expected to witness a negative impact due to the spread of the coronavirus disease (COVID-19). The pandemic has led to a decline in the sales of grow lights, as the supplies of electronic components are affected due to the shutdown in China, which is a major hub of lighting products.

The global grow light market is expected to exhibit at a CAGR of 12% during 2022-2027.

LED is the most popular technology used in grow lights across the globe.

new installations account for the majority of the overall market share, followed by retrofit installations.

On the basis of the spectrum, the full-spectrum holds the largest market share.

At present, commercial greenhouses represent the largest application segment.

Region-wise, Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others) exhibits a clear dominance in the market.

The key players operative in the industry are Epistar Corporation, Everlight Electronics Co. Ltd., Gavita International B.V., General Electric Company, Heliospectra AB, LumiGrow, Inc., Illumitex, Inc., Koninklijke Philips N.V., Osram Licht AG, and Shenzhen Juson Technology Co. Ltd.

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