Grow Lights Market

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Grow Lights Market by Offering (Hardware, Software, Services), Watt, Spectrum, Cultivated Plant, Lighting Type, Light Source, Installation Type, Sales Channel, Application (Greenhouse, Indoor Farm, Vertical Farm) and Region - Global Forecast to 2028

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Report Code: SE 4140 Mar, 2023, by marketsandmarkets.com

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[256 Pages Report] The global grow lights market was valued at USD 1.5 billion in 2022 and is projected to reach USD 7.2 billion by 2028; registering a CAGR of 30.7% during the forecast period. Heightened demand for fresh food and loss of arable land, strong government support for adoption of solid-state lighting technology and controlled-environment agriculture (CEA) practices, and increased investments in establishing vertical farms and greenhouses and associated advanced technologies are among the factors driving the growth of the grow lights market.

Grow Lights Market

Grow Lights Market Forecast to 2030

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Market Dynamics:

Driver: Heightened demand for fresh food and loss of arable land

As the global population is increasing at a significant rate, the food production worldwide requires to be doubled from 2014 to 2050 (Source: The Food and Agriculture Organization (FAO)). According to the United Nations, the world population is expected to reach 9.6 billion by 2050. Therefore, farmers are likely to witness immense pressure for increasing their crop production either by making the land arable to grow crops or adopting emerging techniques such as smart greenhouses and vertical farming.

Rapid population growth and urbanization, shrinking of water supplies, and continued climate change due to the increase in the emissions of greenhouse gases have contributed to declining stocks of arable land per person. As land resources for agriculture are decreasing, policy makers are facing challenges of sustainability and feeding the rapidly growing world population, which is projected to reach approximately 9.6 billion in 2050.

Restraint: High setup and installation costs of LED grow lights

Grow lights are essential when growing plants indoors. Growing plants indoors has been around for a long time, as it allows people to grow fresh food, fresh herbs for cooking, and simply enjoy the clean air that plants can have at home. The use of LED grow lights is increasing with the rising awareness about the benefits offered by these solutions. Different sources of artificial lights have been used to grow plants indoor. Earlier, HPS and electric ballasts were widely used in indoor farming as effective sources of light. Nowadays, LEDs are in trend; these grow lights overcome the drawbacks of HPS, fluorescent (FL), metal-halide lights, and electric ballasts. However, the initial capital required for the purchase of good-quality LED grow lights is higher than that of conventional lighting technologies, such as FL and HID lamps. This is mainly because each LED grow light unit contains arrays of LEDs, specially designed for horticultural applications. Often, these units contain different types of LEDs with variation in watts and wavelengths to provide a broad range of light spectrum and intensity for different types of plants. High-powered LED grow lights are available in the market for prices starting from USD 500. A high-quality, full-spectrum LED grow light can be installed as the primary light source for commercial indoor growing. It can cost around USD 2,000 or more, depending on the power output and other specifications.

Opportunity: Growing acceptance of farm-to-table trend

The farm-to-table concept involves bringing local food to restaurants, cafeterias, food joints, and other locations within the same community. There is a growing demand for locally grown food, and the number of diners who are interested in eating such meals is increasing day by day. The farm-to-table movement is promoting a more sustainable approach to agriculture and dining.

As the concept has endured, more people have joined in, and there is no doubt that the overall awareness of eating locally grown food has increased nowadays. Thus, the farm-to-table concept is no longer limited to the health-conscious or trend-aware eaters. The desire for more local ingredients could soon be spread into several different markets within the hospitality industry. Horticulture lighting promises timely availability of yield in the case of farm-to-table restaurants. With the help of CEA, food can be made available in the desired quality and quantity although the demand keeps on increasing.

Challenge: Grow lights placement and positioning

The quality of light a plant receives is highly dependent on both multilayering and horizontal placement. The distance between fixtures affects the ability to achieve an even distribution of light. If grow lights are placed too close together, they will create hot spots due to overlap and some plants will wilt in low light if hung too far. Generally, grow lights are suspended above the plant, integrated into a tray shelving unit, or in a free-standing lamp. The height distance between the plant and LED is a factor of concern. These settings will vary depending on requirements and circumstances, but if the lamp is too close to the plant, the leaves may be burned or discolored, and if the lamp is too far away, it will not emit enough light energy, resulting in smaller or fewer flowers or flowers, fruit, or long legs. Plants with lobed stems, small sparse leaves, and generally slow growing. These factors can hinder the growth and create challenging circumstances for grow lights industry.

Grow Lights Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of grow lights solutions. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Signify Holding (Netherlands), Gavita International B.V. (Netherlands), GE Lighting (US), Current (US), ams-OSRAM AG (Styria), Heliopsetra AB (Sweden), California LightWorks (US), Valoya Oy (Finland), EYE Hortilux (US), Hortilux Schréder (Netherlands). The demand Product R&D and Production Distributors/Suppliers ? End Users (OEM) ? Prominent Companies ? Small- and Medium-sized Enterprise Suppliers & Retailers Prominent Companies Small and Private Enterprises Partnership (Prominent Companies and Startups) Researchers/Organizations Regulatory Bodies Grow Lights Solution Manufacturers ? Private Contractors End Users (Aftermarket) Regulatory Bodies.

Grow Lights Market by Ecosystem

By wattage, <300 Watt segment is expected to grow with the second highest CAGR during forecast

<300 Watt segment is expected to experience the second highest CAGR of 28.2% during the forecast period. Low power lights generate a lesser amount of heat and can be used for an extended period of time without harming plants.

By offering, hardware segment is expected to grow with the second highest CAGR during the forecast period

The hardware segment is expected to witness the second highest CAGR of 29.9% during the forecast period. This growth is attributed to wide presence of grow lights manufacturing companies that provide grow lights as a hardware component. Grow lights act as supplementary lights for fruits, vegetables, and flowers that are cultivated indoors. Depending on the distance between the lamp and the plant, types of bulbs and electrical power of bulbs are adjusted. The grow light system comprises hardware components, namely, bulbs and fixtures, metal reflectors, reflective films, and ballasts. Additionally, as the productivity of controlled-environment agriculture (CEA) facilities increasingly depends on the efficiency of hardware systems installed, they play a vital role in the grow lights market.

By lighting type, top-lighting segment is expected to grow with the second highest CAGR during the forecast period

The top-lighting segment is expected to witness the second highest CAGR of 30.4% during the forecast period. The growth of this segment is mainly attributed to the growing adoption and demand for grow lights solutions in greenhouse agriculture across the globe. Most companies offering horticulture lighting have top lighting systems in their product portfolio. Signify Holding, ams-OSRAM AG, Heliospectra AB, and Gavita International B.V. are a few key players offering top lighting grow light systems. For instance, in April 2021, Canadian Valley Growers (CVG), a greenhouse supplying annual plants, vegetables and herbs to retailers who service Western Canada. CVG installed more than 1,500 Philips LED toplighting grow lights over its leafy green propagation and finished production areas. The lighting included a tailored made light recipe, designed Signify’s team of plant specialists and horticulture application engineers. This helped CVG achieve the best results for specific crop and greenhouse conditions.

