Grow Light Market 2022: Significant Analysis of Top Players, Regional Trends, Value Share, Growth Status And Opportunity Assessment By 2030
The global grow light market size was valued at USD 4.23 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 15.0% from 2022 to 2030.

Grow Light Industry Overview

The global grow light market size is anticipated to reach USD 14.31 billion by 2030, growing at a CAGR of 15.0%, according to a new report by Grand View Research, Inc. The increased use of vertical farming and indoor cultivation, for producing crops, is likely to spur the market demand over the forecast period. Grow light helps in extending the hours of the natural daylight which further increases the health, growth rate, and yield of the plants. Artificial lighting, such as high-pressure sodium lighting, LED lighting and plasma lighting can extend the availability of crops throughout the season.

Grow Light Market Segmentation

Grand View Research has segmented the global grow light market based on application, product, system, technology, installation, spectrum, and region:

Based on the Product Insights, the market is segmented into < 300 Watt, > 300 Watt.

  • The industry has been classified into < 300 Watt and > 300 Watt. The < 300 Watt segment dominated the industry in terms of revenue in 2021 with a market share of more than 64% and is expected to remain dominant over the forecast period. 
  • The growth is attributed to technological advancements in energy conservation and efficiency. The <300 Watt segment is expected to grow at the highest CAGR during the forecast period. The grow lights with low power (< 300 Watt) are more efficient as compared to high power grow lights. Low power lights generate a lesser amount of heat and can be used for an extended period of time without harming plants.
  • The >300 Watt segment is expected to hold a lesser market share as compared to other segments as higher wattage leads to more light and heat output which can result in wilting, browning, or even dying of plants. However, some growers use it for faster growth by counteracting the high wattage with more nutrients.

Based on the System Insights, the market is segmented into Hardware, Software.

  • The hardware segment dominated the industry with a market share of about 75% in terms of revenue in 2021. It is expected to remain dominant over the forecast period. Hardware segment includes various types of grow lights such as LEDs, plasma lights, high intensity discharge (HID) lights, and ballasts.
  • Software segment of the grow light market includes Controlled-Environment Agriculture (CEA) to control various environmental factors such as humidity, temperature, water and light. Software solutions are used in grow lights to improve plant quality.

Based on the Technology Insights, the market is segmented into High Intensity Discharge (HID), LED, Fluorescent, Plasma.

  • The HID segment dominated the industry in terms of revenue in 2021 commanding a market share of more than 36%. The HID is majorly used for commercial growing such as commercial greenhouses, and vertical farms. Whereas the LED segment is expected to dominate over the forecast period. 
  • Increasing urban cultivation and government initiatives to adopt energy efficient LEDs are expected to drive LED segment. LED lamps are most efficient at a higher price point. LEDs produces exact wavelength of desired light. It can produce dual band spectrum (red & blue) simultaneously.
  • The plasma segment is expected to grow at the highest CAGR during the forecast period. Plasma lights offer full-spectrum light similar to that of sunlight. These lights have longer service period and produce less amount of heat.

Based on the Spectrum Insights, the market is segmented into Partial Spectrum, Full Spectrum.

  • The partial spectrum segment marginally dominated the industry with a market share of about 42% in 2021. The partial spectrum grow lights emits light of a specific spectrum such as yellow, blue, or green. These light spectrums are useful at various growth stages of plants.
  • These are targeted to specific stages of plant growth, and they considerably reduce the growth time of plants and also improve yields. Red and blue wavelengths are conducive for the vegetative growth stage while for the flowering red and far-red wavelengths promote better growth.
  • Whereas full spectrum segment is expected to dominate over the forecast period. It is also expected to grow at a higher CAGR as compared to partial spectrum. Full spectrum lamps emit light similar to sunlight. These lamps are useful at every growth stage of a plant.

Based on the Application Insights, the market is segmented into Indoor Farming, Vertical Farming, Commercial Greenhouse, Others.

  • The commercial greenhouse segment dominated the industry in terms of revenue in 2021 with a market share of more than 44%. This growth is attributed to technological advancements and the increasing use of grow lights. Vertical farming segment is expected to grow the highest over the forecast period.
  • Factors such as growing technological advancements in grow lights and increasing penetration of vertical and indoor farming are anticipated to drive the application segment over the forecast period. The vertical farming segment is widely accepted in countries like Japan, China, Netherlands.
  • In vertical farming food, herbs and medicine can be produced in vertically stacked layers which are integrated in a used warehouse, skyscraper or shipping container. It uses Controlled-Environment Agriculture (CEA) to control various environmental factors such as humidity, temperature, water and light.

Grow Light Regional Outlook 

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The key market players engage in strategies such as partnerships and new product developments to expand their market share. Companies are also acquiring competitors’ businesses to strengthen their position in the market.

Some prominent players in the global grow light market include

  • AeroFarms
  • EVERLIGHT ELECTRONICS CO., LTD.,
  • GAVITA Holland bv
  • Heliospectra AB
  • Hortilux Schréder
  • Illumitex
  • LumiGrow Inc
  • Osram Licht AG

Order a free sample PDF of the Grow Light Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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