The latest report by IMARC titled, “India Grow Light Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that India grow light market size reached US$ 70.5 Million in 2021. Grow light refers to specialized LED light used for stimulating the growth of indoor plants. They emit electromagnetic radiation in the visible light spectrum, which aids in the procedure of photosynthesis and boosts healthy development. Grow lights are commercially available in high-intensity discharge (HID), light-emitting diodes (LED), incandescent variants, and high-pressure sodium (HPS). they also offer several benefits, including cooler temperatures, longer lifespan, better efficiency, compact size, usage of full spectrum, and state rebates. In recent years, grow lights have gained traction due to their extensive adoption in home gardening, commercial indoor gardening, horticulture, food production, and plant propagation applications.
We are regularly looking at the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.
India Grow Light Market Trends:
One of the primary factors driving the market is the rapid establishment of vegetable factories across the country, on account of the increasing population. Grow lights facilitate the use of artificial environmental control, control of light, and fertigation. Additionally, the growing trend of vertical rooftop and commercial greenhouse farming is creating a positive market outlook. Other than this, the increasing utilization of solar power-based agriculture plants is positively influencing the market growth. Besides this, artificial lighting, such as LED lighting, high-pressure sodium lighting, and plasma lighting, can extend the availability of crops, thus increasing the product adoption rate across the country. In line with this, the rising awareness about the importance of alternative farming due to the less availability of fertile agricultural land is creating lucrative growth opportunities for the key players operating in the industry. Furthermore, indoor farming can produce crops throughout the year, unlike traditional agricultiture, which leads to increased productivity, thus boosting product demand. Moreover, growing technological advancements in grow lights and extensive research and development (R&D) activities to introduce innovations in agricultural science and technology. Looking forward, IMARC Group expects the market value to reach US$ 155.8 Million by 2027, expanding at a CAGR of 14.4% during the forecast period (2022-2027).
- Based on technology, the market has been divided into HID, LED, fluorescent, and others.
- On the basis of the installation type, the market has been bifurcated into new and retrofit installations.
- Based on the spectrum, the market has been segmented into full and partial spectrum.
- On the basis of the application, the market has been categorized into indoor farming, vertical farming, commercial greenhouse, turf and landscaping, and others.
- Region-wise, the market has been classified into North India, West and Central India, East India, and South India.
- The competitive landscape of the market has also been analyzed, along with the detailed profiles of key players operating in the industry.
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