By cultivated plants, flowers segment is expected to grow with the second highest CAGR during the forecast period

The flowers segment is expected to witness the second highest CAGR of 32.8% during the forecast period. In floriculture, flowers are grown using methods such as bedding, potted, and cut flowers. The requirement for artificial lighting in flowers varies according to species and production style. Grow lights are designed to provide sufficient light of the desired wavelength in moderate intensity to ensure the effective growth of flowers. The commonly grown plants using grow lights are roses, cannabis, African violets, poinsettia, begonia, phalaenopsis orchid, lily, hortensia, tulip, chrysanthemum, and alstroemeria. Flower cultivators worldwide are increasingly adopting greenhouses, vertical farms, and indoor farms for growing flowers owing to the benefits offered by them than conventional farms. Flowers are grown using bedding, potted, and cut flower techniques in controlled-environment farms. Poor lighting conditions affect their quality, resulting in small flowers with thin stems. Blue light promotes vegetative and root growth of flowers, while red light promotes germination and controls flowering in them. The correct light ratio can decrease flowering time and increase the flower count.

In 2028, Asia Pacific is projected to hold the largest share of the overall grow lighst market

Grow Lights Market by Region

Grow Lights Market by Region

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Asia Pacific is expected to witness the highest CAGR of 34.8% during the forecast period. Growing population, fast-track urbanization, and increasing emphasis of regional governments on the adoption of LED lights in farming practices ar.e the key factors driving the market growth in Asia Pacific. Additionally, to reduce transportation costs and minimize the distance between the market and the production of fresh fruits and vegetables, farmers are focusing on urban farming, which is likely to generate demand for grow lights in the coming years.

Key Market Players

The Grow Lights Companies such as Signify Holding (Netherlands), Gavita International B.V. (Netherlands), GE Lighting (US), Current (US), ams-OSRAM AG (Styria), Heliopsetra AB (Sweden), California LightWorks (US), Valoya Oy (Finland), EYE Hortilux (US), Hortilux Schréder (Netherlands) are some of the key players in the grow lights market.

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Scope of the Report

Report Metric	Details
Market Size Availability for Years	2019–2028
Base Year	2022
Forecast Period	2023–2028
Forecast Units	Value (USD)
Segments Covered	By offering, by wattage, spectrum, cultivated plant, lighting type, light source, application, installation type, sales channel, and region
Geographies Covered	North America, Europe, Asia Pacific, and RoW
Companies Covered	Signify Holding (Netherlands), Gavita International B.V. (Netherlands), GE Lighting (US), Current (US), ams-OSRAM AG (Styria), Heliopsetra AB (Sweden), California LightWorks (US), Valoya Oy (Finland), EYE Hortilux (US), Hortilux Schréder (Netherlands) are some of the key players in the grow lights market.

Grow Lights Market Highlights

This research report categorizes the grow lights market based on by offering, by wattage, spectrum, cultivated plant, lighting type, light source, application, installation type, sales channel, and region.

Segment	Subsegment
Grow Lights Market by Offering	Introduction Hardware Software & Services
Grow Lights Market by Wattage	<300 Watt >300 Watt
Grow Lights Market by Spectrum	Introduction Full Spectrum Limited Spectrum
Grow Lights Market by Cultivated Plant	Introduction Fruits and Vegetables Flowers Cannabis
Grow Lights Market by Lighting Type	Introduction Toplighting Interlighting
Grow Lights Market by Light Source	Light Emitting Diodes (LED) Fluorescent High-intensity Discharge (HID) Lights
Grow Lights Market by Application	Introduction Greenhouses Vertical Farms Indoor Farms Other Applications
Grow Lights Lighting Market by Installation Type	Introduction New Installations Retrofit Installations
Grow Lights Market by Sales Channel	Introduction Distribution Channels E-Commerce Channels Direct Sales Channels
Grow Lights Market by Region	Introduction North America US Canada Mexico Europe UK Germany Scandinavia The Netherlands Rest of the Europe Asia Pacific China Japan Southeast Asia Australia Rest of Asia Pacific Rest of the World Middle East Africa South America

Recent Developments

In January 2023, California LightWorks partnered with Virex Technologies to expand European distribution. With this partnership California LightWorks will bring its patented MegaDrive technology to the European market.
In December 2022. Bridgelux, Inc. entered into an agreement with Empa Elektronik San. ve Tic. A.S., a Turkish electronics components supplier. With the agreement Empa Elektronik will be Bridgelux’s a new distribution partner for its LED SMD, COB, CSP, and module products as well as LED drivers and Mosfet in Turkey, UAE, Saudi Arabia, Qatar, Jordan, and Egypt.
In August 2022, Hortilux Schréder partnered with Daeyoung GS. Co., Ltd. Both the companies have entered a distribution agreement. Under the distribution agreement, Daeyoung GS is authorized to sell Hortilux products to its customers in South Korea. With this, Hortilux Schréder strengthens its presence in South Korea.
In June 2022, ams-OSRAM AG launched the OSLON Optimal family of LEDs, based on the firm’s latest 1mm2 chip for horticulture lighting, which offer a combination of high efficiency, reliable performance and value..
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In May 2022, February 2022, Signify Holding acquired Fluence, a leader in horticultural lighting in North America, from ams OSRAM. With this acquisition Signify strengthen thier Agriculture lighting growth platform in North America. This also enables to capture the full potential of the US market for bio-based and non-bio-based crops, building a strong footprint in the European region.

Frequently Asked Questions (FAQ):

Which are the major companies in the grow lights market? What are their major strategies to strengthen their market presence?

The major companies in the grow lights market are – Signify Holding (Netherlands), Gavita International B.V. (Netherlands), GE Lighting (US), Current (US), ams-OSRAM AG (Styria), Heliopsetra AB (Sweden), California LightWorks (US), Valoya Oy (Finland), EYE Hortilux (US), Hortilux Schréder (Netherlands). The major strategies adopted by these players are product launches.

Which is the potential market for grow lights in terms of the region?

Europe region is expected to dominate the grow lights market owing to major presence of grow lights solution manufacturing companies.

Who are the winners in the global grow lights market?

Companies such as Signify Holding (Netherlands), Gavita International B.V. (Netherlands), GE Lighting (US), Current (US), ams-OSRAM AG (Styria) fall under the winner’s category. These companies cater to the requirements of their customers by providing grow lights solutions. Moreover, these companies are highly adopting inorganic growth strategies to strengthen their market position and customer base worldwide.

What are the drivers and opportunities for the grow lights market?

Factors such as Heightened demand for fresh food and loss of arable land and legalization of cannabis in different countries are the driver and opportunity in the grow lights market

What are the restraints and challenges for the grow lights market?

