Market Survey: Global Grow Lights Market, CAGR Status, Market Growth, Trends, Analysis and Forecast (2020 - 2023)

Grow Lights Market (2020 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Grow Lights market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

Grow Lights Market report is anticipated to register a CAGR of 13.1% over a five years forecast period (2020 – 2023).”

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List of Major Key players operating in the Global Grow Lights Market are –

  • Alta LED Corporation
  • Bridgelux
  • Inc.
  • General Electric Company
  • GrowGeneration Corporation
  • Heliospectra AB
  • Illumitex
  • Inc.
  • LumiGrow
  • Inc.
  • Natures Hydroponics
  • OSRAM Licht AG
  • PARsource Lighting Solutions
  • Royal Philips Electronics BV
  • SolarMax Technology
  • Inc.

The grow lights market was valued at USD 2.82 billion in 2017 and is expected to reach a value of USD 5.79 billion by 2023 at a CAGR of 13.10% over the forecast period of 2020–2023. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and the rest of the world.

Gardening has evolved to be a diverse field of occupation and business for the population, globally. Advancements in technology and innovation in the field of gardening is assisting enthusiastic growth of domestic plants, in a closed environment. Development of a garden within living condos and apartments are becoming increasingly common. Indoor gardening above all has centered food, décor, and freshening of the atmosphere. With the rise of new technology, in the grow lights and affordable gardening systems, research indicates that one-third of the millennia are practicing growing herbs, indoors. Growing environmental concerns and uncertainty over the existing rainfall patterns has led the population to willingly invest in the domestic garden set-up. The further developments in the innovative farming practices, like the vertical farming method have been driving the growth of grow lights market. On the contrary, the high set-up and maintenance cost are hindering the growth of the market.

Emergence of Vertical Farming Methods

Vertical farming, due to increasing food and its origin consciousness, has been a rapidly growing concept, globally. In the recent past, organic food sales were experiencing robust growth, and it is set to continue growing over the forecast period. Vertical farming (the use of hydroponic technology and stacking the layers vertically in a closed space), requires the controlled environment agriculture (CEA) technology. Grow lights play a crucial role in indoor farming, especially in the vertical farming methodology, as the lights can be adjusted, ensuring exposure to the maximum area. Globally, the two factors majorly driving the growth of the vertical farming industry are the demand for local organic food and the growing urbanization. Different research indicates that more than 80% of the earth's population, i.e., beyond ten billion, by 2050 is estimated to reside in urban centers. Therefore, the requirements of the agricultural industry are expected to increase, immensely.

LED Lights Generate Huge Potential for Grow Lights

Over the recent years, light emitting diodes have evolved significantly and have become widely adopted lighting solution for indoor farming, worldwide. Its increasing popularity in indoor farming has been focused on the hobbyist and commercial greenhouse applications. Compared to other existing alternatives such as HID grow lights, LED grow lights are more energy-efficient, becoming the consumer favorite in the market. Further, with an operational lifecycle span of about five to seven years, and cost saving, in the long run, they are considered quite a sustainable solution.

Presently, dominating the market, LEDs are replacing the conventional fluorescent lights, as a number of retrofit installations involve LED lights. LED grow lights span across a wide range of products with diverse light intensity and their coverage area. Such offerings have helped sustain the market presence of LED grow lights. LED market has been very dynamic, with rapid technology changes, which cater to the requirements such as high intensity and wide coverage area. In addition, an increasing application in the vegetative growth and supplemental flowering and fruiting is found. The initial cost investment required for setting up the LED grow lights was a strong restraining factor for the growth of the market. However, the consumers’ acquired insights into the long-term benefits of the technology, leading to rapid growth of LED grow lights, over the forecast period.

North American to Witness a Significant CAGR

The legalization of growing marijuana in North America, mainly in the United States, for medical and recreational purposes has created a huge potential opportunity for the grow lights market to expand. With growing urbanization and the highest migration rate towards the urban settlements, the region is at a turnaround point in the agricultural industry, with immense pressure on industrial production. The legalization of marijuana has further created huge potential opportunities for the grow lights market, as consumers are now setting up small-scale indoor farming plantations. The growing popularity among the consumers and their preferences for the local and organically produced food have created a huge demand for the organic production units. Moreover, with the United States government encouraging the organic and small-scale vendors dealing with organic food, a record of 12% of the total businesses include organic products based enterprises. Millennial parents have driven the shift toward organic products, by centering the emphasis on urban establishments and hence driving the growth of the indoor farming methods in the country. The population growth and the continuing trends, has led to innovative farming technologies, such as vertical farming, which is accelerating the adoption of grow lights in North America.

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Scope of the Report:

The report analyses Grow Lights market, which includes –

  • Analysis of the growth of Grow Lights market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides Grow Lights market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level Grow Lights market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Grow Lights market are discussed.
  • The report provides competitive landscape at country level for the year 2020. It also covers key policies and initiatives, key deals, and key upcoming projects.

Highlighted points of Grow Lights Market Report:

  • Varying dynamics of the Grow Lights industry.
  • Prospective changes in sales volumes and worldwide share growth in upcoming years (2020-2023).
  • Grow Lights market report recognizes the key drivers of growth and challenges of the key industry players.
  • Competitors profiles along with product description, overview, and business data.
  • A complete analysis of market risks, opportunities, limitations, and growth of the market.
  • Market driving and restraining factors.
  • Delivers information on the historical and current market size and the future potential of the market.
  • Grow Lights market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.

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Reasons to Purchase Grow Lights Market Report:

  • The report analyses how stringent emission control norms will drive the global Grow Lights market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major Grow Lights market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

In this study, the years considered to estimate the market size of Grow Lights:

History Year: 2013-2017
Base Year: 2017
Estimated Year: 2020
Forecast Year 2020 to 2023

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