The global grow light market size was estimated to be US$ 3.15 billion in 2020 and is expected to reach US$ 11.5 billion by 2031 at a CAGR of 12.5%.
A growing light or light alludes to an electrical light that goes about as a fake supply of daylight for speeding up plant growth. These lights will in general emanate an electromagnetic wave inside the actinic radiation range, reproducing daylight for synthetic activity. Grow light is a critical segment of the metropolitan agribusiness practices.
An expanding number of plant industrial facilities, need for reasonable turn of events like sustainable development, and ascend in metropolitan farming are current impetuses for the grow lights market. Fresh and nutritious vegetables, wonderful decorative floral layouts, fragrant spices, and so forth, are sought after lasting through the year, and it has gotten simpler at the bit of a catch with the inescapability of web-based business. Indoor cultivating addresses the biggest piece of the pie, with the accessibility of moderate yet in vogue grow lights.
The growth of the market in this province can be assigned to the way that the area has the most grounded economies on the planet, alongside thriving enterprises that lead to expanded capital investment abilities. This region has been utilizing grow light frameworks for a long time to grow plants in business nurseries. The utilization of grow light in this area is steadily expanding from being a supplemental lighting source to turning into the essential source of light for indoor activities.
The acclivity in cultivating organizations across the world is driving worldwide ventures towards innovation suppliers for the business. The preference towards cutting edge cultivating arrangements, for example, vertical cultivating is drawing in investments and financial assistance; in July 2019, vertical cultivating fire up InFarm brought USD 100 million up in its series B financing drove by Atomico.
To satisfy the need, agribusiness industry is at present very nearly innovative change by joining indoor cultivating, vertical cultivating, business nursery, metropolitan cultivating, and so on Such advancements are progressively acquiring footing, which is, thus, propelling the demand for agritech items, for example, grow to light.
The Asia-Pacific province is one of the quickest developing areas for grow lights. Fast expansion in metropolitan horticulture, like vertical cultivating, green houses, and growth chambers are filling the interest for growth light in the district. Nations like Japan, Taiwan, and China are the significant source of interest for grow lights in the area and are assessed to remain so during the forecast period.
Generally, Japan was the essential wellspring of interest for grow lights, resulting from high industrial modernization in the metropolitan cultivating innovation of the country. In Japan, the metropolitan farming foundations are tended to as plant production lines and the country's biggest plant manufacturing plant is equipped for creating in excess of 20,000 heads of lettuce in a day, in a little more than a 3000-square-meter office.
Global Grow Light Market Value Share Analysis, by Geography (2021)
The report titled “Global Grow Light Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Grow Light Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Grow Light market is segmented as offering, lighting, installation, watt, cultivated plant, spectrum, application and sales channel, and region. Based on offering, the Grow Light market is segmented into hardware, software and services, other. Based on lighting, the Grow Light market is segmented into top lighting, inter lighting, and other. Based on installation, the Grow Light market is segmented into new installations, retrofit installations, and other. Based on watt, the Grow Light market is segmented into <300 watts, >300 watts, other. Based on cultivated plant, the Grow Light market is segmented into fruits, vegetables, flowers, cannabis, and other. Based on spectrum, the Grow Light market is segmented into full spectrum, limited spectrum, and other. Based on application, the Grow Light market is segmented into greenhouses, vertical farms, indoor farms, research, tissue culture laboratories, and other. Based on sales channel, the Grow Light market is segmented into distribution channels, e-commerce channels, direct sales channels, other.
Based on geography, the Global Grow Light Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Grow Light Market. Further, market share of prominent companies in the Global Grow Light Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Grow Light companies. The Global Grow Light Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Grow Light business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Global Grow Light Market.
The key players of the Global Grow Light Market are Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc, and others.
Global Grow Light Market Key Segments:
Based on offering
Based on lighting
Based on installation
Based on watt
Based on cultivated plant
Based on spectrum
Based on application
Based on sales channel
By Region
The global Grow Light market size is estimated to reach USD 11.5 Billion by 2031.
The global Grow Light market is estimated to expand at a CAGR of 12.5% through 2031.
Some key players operating in the Grow Light market include Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc, and others.
The major applications of Grow Light include Greenhouses, Vertical farms, Indoor farms, Research and Tissue culture laboratories.
The Asia-Pacific province is one of the quickest developing areas for grow lights.
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