Factors such as High setup and installation costs of LED grow lights and high setup and installation costs of LED grow lights are restraints and challenges in in the grow lights market.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 30)

1.1 STUDY OBJECTIVES

1.2 MARKET DEFINITION

1.2.1 INCLUSIONS & EXCLUSIONS

1.3 STUDY SCOPE

1.3.1 MARKETS COVERED

FIGURE 1 GROW LIGHTS MARKET SEGMENTATION

1.3.2 GEOGRAPHIC SCOPE

1.3.3 YEARS CONSIDERED

1.4 CURRENCY

1.5 STAKEHOLDERS

1.6 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 35)

2.1 RESEARCH DATA

FIGURE 2 GROW LIGHTS MARKET: RESEARCH DESIGN

2.1.1 SECONDARY AND PRIMARY RESEARCH

2.1.2 SECONDARY DATA

2.1.2.1 List of key secondary sources

2.1.2.2 Key data from secondary sources

2.1.3 PRIMARY DATA

2.1.3.1 List of key primary interview participants

2.1.3.2 Breakdown of primaries

FIGURE 3 BREAKDOWN OF PRIMARIES

2.1.3.3 Key data from primary sources

2.1.3.4 Key industry insights

2.2 FACTOR ANALYSIS

2.2.1 SUPPLY-SIDE ANALYSIS

FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY-SIDE ANALYSIS) – REVENUES GENERATED BY COMPANIES FROM SALES OF PRODUCTS OFFERED IN GROW LIGHTS MARKET

FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (TOP-DOWN APPROACH, SUPPLY-SIDE ANALYSIS) – ILLUSTRATION OF REVENUE ESTIMATION IN GROW LIGHTS MARKET

2.3 MARKET SIZE ESTIMATION

FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS

2.3.1 BOTTOM-UP APPROACH

2.3.1.1 Approach for obtaining market shares using bottom-up approach (demand side)

FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH

2.3.2 TOP-DOWN APPROACH

2.3.2.1 Approach for obtaining market shares using top-down approach (supply side)

FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH

2.3.3 GROWTH PROJECTIONS AND FORECASTING ASSUMPTIONS

TABLE 1 MARKET GROWTH ASSUMPTIONS

2.4 MARKET BREAKDOWN AND DATA TRIANGULATION

FIGURE 9 GROW LIGHTS MARKET: DATA TRIANGULATION

2.5 ASSUMPTIONS

TABLE 2 KEY ASSUMPTIONS: MACRO AND MICRO-ECONOMIC ENVIRONMENT

2.6 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON GROW LIGHTS MARKET

TABLE 3 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON GROW LIGHTS MARKET

2.7 LIMITATIONS

2.8 RISK ASSESSMENT

TABLE 4 RISK ASSESSMENT: GROW LIGHTS MARKET

3 EXECUTIVE SUMMARY (Page No. - 49)

FIGURE 10 VERTICAL FARMING APPLICATION SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD

FIGURE 11 CANNABIS SEGMENT TO WITNESS HIGHEST GROWTH RATE DURING FORECAST PERIOD

FIGURE 12 EUROPE TO DOMINATE MARKET FOR GROW LIGHTS DURING FORECAST PERIOD

3.1 IMPACT OF RECESSION ON GROW LIGHTS MARKET

FIGURE 13 PRE- AND POST-RECESSION IMPACT ON GROW LIGHTS MARKET

4 PREMIUM INSIGHTS (Page No. - 52)

4.1 GROWTH OPPORTUNITIES FOR PLAYERS IN GROW LIGHTS MARKET

FIGURE 14 FACTORS SUCH AS HIGH DEMAND FOR FRESH FOOD AND LOSS OF ARABLE LAND TO DRIVE GROW LIGHTS MARKET

4.2 GROW LIGHTS MARKET, BY OFFERING

FIGURE 15 SOFTWARE & SERVICES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD

4.3 GROW LIGHTS MARKET, BY SALES CHANNEL

FIGURE 16 DIRECT SALES CHANNELS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD

4.4 GROW LIGHTS MARKET, BY WATTAGE

FIGURE 17 >300-WATT GROW LIGHTS TO DOMINATE MARKET IN 2028

4.5 GROW LIGHTS MARKET, BY INSTALLATION TYPE

FIGURE 18 RETROFIT INSTALLATIONS TO REGISTER HIGHER CAGR DURING FORECAST PERIOD

4.6 GROW LIGHTS MARKET, BY SPECTRUM

FIGURE 19 FULL-SPECTRUM LIGHTS TO REGISTER HIGHER GROWTH RATE DURING FORECAST PERIOD

4.7 GROW LIGHTS MARKET, BY REGION

FIGURE 20 EUROPE TO DOMINATE MARKET IN 2028

4.8 GROW LIGHTS MARKET, BY COUNTRY

FIGURE 21 SOUTHEAST ASIAN COUNTRIES TO RECORD HIGHEST CAGR DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 56)

5.1 INTRODUCTION

5.2 MARKET DYNAMICS

FIGURE 22 GROW LIGHTS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES

5.2.1 DRIVERS

5.2.1.1 High demand for fresh food and loss of arable land

FIGURE 23 POPULATION VS. ARABLE LAND, 2020–2050

5.2.1.2 Strong government support for adoption of solid-state lighting technology and controlled-environment agriculture (CEA) practices

TABLE 5 INCENTIVES IN US STATES FOR ADOPTION OF LED GROW LIGHTS

5.2.1.3 Increased investments in establishing vertical farms and greenhouses and associated advanced technologies

TABLE 6 LIST OF NOTICEABLE INVESTMENTS IN VERTICAL AND GREENHOUSE FARMING

5.2.1.4 Significant benefits such as energy efficiency and longer life associated with LED grow lights over conventional lighting technologies

TABLE 7 TYPICAL SPECIFICATIONS OF LED VS. HID

TABLE 8 REDUCTIONS IN HARVEST CYCLE USING LED HORTICULTURE LIGHTING ON CANNABIS STRAINS

5.2.1.5 High potential of LED grow lights in enabling farmers to produce quality crops all year round irrespective of weather conditions

FIGURE 24 IMPACT OF DRIVERS ON GROW LIGHTS MARKET

5.2.2 RESTRAINTS

5.2.2.1 High setup and installation costs of LED grow lights

5.2.2.2 Complex requirements for varied light spectrums for different crops

TABLE 9 STANDARD SPECTRUMS

FIGURE 25 IMPACT OF RESTRAINTS ON GROW LIGHTS MARKET

5.2.3 OPPORTUNITIES

5.2.3.1 Growing acceptance of farm-to-table trend

5.2.3.2 Legalization of cannabis in different countries

5.2.3.3 Automation in lighting fixtures and technological advancements in LED grow lights

5.2.3.4 Potential opportunities in Asian and Middle Eastern markets for vertical farming

5.2.3.5 Integration of hardware, software, and data analytics platforms for horticulture yield estimation and energy conservation

