Grow Light Global Market Report 2024

The grow light market size has grown rapidly in recent years. It will grow from $3.63 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The expansion observed during the historical period can be ascribed to the cultivation of high-value crops, advancements in research related to plant growth, progress in fluorescent and HID (high-intensity discharge) lighting technologies, regulatory developments in the industry, legalization initiatives, and a heightened demand for year-round produce.

The grow light market size is expected to see rapid growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The anticipated growth in the forecast period is linked to the expansion of vertical farming, ongoing research and development initiatives, a growing demand for indoor agriculture, the surge in cannabis cultivation, and a dedicated focus on sustainable solutions. Noteworthy trends expected in the forecast period encompass urban agriculture and vertical farming, regulatory changes favoring cannabis cultivation, advancements in horticultural research and development, the integration of smart and connected lighting systems, and the adoption of customized light spectrums.

The grow light market is experiencing substantial growth due to the increasing adoption of indoor farming practices. Indoor farming involves cultivating crops or plants indoors, often on a large scale. Grow lights are utilized in indoor farming when natural light is insufficient, as they can replicate or even surpass sunlight in promoting plant development. In 2021, investments in indoor farming exceeded $1 billion, as reported by the UK-based newspaper, The Guardian. This surpassed the combined investment of previous years, highlighting the significant impact of indoor farming on the grow light market.

The surge in urbanization is expected to drive the growth of the grow light market. Urbanization, characterized by the expansion of cities and population migration from rural to urban areas, creates a demand for efficient indoor gardening and vertical farming. Grow lights play a crucial role in enabling residents in densely populated urban areas to cultivate fresh produce and plants despite limited outdoor space. According to the World Economic Forum in April 2022, over 55% of the world's population, or 4.3 billion people, lived in urban settings, and this number is projected to reach 80% by 2050. Therefore, the increasing trend of urbanization is a key driver for the grow light market.

A prominent trend in the grow light market is product innovation, with major companies focusing on developing innovative grow lights to enhance energy efficiency and expand their spectrum and applications. For example, in September 2021, Growealth, a US-based manufacturer, introduced a line of grow lights featuring innovative surface-mounted diodes, providing maximum Par/Lumen output. These lights operate silently without fan noise, and their durable aluminum board ensures longevity. The adjustable input voltage, ranging from 110V to 277V, adds versatility, making them compatible with power cables and plugs from various countries.

Companies in the grow light market are increasingly concentrating on introducing indoor garden lights to gain a competitive advantage. These lighting fixtures are specifically designed for cultivating plants and supporting indoor gardening activities. In October 2023, AeroGarden, a US-based home gardening company, launched a new series of indoor grow lights for houseplants. This product line includes tabletop grow lights, stem grow lights, and LED grow light panels utilizing full-spectrum LED technology to meet the light requirements for indoor plants to thrive. These lights are particularly suitable for areas with limited natural light, making them an excellent solution for indoor gardening enthusiasts.

In May 2022, Signify, a Netherlands-based lighting corporation, acquired Fluence, a US-based manufacturer of LED grow lights. This acquisition bolstered Signify's position in the North American horticulture lighting market, emphasizing the strategic importance of such moves in the grow light industry.

Major companies operating in the grow light market report are AeroFarms, Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v., Illumitex Inc., Lumigrow Inc., Osram Licht AG, Signify N.V., Sunlight Supply Inc., General Electric Company, Platinum LED Lights LLC, Hydrofarm Inc., Alta LED Corporation, Savant Systems Inc., 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.

Europe was the largest region in the grow light market in 2023. 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. The countries covered in the grow light market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of grow lights encompass light-emitting diode (LED), high-intensity discharge (HID), plasma, and fluorescent options. LED grow light fixtures leverage LED chips in a contemporary and efficient manner to generate light tailored for the cultivation of plants. These lights, available in both full-spectrum and partial spectrum variants, are employed to enhance the size and pace of plant development, resulting in superior crops. Their applications span diverse settings such as indoor farming, commercial greenhouses, vertical farming, and other agricultural scenarios.

The grow light market research report is one of a series of new reports that provides grow light market statistics, including grow light industry global market size, regional shares, competitors with a grow light market share, detailed grow light market segments, market trends and opportunities and any further data you may need to thrive in the grow light industry. This grow light market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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