Grow Light Market
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Grow Light Market Size Growth Forecast: What to Expect by 2025?
The market size of grow lights has expanded substantially in the past few years. It is projected to escalate from $4.22 billion in 2024 to $4.92 billion in 2025, exemplifying a Compound Annual Growth Rate (CAGR) of 16.5%. The notable growth during the historical period can be credited to factors such as the farming of high-value crops, research in plant growth, progress in fluorescent and hid light technology, industry norms and legislation, and boosted requirement for produce throughout the year.
How Will the Grow Light Market Size Evolve and Grow by 2029?
The market size for grow lights is predicted to experience significant expansion in the coming years, with projections estimating it to reach $9.05 billion by 2029, showcasing a compound annual growth rate (CAGR) of 16.4%. Reasons for this expected growth within the forecasted period include the expansion of vertical farming, increased focus on research and development, a surge in indoor agriculture demand, growing cannabi*s* cultivation, and a push towards sustainable solutions. Key trends during the forecast period are anticipated to be urban agriculture and vertical farming, regulatory changes favoring cannabi*s* cultivation, advancements in horticultural research and development, the advent of smart and interconnected lighting, and the tailoring of light spectrum.
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What Drivers Are Propelling the Growth of Grow Light Market Forward?
The surge in the usage of indoor farming methods is a significant factor propelling the expansion of the grow light market. Indoor farming is a practice where plants or crops are grown, usually on a massive scale, wholly inside. Grow lights are employed in such circumstances due to a lack of natural light as they simulate or even surpass natural sunlight regarding plant growth. The United States Environmental Protection Agency, a US Government agency, reported in September 2024 that agriculture contributed more than $1.53 trillion to the U.S. GDP in 2023, accounting for 10.4 percent of the country’s total employment. Thus, the increase in indoor farming usage is fuelling the expansion of the grow light market.
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What Are the Key Trends Driving Grow Light Market Growth?
Leading businesses in the grow light industry are prioritizing the design of innovative solutions like the next-generation LED grow light. Their goal is to boost energy efficiency, stimulate plant growth, and decrease operational costs. These next-generation LED grow lights are sophisticated lighting systems built to optimize plant development by delivering a more effective and specific light spectrum. An example is the January 2023 release of RavayeTM by Polymatech Electronics, an electronics company from India. The company introduced its latest horticulture LED grow light to help improve vertical farming and hydroponics methods. The RavayeTM line offers full-spectrum packages and singular color LEDs, with a specific aim to encourage healthier plant growth by stimulating photosynthesis and raising the plants’ nutritional value. By centering on cost-effectiveness, RavayeTM aspires to cut down on lighting system costs for farmers, thereby boosting their profit margins.
What Are the Key Segments in the Grow Light Market?
The grow light market covered in this report is segmented –
1) By Type: Light Emitting Diode (LED), High Intensity Discharge (HID), Plasma, Fluorescent
2) By Spectrum: Full-Spectrum, Partial Spectrum
3) By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Other Applications
Subsegments:
1) By Light Emitting Diode (LED): Full Spectrum LEDs, Red Or Blue Spectrum LEDs, COB (Chip On Board) LEDs
2) By High Intensity Discharge (HID): Metal Halide (MH), High Pressure Sodium (HPS)
3) By Plasma: Plasma Arc Lights, Plasma Grow Lights
4) By Fluorescent: T5 Fluorescent Lights, Compact Fluorescent Lights (CFL)
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Who Are the Key Players Shaping the Grow Light Market’s Competitive Landscape?
Major companies operating in the grow light market include Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v., Illumitex Inc., Lumigrow Inc., Signify N.V., Sunlight Supply Inc., Platinum LED Lights LLC, Hydrofarm Inc., Alta LED Corporation, Valoya Ltd., Black Dog LED, Advanced LED Lights, ams-OSRAM AG, GrowGeneration, California LightWorks, Electric Sky, EYE Hortilux, Kind LED Grow Lights, BIOS Lighting, Timber Grow Lights, Kroptek, SANlight GmbH, Viparspectra, Mars Hydro, Spider Farmer
What Geographic Markets Are Powering Growth in the Grow Light Market?
Europe was the largest region in the grow light market in 2024. Asia-Pacific is expected to be the fastest-growing region in the grow light market report during the forecast period. The regions covered in the grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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