FIGURE 26 IMPACT OF OPPORTUNITIES ON GROW LIGHTS MARKET

5.2.4 CHALLENGES

5.2.4.1 Grow lights placement and positioning

5.2.4.2 Need for technical know-how and complexities associated with deployment of CEA technology

5.2.4.3 Absence of standard testing practices for assessing product quality of horticulture lights and fixtures

5.2.4.4 Difficulties in integrating different components and technologies in CEA facilities

FIGURE 27 IMPACT OF CHALLENGES ON GROW LIGHTS MARKET

5.3 SUPPLY CHAIN ANALYSIS

FIGURE 28 SUPPLY CHAIN OF GROW LIGHTS MARKET

TABLE 10 GROW LIGHTS MARKET: ECOSYSTEM

5.3.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN GROW LIGHTS MARKET

FIGURE 29 REVENUE SHIFT IN GROW LIGHTS MARKET

5.4 GROW LIGHTS MARKET ECOSYSTEM

FIGURE 30 ECOSYSTEM OF GROW LIGHTS

5.5 AVERAGE SELLING PRICE ANALYSIS

5.5.1 AVERAGE SELLING PRICE OF GROW LIGHTS OFFERED BY KEY PLAYERS

FIGURE 31 AVERAGE SELLING PRICE OF GROW LIGHTS OFFERED BY KEY PLAYERS

TABLE 11 AVERAGE SELLING PRICE OF GROW LIGHTS, BY LIGHT SOURCE (USD)

5.5.2 AVERAGE SELLING PRICE TREND

TABLE 12 AVERAGE PRICE: GROW LIGHTS, BY LIGHT SOURCE (USD)

FIGURE 32 AVERAGE PRICE: GROW LIGHTS, BY LIGHT SOURCE (USD)

5.6 KEY STAKEHOLDERS & BUYING CRITERIA

5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS

FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP APPLICATIONS

TABLE 13 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP APPLICATIONS (%)

5.6.2 BUYING CRITERIA

FIGURE 34 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS

TABLE 14 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS

5.7 TECHNOLOGY TRENDS

5.7.1 FULL-SPECTRUM LED GROW LIGHT SYSTEMS

5.7.2 SOLID-STATE LIGHTING TECHNOLOGY

5.7.3 ADVANCED UV LED TECHNOLOGY FOR HORTICULTURAL APPLICATIONS

5.7.4 CENTRALIZED POWER SUPPLY

5.8 PORTER’S FIVE FORCES ANALYSIS

TABLE 15 GROW LIGHTS MARKET: PORTER’S FIVE FORCES ANALYSIS

FIGURE 35 PORTER’S FIVE FORCES ANALYSIS

5.8.1 THREAT OF NEW ENTRANTS

5.8.2 THREAT OF SUBSTITUTES

5.8.3 BARGAINING POWER OF SUPPLIERS

5.8.4 BARGAINING POWER OF BUYERS

5.8.5 INTENSITY OF COMPETITIVE RIVALRY

5.9 CASE STUDIES

5.9.1 FASTER FINISHING AND ENHANCED VARIEGATION WITH PHILIPS LED GROW LIGHTS

5.9.2 LJUSGÅRDA ACHIEVED ULTIMATE VERTICAL GROWTH FROM 0 TO 7,000 SQ. M. USING LED LIGHTING SOLUTIONS FROM HELIOSPECTRA

5.9.3 TOMATO GRAFTING AND HEALING WITH HELIOSPECTRA’S LED GROW LIGHTS

5.9.4 GAINING CUSTOMER APPRECIATION ABOUT QUALITY OF PLANTS GROWN UNDER PHILIPS LEDS

5.10 TRADE ANALYSIS

5.10.1 IMPORT SCENARIO

TABLE 16 IMPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION)

5.10.2 EXPORT SCENARIO

TABLE 17 EXPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION)

5.11 PATENT ANALYSIS, 2012–2022

FIGURE 36 NUMBER OF PATENTS GRANTED FOR GROW LIGHTS, 2012–2022

FIGURE 37 REGIONAL ANALYSIS OF PATENTS GRANTED FOR GROW LIGHT SOLUTIONS, 2022

TABLE 18 LIST OF PATENTS PERTAINING TO GROW LIGHTS MARKET, 2021–2022

5.12 KEY CONFERENCES & EVENTS, 2023–2024

TABLE 19 GROW LIGHTS MARKET: DETAILED LIST OF CONFERENCES & EVENTS

5.13 STANDARDS AND REGULATORY LANDSCAPE

5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 20 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 21 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 22 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

TABLE 23 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.13.2 STANDARDS

5.14 TARIFF ANALYSIS

TABLE 24 TARIFFS FOR HS CODE 9405 EXPORTED BY CHINA (2021)

TABLE 25 TARIFFS FOR HS CODE 9405 EXPORTED BY US (2021)

6 GROW LIGHTS MARKET, BY OFFERING (Page No. - 95)

6.1 INTRODUCTION

FIGURE 38 HARDWARE OFFERINGS TO DOMINATE GROW LIGHTS MARKET DURING FORECAST PERIOD

TABLE 26 GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION)

TABLE 27 GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION)

TABLE 28 GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (THOUSAND UNITS)

TABLE 29 GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (THOUSAND UNITS)

6.2 HARDWARE

6.2.1 LARGE NUMBER OF MANUFACTURING COMPANIES PROVIDING GROW LIGHTS AS HARDWARE COMPONENTS TO DRIVE MARKET GROWTH

TABLE 30 GROW LIGHTS MARKET FOR HARDWARE, BY REGION, 2019–2022 (USD MILLION)

TABLE 31 GROW LIGHTS MARKET FOR HARDWARE, BY REGION, 2023–2028 (USD MILLION)

TABLE 32 GROW LIGHTS MARKET FOR HARDWARE, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 33 GROW LIGHTS MARKET FOR HARDWARE, BY APPLICATION, 2023–2028 (USD MILLION)

6.3 SOFTWARE & SERVICES

6.3.1 GROWING USE OF SOFTWARE SOLUTIONS TO IMPROVE PLANT QUALITY TO BOOST MARKET

TABLE 34 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY REGION, 2019–2022 (USD MILLION)

TABLE 35 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY REGION, 2023–2028 (USD MILLION)

TABLE 36 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 37 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY APPLICATION, 2023–2028 (USD MILLION)

7 GROW LIGHTS MARKET, BY WATTAGE (Page No. - 102)

7.1 INTRODUCTION

FIGURE 39 GROW LIGHTS MARKET, BY WATTAGE

FIGURE 40 >300-WATT GROW LIGHTS TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028

TABLE 38 GROW LIGHTS MARKET, BY WATTAGE, 2019–2022 (USD MILLION)

