The global grow light market reached a value of US$ 3.65 Billion in 2019. 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.
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. Looking forward, IMARC Group expects the market to reach levels worth US$ 7.13 Billion registering a CAGR of 11.7% during 2020-2025.
Breakup by Technology:
Breakup by Installation Type:
Breakup by Spectrum:
Breakup by Application:
Breakup by Region:
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., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc.
Key Questions Answered in This Report:
The global grow light market was worth US$ 3.65 Billion in 2019.
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 reach US$ 7.13 Billion by 2025.
High-Intensity Discharge (HID) is the most popular technology used in grow lights across the globe.
Retrofit installations account for the majority of the overall market share, followed by new installations.
On the basis of the spectrum, the partial spectrum holds the largest market share.
At present, commercial greenhouses represent the largest application segment.
Region-wise, Europe (Germany, France, the United Kingdom, 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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