Global Grow Light Market Segments 2024, Forecast To 2033
5 Mar, 2024
The grow light market has experienced rapid growth, increasing from $3.63 billion in 2023 to $4.29 billion in 2024, reflecting an 18.2% CAGR. The surge is attributed to the cultivation of high-value crops, research in plant growth, advancements in lighting technologies, and increased demand for year-round produce. Looking ahead, the market is expected to continue its robust growth, reaching $8.1 billion in 2028 at a 17.2% CAGR. Factors contributing to this growth include the expansion of vertical farming, research and development initiatives, the rise in indoor agriculture, and a focus on sustainable solutions.
Global Grow Light Market Key Driver
The growth of the grow light market is significantly fueled by the increasing adoption of indoor farming practices. Indoor farming, involving large-scale cultivation of crops indoors, utilizes grow lights to mimic or even surpass natural sunlight for plant development. Notably, investments in indoor farming exceeded $1 billion in 2021, as reported by The Guardian, reflecting a substantial growth driver for the grow light market.
Get A Free Sample Of The Global Grow Light Market ReportGlobal Grow Light Market Segments
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
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Europewas 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
Major Grow Light Industry Players
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
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AIOps Grow Light Market Overview
Grow light refers to artificial lighting designed to substitute natural sunlight that encourages indoor plant photosynthesis and provides the right color spectrum where the plant can grow and flourish.
Grow Light Global Market Report 2023 provides data on the global grow light market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The grow light market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.