TABLE 39 GROW LIGHTS MARKET, BY WATTAGE, 2023–2028 (USD MILLION)

7.2 <300 WATTS

7.2.1 ABILITY TO USE LOW-POWER LIGHTS FOR EXTENDED PERIODS WITHOUT HARMING PLANTS TO PROPEL MARKET GROWTH

TABLE 40 <300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 41 <300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

7.3 >300 WATTS

7.3.1 IMPROVED GROW QUALITY AND ENERGY SAVINGS TO DRIVE DEMAND FOR >300-WATT GROW LIGHTS

TABLE 42 >300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 43 >300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

8 GROW LIGHTS MARKET, BY SPECTRUM (Page No. - 107)

8.1 INTRODUCTION

FIGURE 41 LIMITED-SPECTRUM GROW LIGHTS TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD

TABLE 44 GROW LIGHTS MARKET, BY SPECTRUM, 2019–2022 (USD MILLION)

TABLE 45 GROW LIGHTS MARKET, BY SPECTRUM, 2023–2028 (USD MILLION)

8.2 FULL SPECTRUM

8.2.1 ADVANTAGES SUCH AS ENHANCED ROOT DEVELOPMENT AND IMPROVED NUTRITION AND COLOR TO DRIVE ADOPTION OF FULL-SPECTRUM LIGHTS

8.3 LIMITED SPECTRUM

8.3.1 ADVANTAGES SUCH AS HIGH EFFICIENCY FOR PLANT GROWTH AND ENERGY EFFICIENCY TO BOOST MARKET

9 GROW LIGHTS MARKET, BY CULTIVATED PLANT (Page No. - 111)

9.1 INTRODUCTION

FIGURE 42 FRUITS & VEGETABLES TO DOMINATE GROW LIGHTS MARKET DURING FORECAST PERIOD

TABLE 46 GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION)

TABLE 47 GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION)

9.2 FRUITS & VEGETABLES

9.2.1 INCREASED DEMAND FOR HIGH-QUALITY ORGANIC FRUITS & VEGETABLES TO PROMOTE ADOPTION OF GROW LIGHTS

TABLE 48 GROW LIGHTS MARKET FOR FRUITS & VEGETABLES, BY REGION, 2019–2022 (USD MILLION)

TABLE 49 GROW LIGHTS MARKET FOR FRUITS & VEGETABLES, BY REGION, 2023–2028 (USD MILLION)

9.3 FLOWERS

9.3.1 EUROPE TO CAPTURE SIGNIFICANT SHARE OF GROW LIGHTS MARKET FOR FLOWERS IN COMING YEARS

TABLE 50 GROW LIGHTS MARKET FOR FLOWERS, BY REGION, 2019–2022 (USD MILLION)

TABLE 51 GROW LIGHTS MARKET FOR FLOWERS, BY REGION, 2023–2028 (USD MILLION)

9.4 CANNABIS

9.4.1 LEGALIZATION OF CANNABIS FOR MEDICINAL PURPOSES TO DRIVE MARKET GROWTH

TABLE 52 GLOBAL CANNABIS CONSUMPTION

TABLE 53 GROW LIGHTS MARKET FOR CANNABIS, BY REGION, 2019–2022 (USD MILLION)

TABLE 54 GROW LIGHTS MARKET FOR CANNABIS, BY REGION, 2023–2028 (USD MILLION)

10 GROW LIGHTS MARKET, BY INSTALLATION TYPE (Page No. - 121)

10.1 INTRODUCTION

FIGURE 43 RETROFIT INSTALLATIONS TO REGISTER HIGHER GROWTH RATE DURING FORECAST PERIOD

TABLE 55 GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION)

TABLE 56 GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION)

10.2 NEW INSTALLATIONS

10.2.1 GROWING POPULARITY OF VERTICAL AND INDOOR FARMING TO DRIVE DEMAND FOR NEW INSTALLATIONS OF GROW LIGHTS

TABLE 57 GROW LIGHTS MARKET FOR NEW INSTALLATIONS, BY REGION, 2019–2022 (USD MILLION)

TABLE 58 GROW LIGHTS MARKET FOR NEW INSTALLATIONS, BY REGION, 2023–2028 (USD MILLION)

10.3 RETROFIT INSTALLATIONS

10.3.1 BENEFITS SUCH AS IMPROVED PLANT QUALITY AND REDUCED MAINTENANCE COSTS TO BOOST ADOPTION OF RETROFIT INSTALLATIONS

TABLE 59 GROW LIGHTS MARKET FOR RETROFIT INSTALLATIONS, BY REGION, 2019–2022 (USD MILLION)

TABLE 60 GROW LIGHTS MARKET FOR RETROFIT INSTALLATIONS, BY REGION, 2023–2028 (USD MILLION)

11 GROW LIGHTS MARKET, BY LIGHTING TYPE (Page No. - 126)

11.1 INTRODUCTION

FIGURE 44 TOPLIGHTING SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MARKET DURING FORECAST PERIOD

TABLE 61 GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION)

TABLE 62 GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION)

11.2 TOPLIGHTING

11.2.1 GROWING ADOPTION OF GROW LIGHT SOLUTIONS IN GREENHOUSE AGRICULTURE TO FAVOR MARKET GROWTH

TABLE 63 TOPLIGHTING GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 64 TOPLIGHTING GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION)

11.3 INTERLIGHTING

11.3.1 ABILITY OF INTERLIGHTING TO PROVIDE LIGHT BETWEEN PLANTS WITHOUT UNWANTED HEAT GENERATION TO BOOST DEMAND

TABLE 65 INTERLIGHTING GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 66 INTERLIGHTING GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION)

12 GROW LIGHTS MARKET, BY LIGHT SOURCE (Page No. - 131)

12.1 INTRODUCTION

12.2 LIGHT-EMITTING DIODES (LED)

12.2.1 GROWING ADOPTION OF LED LIGHTS IN INDOOR FARMING DUE TO LONG LIFESPAN, SPECTRUM ADJUSTABILITY, AND ENERGY EFFICIENCY TO BOOST MARKET

TABLE 67 COMPARISON OF DIFFERENT LIGHT SOURCES

12.3 FLUORESCENT LIGHTS

12.3.1 T5 FLUORESCENT LIGHTS

12.3.1.1 Growing health concerns to propel demand for fluorescent lights for indoor gardening

12.3.2 COMPACT FLUORESCENT LAMPS (CFLS)

12.3.2.1 Rising use of CFLs to grow herbs and plants in small spaces to drive growth

12.4 HIGH-INTENSITY DISCHARGE (HID) LIGHTS

12.4.1 HIGH-PRESSURE SODIUM (HPS) LAMPS

12.4.1.1 Ability to ensure uniform distribution of light across crops to drive demand for HPS lamps

12.4.2 METAL-HALIDE (MH) LAMPS

12.4.2.1 Benefits during initial vegetative stage of plant growth to boost adoption of metal-halide lamps

13 GROW LIGHTS MARKET, BY SALES CHANNEL (Page No. - 136)

13.1 INTRODUCTION

FIGURE 45 DIRECT SALES CHANNELS TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD

