CHICAGO, May 30, 2024 /PRNewswire/ -- The grow lights market is expected to reach USD 6.4 billion by 2029 from USD 2.0 billion in 2024, at a CAGR of 26.5% during the 2024-2029 period according to a new report by MarketsandMarkets. Various companies are investing in grow lights which gives an opportunity for growth in the grow lights market. The grow lights market is continuously developing, with the presence of multiple players. Currently Europe is contributing significantly to the growth of the grow lights market. Similarly, the Asia Pacific, North America and RoW regions are expected to be the growing market for the forecasted period.
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Grow Lights Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 2.0 billion |
Estimated Value by 2029 | $ 6.4 billion |
Growth Rate | Poised to grow at a CAGR of 26.5% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Wattage, Spectrum, Cultivated Plant, Installation Type, Lighting Type, Sales Channel, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Lack of standardized testing protocols for evaluating horticulture lighting product quality |
Key Market Opportunities | Technological advancements in LED grow lights and automation in lighting systems |
Key Market Drivers | Robust governmental support for the implementation of solid-state lighting technology and controlled-environment agriculture (CEA) methodologies |
The hardware segment currently leads the grow lights market and is expected to have the largest market share in the forecast period.
Grow lights serve as supplemental lighting for indoor cultivation of fruits, vegetables, and flowers. The adjustment of bulb types, electrical power, and the distance between the lamp and the plant varies accordingly. The grow light system comprises hardware components such as bulbs, fixtures, metal reflectors, reflective films, and ballasts.
Reflectors play a pivotal role in distributing adequate light to all plants, optimizing light efficiency in indoor horticulture. They help maintain optimal light levels and prevent excessive heat or cold. Available in various types, shapes, and sizes, reflectors are mounted on lamps to reduce energy requirements. Reflective films, lining walls, floors, and ceilings in farms, enhance reflectivity and prevent energy wastage.
Ballasts are electronic devices essential for powering high intensity grow lights. Their primary functions include lamp initiation and operation control. Ballasts convert electricity into precise currents required for lamp operation, ensuring constant light output, and preventing overheating or lamp burnouts. They maintain optimal light temperatures for indoor farming.
Bulbs and fixtures are vital hardware components responsible for energy conservation. Most edible plants require a minimum of 30 watts per square foot, while fruiting species like tomatoes may need 40 to 50 watts per square foot. Due to their superior energy efficiency, full-spectrum LED bulbs and fixtures are increasingly favored by growers.
In June 2023, ams-OSRAM AG introduced the fifth generation of its OSLON Square Hyper Red horticulture LED, aimed at accelerating plant growth and facilitating optimized system costs. This iteration reflects the company's commitment to innovation driven by customer feedback, offering LED solutions with increased photosynthetic photon flux (PPF) and higher efficacy compared to the previous Hyper Red 660?nm LEDs. The new OSLON Square Hyper Red LED is suitable for various horticultural lighting applications, including greenhouse top lighting and interlighting, sole source lighting, and vertical farming.
In March 2022, MegaDrive Vertical Series from California LightWorks, was designed for indoor cultivation across multiple levels. This series combines the MegaDrive central power supply with vertical LED fixtures, offering a cost-effective solution for multi-level shelves and low ceiling grow rooms. By eliminating the need for drivers and reducing power drops, it optimizes control and minimizes installation costs.
>=300 Watts grow lights is predicted to register the highest CAGR in the forecast period.
Grow lights with >=300 watts are well-suited for various grow rooms, particularly those requiring precise care and focused light without causing tent overheating. These lights provide a full spectrum of illumination, safe for all plant growth stages. Covering an area of approximately 4×4 square meters and reaching a height of about 6.5 feet, they deliver a broad range of light that stimulates photosynthesis consistently, promoting rapid plant growth. Equipped with high-quality fans and aluminum heat sinks, these lights ensure efficient heat dissipation and prolonged lifespan.
Market leaders such as Signify Holding, ams-OSRAM AG, Gavita International B.V., Heliospectra, and California LightWorks offer grow lights exceeding 300 watts. Signify Holding, for instance, introduced the innovative Philips GreenPower LED production module 3.0, ranging from 49 to 635 watts, designed to assist growers in optimizing multilayer crop cultivation. This module enables growers to easily adjust the color spectrum to meet the specific needs of various crops and growth phases, including lettuce, leafy greens, herbs, soft fruits, and young plants.
In September 2022, Hortilux Schréder introduced HORTILED Top Range LED fixtures introduced by the company stand out for their versatility, offering six different configurations for power consumption, ranging from 520 to 1,050 Watts.
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Grow lights market for the Europe region Predicted to have the highest market share between 2024 and 2029 forecast.
The growth of the grow lights market in Europe is expected to be driven by several factors, including increasing food demand, urbanization, unfavorable weather conditions for traditional farming, the need to reduce fresh produce imports, and the pursuit of new, productive farming methods. The European grow lights market is segmented into the UK, Germany, Scandinavia, the Netherlands, and the Rest of Europe, with many leading grow light manufacturers headquartered in this region.
Technological advancements in artificial grow lights, along with government incentives promoting the use of efficient and eco-friendly technologies such as LEDs, have significantly boosted the demand for grow lights in Europe. Additionally, European governments have implemented stringent regulations to ban incandescent bulbs, which is expected to positively impact the growth of the grow lights industry.
Key Players
The report profiles major players in the grow lights companies are Signify Holding (Netherlands), Gavita International B.V. (Netherlands), Heliospectra (Sweden), ams-OSRAM AG (Austria), California LightWorks (US), Hortilux Schréder (Netherlands), Valoya (Finland), ILUMINAR Lighting LLC. (US), SAVANT TECHNOLOGIES LLC. (US), Ushio Inc. (Japan), EconoLux Industries Ltd. (China), LEDVANCE GmbH (Germany), Lemnis Oreon B.V. (Netherlands), Hyperion Grow Lights (England), Sananbio (China), Dongguan LEDESTAR Opto-electronics Tech. Co., Ltd. (China), ViparSpectra (US), Kind LED Grow Lights (US), Black Dog Horticulture Technologies & Consulting (US), Agrolux B.V. (Netherlands), Sollum Technologies (Canada), Mars Hydro (China), Biological Innovation and Optimization Systems, LLC. (US), EVERLIGHT ELECTRONICS CO., LTD. (Taiwan), and NICHIA CORPORATION (Japan).
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