In 2021, the worldwide global grow light market was valued at USD 4.23 million. The market is expected to expand at a CAGR of 14.7% between 2022 and 2032.
The market for LED lights for use in agriculture is expected to grow in a healthy manner throughout the forecast time. The increased use of solid-state lighting technology as well as managing environmental practices in agriculture will drive the growth of the market. Investing in vertical farms and greenhouses will also support market growth. The demand for LED growth lights will be positively affected by the legalization of cannabis cultivation in different areas of the world. Indoor farming is increasing the demand for LED grow lights. There are a variety of lights for growing such as LED lights, fluorescent lights, as well as high-pressure sodium lighting. LED grow lights use less energy.
LED lights will be more beneficial as urban farming develops. Indoor farming has seen an increase in demand for nutritious fresh vegetables. This will drive the demand for LED to grow lights for agriculture. LED lights are also being developed specifically for agricultural use because of the growing poultry industry demand. To boost the growth of the chicken, poultry farmers turn towards LED grow lamps. LED grow lamps have been shown to produce more eggs and better quality chickens.
Factors that Drive You
Because they are energy efficient, the grow light market is more efficient than traditional lights. Grow lights are highly sought after for their unique features, such as energy efficiency, cost-effectiveness high-quality color, and flexibility. Indoor farming has high requirements for grow lights. Growing indoor plants requires lighting. There are many benefits and benefits of grow lights that will ultimately boost the market demand. Grow lights are needed in the horticulture field.
Global demand is high for grow lights due to their high sodium and metal-halide contents. Indoor farming is on the rise in all regions. Indoor farming is a significant demand generator for grow lamps. The growing trend of indoor farming is encouraging many industries to use grow lights. Its environmental benefits fuel its development. The main drivers of the growth-light market are therefore the rapid growth of the indoor farming industry, as well as the government initiatives.
Grow Light Market Restraints Factors
Increased awareness of the many advantages of lighting for growth is driving demand for the product. For vertical and indoor cultivation, artificial lighting was previously used. Artificial lights don't come without their negatives. This has resulted in a growing market of grow lights. The drawbacks of artificial light like electric or fluorescent ballasts are overcome by the growth light. The main issue is the cost of initial investment for grow lights. Grow lights can be more costly than artificial lights when it comes to capital expenses. Grow lights' cost varies depending on the specifications and output. Prices for these lights are high and limit the market.
Market Trends in Grow Light
Grow lights are required for indoor farming. They are able to substitute direct sunlight and mimic the effect. Sometimes, they may even surpass sunlight. There are three types of indoor cultivators' lights: HPS or HID development lights as well as fluorescent and LED lights.
The rise of indoor market growth has been supported by technological advancements in areas of grow lights and cost-effective gardening systems.
Indoor grow lights offer plants the most effective blue and red wavelengths to ensure healthy and large growth. The plants detect light that is red and releases a hormone that helps prevent chlorophyll from being broken down. The light of red can produce healthy and large plants, as well as fruit and seeds. Grow lights are used to control how much red light is given to plants. Overly much red light may lead to spindly and slow-growing plants.
Recent Developments:
Valoya has designed a new line of LED lights for greenhouses that allow plants to grow. The light is able to intensify, and the new model comes with a variety of replacements.
Valoya's RX-Series collection of LEDs for the greenhouse has been expanded by two new models, the RX500- and the RX600-series. They can be used to replace HPS 1-1 and boast a stunning 1700 umol/s of uniform light output. Due to their high light intensity, they can be placed as high as 4 meters above the canopy.
Market Key Players:
AeroFarms ever light electronics. LTD., Lumigrow, Inc., Illumitex Inc., Epistar Corporation, Bridgelux, Inc., Heliospectra AB, Hortilux Schreder, Illumitex, Black Dog Grow Technologies Inc., LumiGrow Inc, Gavita International B.V., Bridgelux Inc., Gavita Holland B.V., Samsung Electronics Co. Ltd., Royal Philips Electronics N.V., Osram Licht AG, and Other Key Players
Market Segmentation for Grow Light
Market.US has divided the market for Grow Light by geography (North America and Europe, APAC and South America) as well as the Middle East, Africa, and the Middle East. The market is divided by Applications into vertical farming, indoor agriculture, commercial greenhouses, as well as other uses. The market is further segmented by product into 300 Watt and 300 Watt.
The market is further broken down into hardware and software. The market may be divided according to technology into high-intensity (hid) and low-intensity (le) and fluorescent. Installation can also be used to divide the market into retrofits as well as new installations. Markets can also be split by Spectrum into a part spectrum and full spectrum.
Frequently Asked Questions
How big is the Grow Light Market?
In 2021, the market for Grow Light is estimated at USD 4.23 billion. It is predicted to grow to $19.12 Billion by 2032.
What is Grow Light Market?
The Grow Light Market is expected to expand at a rate of compound annual growth of 14.7 % between 2021-2032, increasing to $19.12 billion in 2032.
Which of the segments had the highest percentage of the Grow Light Market?
In 2021 Europe was the largest market, accounting for 32.05 percent of the world's market for grow light. This is due to the growing awareness of alternative farming methods and the decreasing availability of land.
What are the drivers behind the Grow Light Market?
The primary factors behind the growth of the light market is vertical and urban farming and the rising use of organic and sustainable production methods for vegetables and fruits.
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