TABLE 68 GROW LIGHTS MARKET, BY SALES CHANNEL, 2019–2022 (USD MILLION)

TABLE 69 GROW LIGHTS MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION)

13.2 DISTRIBUTION CHANNELS

13.2.1 RISING DEMAND FOR AFTER-SALES SERVICES TO DRIVE MARKET FOR DISTRIBUTION CHANNELS

13.3 E-COMMERCE CHANNELS

13.3.1 GROWING PREFERENCE FOR THIRD-PARTY E-COMMERCE PLATFORMS BY SMALL GROWERS/HOME-BASED GROWERS TO BOOST MARKET

13.4 DIRECT SALES CHANNELS

13.4.1 GROWING CONCERNS REGARDING COUNTERFEIT PRODUCTS TO BOOST SALES OF GROW LIGHTS THROUGH DIRECT SALES CHANNELS

14 GROW LIGHTS MARKET, BY APPLICATION (Page No. - 140)

14.1 INTRODUCTION

FIGURE 46 GROW LIGHTS MARKET, BY APPLICATION

FIGURE 47 VERTICAL FARMING TO CAPTURE LARGEST SHARE OF GROW LIGHTS MARKET DURING FORECAST PERIOD

TABLE 70 GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 71 GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

14.2 GREENHOUSES

14.2.1 ABILITY OF GROW LIGHTS TO ACHIEVE HIGHER YIELDS IN GREENHOUSES TO DRIVE MARKET GROWTH

FIGURE 48 EUROPE TO CAPTURE LARGEST SHARE OF GROW LIGHTS MARKET FOR GREENHOUSES IN 2028

TABLE 72 GROW LIGHTS MARKET FOR GREENHOUSES, BY REGION, 2019–2022 (USD MILLION)

TABLE 73 GROW LIGHTS MARKET FOR GREENHOUSES, BY REGION, 2023–2028 (USD MILLION)

TABLE 74 GROW LIGHTS MARKET FOR GREENHOUSES, BY WATTAGE, 2019–2022 (USD MILLION)

TABLE 75 GROW LIGHTS MARKET FOR GREENHOUSES, BY WATTAGE, 2023–2028 (USD MILLION)

14.3 VERTICAL FARMING

14.3.1 OPTIMUM USE OF VERTICAL SPACE AND BALANCED ENERGY UTILIZATION TO CREATE DEMAND FOR GROW LIGHTS IN VERTICAL FARMING

FIGURE 49 >300-WATT GROW LIGHTS TO REGISTER LARGEST SHARE IN GROW LIGHTS MARKET FOR VERTICAL FARMS IN 2028

TABLE 76 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY WATTAGE, 2019–2022 (USD MILLION)

TABLE 77 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY WATTAGE, 2023–2028 (USD MILLION)

TABLE 78 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY REGION, 2019–2022 (USD MILLION)

TABLE 79 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY REGION, 2023–2028 (USD MILLION)

14.4 INDOOR FARMING

14.4.1 INCREASED REQUIREMENT FOR FOOD TO ACCELERATE DEMAND FOR GROW LIGHTS IN INDOOR FARMING

TABLE 80 GROW LIGHTS MARKET FOR INDOOR FARMING, BY WATTAGE, 2019–2022 (USD MILLION)

TABLE 81 GROW LIGHTS MARKET FOR INDOOR FARMING, BY WATTAGE, 2023–2028 (USD MILLION)

TABLE 82 GROW LIGHTS MARKET FOR INDOOR FARMING, BY REGION, 2019–2022 (USD MILLION)

TABLE 83 GROW LIGHTS MARKET FOR INDOOR FARMING, BY REGION, 2023–2028 (USD MILLION)

14.5 OTHER APPLICATIONS

TABLE 84 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY WATTAGE, 2019–2022 (USD MILLION)

TABLE 85 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY WATTAGE, 2023–2028 (USD MILLION)

TABLE 86 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY REGION, 2019–2022 (USD MILLION)

TABLE 87 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY REGION, 2023–2028 (USD MILLION)

15 GROW LIGHTS MARKET, BY REGION (Page No. - 152)

15.1 INTRODUCTION

FIGURE 50 EUROPE TO HOLD LARGEST SHARE OF GROW LIGHTS MARKET DURING FORECAST PERIOD

TABLE 88 GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 89 GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION)

15.2 NORTH AMERICA

FIGURE 51 NORTH AMERICA: SNAPSHOT OF GROW LIGHTS MARKET

TABLE 90 NORTH AMERICA: GROW LIGHTS MARKET, BY COUNTRY, 2019–2022 (USD MILLION)

TABLE 91 NORTH AMERICA: GROW LIGHTS MARKET, BY COUNTRY, 2023–2028 (USD MILLION)

TABLE 92 NORTH AMERICA: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION)

TABLE 93 NORTH AMERICA: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION)

TABLE 94 NORTH AMERICA: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 95 NORTH AMERICA: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 96 NORTH AMERICA: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION)

TABLE 97 NORTH AMERICA: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION)

TABLE 98 NORTH AMERICA: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION)

TABLE 99 NORTH AMERICA: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION)

TABLE 100 NORTH AMERICA: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION)

TABLE 101 NORTH AMERICA: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION)

15.2.1 US

15.2.1.1 Significant presence of major manufacturers to drive market growth in US

15.2.2 CANADA

15.2.2.1 Legalization of cannabis to drive demand for grow lights in Canada

15.2.3 MEXICO

15.2.3.1 Extensive use of grow lights in tomato cultivation to accelerate market growth

15.3 EUROPE

FIGURE 52 EUROPE: SNAPSHOT OF GROW LIGHTS MARKET

TABLE 102 EUROPE: GROW LIGHTS MARKET, BY COUNTRY, 2019–2022 (USD MILLION)

TABLE 103 EUROPE: GROW LIGHTS MARKET, BY COUNTRY, 2023–2028 (USD MILLION)

TABLE 104 EUROPE: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION)

TABLE 105 EUROPE: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION)

FIGURE 53 GREENHOUSE APPLICATIONS IN EUROPE TO OCCUPY LARGEST MARKET SHARE IN 2028

TABLE 106 EUROPE: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 107 EUROPE: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 108 EUROPE: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION)

TABLE 109 EUROPE: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION)

TABLE 110 EUROPE: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION)

TABLE 111 EUROPE: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION)

TABLE 112 EUROPE: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION)

TABLE 113 EUROPE: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION)

15.3.1 UK

15.3.1.1 Large-scale indoor farming and vertical farming practices in UK to boost demand for grow lights

15.3.2 GERMANY

15.3.2.1 High adoption of grow lights in commercial greenhouses to fuel growth

15.3.3 NETHERLANDS

15.3.3.1 Robust agriculture industry and significant presence of key market players to augment growth

15.3.4 SCANDINAVIA

15.3.4.1 Rapid adoption of grow lights in indoor farming and greenhouse applications to stimulate market growth

15.3.5 REST OF EUROPE

15.4 ASIA PACIFIC

FIGURE 54 ASIA PACIFIC: SNAPSHOT OF GROW LIGHTS MARKET

FIGURE 55 SOUTHEAST ASIA TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028

TABLE 114 ASIA PACIFIC: GROW LIGHTS MARKET, BY COUNTRY, 2019–2022 (USD MILLION)

TABLE 115 ASIA PACIFIC: GROW LIGHTS MARKET, BY COUNTRY, 2023–2028 (USD MILLION)

TABLE 116 ASIA PACIFIC: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION)

TABLE 117 ASIA PACIFIC: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION)

TABLE 118 ASIA PACIFIC: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 119 ASIA PACIFIC: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

TABLE 120 ASIA PACIFIC: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION)

TABLE 121 ASIA PACIFIC: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION)

TABLE 122 ASIA PACIFIC: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION)

TABLE 123 ASIA PACIFIC: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION)

TABLE 124 ASIA PACIFIC: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION)

TABLE 125 ASIA PACIFIC: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION)

15.4.1 CHINA

15.4.1.1 Robust presence of leading LED manufacturers to promote market growth in China

15.4.2 JAPAN

15.4.2.1 Considerable shortage of arable land in Japan to boost demand for grow lights

15.4.3 SOUTHEAST ASIA

15.4.3.1 High demand for fresh horticulture produce to fuel market growth

15.4.4 AUSTRALIA

15.4.4.1 Limited rainfall to fuel adoption of grow lights for indoor farming in Australia

15.4.5 REST OF ASIA PACIFIC

15.5 REST OF THE WORLD

TABLE 126 REST OF THE WORLD: GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION)

TABLE 127 REST OF THE WORLD: GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION)

TABLE 128 REST OF THE WORLD: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION)

TABLE 129 REST OF THE WORLD: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION)

TABLE 130 REST OF THE WORLD: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION)

TABLE 131 REST OF THE WORLD: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION)

FIGURE 56 FRUITS & VEGETABLES SEGMENT TO OCCUPY LARGEST MARKET SHARE IN 2028

TABLE 132 REST OF THE WORLD: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION)

TABLE 133 REST OF THE WORLD: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION)

TABLE 134 REST OF THE WORLD: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION)

TABLE 135 REST OF THE WORLD: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION)

TABLE 136 REST OF THE WORLD: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION)

TABLE 137 REST OF THE WORLD: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION)

15.5.1 MIDDLE EAST

15.5.1.1 Resource scarcity to propel adoption of grow lights in vertical farms in Middle East

15.5.2 AFRICA

15.5.2.1 Harsh weather conditions to promote implementation of grow lights

15.5.3 SOUTH AMERICA

15.5.3.1 Vertical coffee farming in Brazil to provide lucrative opportunities for grow lights market

16 COMPETITIVE LANDSCAPE (Page No. - 182)

16.1 OVERVIEW

16.2 MARKET EVALUATION FRAMEWORK

TABLE 138 OVERVIEW OF STRATEGIES ADOPTED BY KEY SOLUTION PROVIDERS

16.2.1 PRODUCT PORTFOLIO

16.2.2 REGIONAL FOCUS

16.2.3 MANUFACTURING FOOTPRINT

16.2.4 ORGANIC/INORGANIC STRATEGIES

16.3 MARKET SHARE ANALYSIS, 2022

TABLE 139 GROW LIGHTS MARKET: MARKET SHARE ANALYSIS (2022)

16.4 FIVE-YEAR COMPANY REVENUE ANALYSIS

FIGURE 57 FIVE-YEAR REVENUE ANALYSIS OF TOP 2 PLAYERS IN GROW LIGHTS MARKET, 2018–2022

16.5 COMPANY EVALUATION QUADRANT

16.5.1 STARS

16.5.2 EMERGING LEADERS

16.5.3 PERVASIVE PLAYERS

16.5.4 PARTICIPANTS

FIGURE 58 GROW LIGHTS MARKET: COMPANY EVALUATION QUADRANT, 2022

16.6 STARTUP/SMALL AND MEDIUM-SIZED ENTERPRISES (SME) EVALUATION MATRIX

TABLE 140 GROW LIGHTS MARKET: DETAILED LIST OF KEY STARTUPS/SMES

TABLE 141 STARTUPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) IN GROW LIGHTS MARKET

TABLE 142 GROW LIGHTS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (APPLICATION FOOTPRINT)

TABLE 143 GROW LIGHTS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (OFFERING FOOTPRINT)

TABLE 144 GROW LIGHTS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (REGION FOOTPRINT)

16.6.1 PROGRESSIVE COMPANIES

16.6.2 RESPONSIVE COMPANIES

16.6.3 DYNAMIC COMPANIES

16.6.4 STARTING BLOCKS

FIGURE 59 GROW LIGHTS MARKET: STARTUP/SME EVALUATION MATRIX, 2022

16.7 COMPANY FOOTPRINT

TABLE 145 COMPANY FOOTPRINT

TABLE 146 COMPANY-WISE OFFERING FOOTPRINT

TABLE 147 COMPANY-WISE APPLICATION FOOTPRINT

TABLE 148 COMPANY-WISE REGIONAL FOOTPRINT

16.8 COMPETITIVE SITUATION AND TRENDS

16.8.1 PRODUCT LAUNCHES

TABLE 149 PRODUCT LAUNCHES, JANUARY 2020–JANUARY 2023

16.8.2 DEALS

TABLE 150 DEALS, JANUARY 2020–JANUARY 2023

17 COMPANY PROFILES (Page No. - 204)

17.1 KEY PLAYERS

(Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments)*

17.1.1 SIGNIFY HOLDING

TABLE 151 SIGNIFY HOLDING: COMPANY SNAPSHOT

FIGURE 60 SIGNIFY HOLDING: COMPANY SNAPSHOT (2022)

17.1.2 GAVITA INTERNATIONAL B.V. (HAWTHORNE)

TABLE 152 GAVITA INTERNATIONAL B.V.: COMPANY SNAPSHOT

17.1.3 HELIOSPECTRA AB

TABLE 153 HELIOSPECTRA AB: COMPANY SNAPSHOT

FIGURE 61 HELIOSPECTRA AB: COMPANY SNAPSHOT (2022)

17.1.4 AMS-OSRAM AG

TABLE 154 AMS-OSRAM AG: COMPANY SNAPSHOT

FIGURE 62 AMS-OSRAM AG: COMPANY SNAPSHOT (2022)

17.1.5 CALIFORNIA LIGHTWORKS

TABLE 155 CALIFORNIA LIGHTWORKS: COMPANY SNAPSHOT

17.1.6 HORTILUX SCHRÉDER (DOOL INDUSTRIES)

TABLE 156 HORTILUX SCHRÉDER: COMPANY SNAPSHOT

17.1.7 VALOYA OY

TABLE 157 VALOYA OY: COMPANY SNAPSHOT

17.1.8 ILUMINAR LIGHTING

TABLE 158 ILUMINAR LIGHTING: COMPANY SNAPSHOT

17.1.9 BRIDGELUX, INC.

TABLE 159 BRIDGELUX, INC.: COMPANY SNAPSHOT

17.1.10 EYE HORTILUX (EYE LIGHTING INTERNATIONAL)

TABLE 160 EYE HORTILUX: COMPANY SNAPSHOT

*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments might not be captured in case of unlisted companies.

17.2 OTHER PLAYERS

17.2.1 CURRENT

TABLE 161 CURRENT: COMPANY SNAPSHOT

17.2.2 PARSOURCE

TABLE 162 PARSOURCE: COMPANY SNAPSHOT

17.2.3 GE LIGHTING

TABLE 163 GE LIGHTING: COMPANY SNAPSHOT

17.2.4 HUBBELL

TABLE 164 HUBBELL: COMPANY SNAPSHOT

17.2.5 AGROLUX

TABLE 165 AGROLUX: COMPANY SNAPSHOT

17.2.6 ECONOLUX

TABLE 166 ECONOLUX: COMPANY SNAPSHOT

17.2.7 OREON

TABLE 167 OREON: COMPANY SNAPSHOT

17.2.8 GLACIALLIGHT INC.

TABLE 168 GLACIALLIGHT INC.: COMPANY SNAPSHOT

17.2.9 FOXCONN (HON HAI PRECISION INDUSTRY CO., LTD.)

TABLE 169 FOXCONN: COMPANY SNAPSHOT

17.2.10 VIVIDGRO

TABLE 170 VIVIDGRO: COMPANY SNAPSHOT

17.2.11 HYPERION GROW LIGHTS

TABLE 171 HYPERION GROW LIGHTS: COMPANY SNAPSHOT

17.2.12 NICHIA CORPORATION

TABLE 172 NICHIA CORPORATION: COMPANY SNAPSHOT

17.2.13 EVERLIGHT ELECTRONICS CO., LTD.

TABLE 173 EVERLIGHT ELECTRONICS CO., LTD.: COMPANY SNAPSHOT

17.2.14 SANANBIO

TABLE 174 SANANBIO: COMPANY SNAPSHOT

17.2.15 LEDESTAR OPTO-ELECTRONICS TECH. CO., LTD.

TABLE 175 LEDESTAR OPTO-ELECTRONICS TECH. CO., LTD.: COMPANY SNAPSHOT

18 APPENDIX (Page No. - 249)

18.1 DISCUSSION GUIDE

18.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL

18.3 CUSTOMIZATION OPTIONS

18.4 RELATED REPORTS

18.5 AUTHOR DETAILS

The study involved four major activities in estimating the size of the grow lights market. Exhaustive secondary research has been carried out to collect information on the market, the peer markets, and the parent market. Both top-down and bottom-up approaches have been employed to estimate the total market size. Market breakdown and data triangulation methods have also been used to estimate the market for segments and subsegments.

Secondary Research

Revenues of companies offering grow lights solutions have been obtained from the secondary data available through paid and unpaid sources. The revenues have also been derived by analyzing the product portfolio of key companies, and these companies have been rated according to the performance and quality of their products.

In the secondary research process, various sources have been referred to for identifying and collecting information for this study on the grow lights market. Secondary sources considered for this research study include government sources; corporate filings; and trade, business, and professional associations. Secondary data has been collected and analyzed to arrive at the overall market size, which has been further validated through primary research.

Secondary research has been mainly used to obtain key information about the supply chain of grow lights solutions to identify key players based on their products and prevailing industry trends in the grow lights market by offering, by wattage, spectrum, cultivated plant, lighting type, light source, application, installation type, sales channel, and region. Secondary research also helped obtain market information- and technology-oriented key developments undertaken by market players to expand their presence and increase their market share.

Primary Research

Extensive primary research has been conducted after understanding and analyzing the current scenario of the grow lights market through secondary research. Several primary interviews have been conducted with the key opinion leaders from demand and supply sides across four main regions—the North America, Europe, Asia Pacific, and Rest of Europe. Approximately 25% of the primary interviews have been conducted with the demand-side respondents, while approximately 75% have been conducted with the supply-side respondents. The primary data has been collected through questionnaires, emails, and telephonic interviews.

After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report. The breakdown of primary respondents is as follows:

Grow Lights Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up procedure has been employed to arrive at the overall size of the grow lights market.

Identifying approximate revenues of companies involved in the grow lights ecosystem
Identifying different offerings of grow light solutions
Analyzing the global penetration of each offering through secondary and primary research
Conducting multiple discussion sessions with key opinion leaders to understand the grow light solutions and their applications; analyzing the breakup of the work carried out by each key company
Verifying and cross-checking estimates at every level with key opinion leaders, including chief executive officers (CEO), directors, and operations managers, and then finally, with the domain experts of MarketsandMarkets
Studying various paid and unpaid sources of information such as press releases, white papers, and databases of the company- and region-specific developments undertaken in the grow lights market
Studying various paid and unpaid sources of information, such as annual reports, press releases, white papers, and databases

Grow Lights Market Size, and Bottom-Up Approach

The top-down approach has been used to estimate and validate the total size of the grow lights market.

Focusing initially on the top-line investments and expenditures made in the grow lights ecosystem; further splitting into offerings and listing key developments in key market areas
Identifying all major players offering a variety of grow light solutions, which were verified through secondary research and a brief discussion with industry experts
Analyzing revenues, product mixes, and geographic presence for which grow lights are offered by all identified players to estimate and arrive at the percentage splits for all key segments
Discussing these splits with industry experts to validate the information and identify key growth domains across all major segments
Breaking down the total market based on verified splits and key growth domains across all segments

Grow Lights Market Size, and Top-Down Approach

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above-the market has been split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides in the grow lights market.

Market Definition

Grow lights are artificial lights used to help indoor plants grow throughout the year. A grow light or plant light is an artificial LED light source, usually an electric light, that stimulates plant growth by emitting light suitable for photosynthesis. In other words, grow lights (also known as horticultural lights) are a supplemental source of light that provides a spectrum similar to that of the sun for photosynthesis of plants cultivated indoors. They are essential gardening tools that allow houseplants or indoor plants to get enough light even in rooms without access to natural sunlight.

These lights are a critical component of urban agriculture practices. They are used to provide a spectrum that is customized according to the requirements of the plants being cultivated or, in some cases, to supplement the natural light, especially in cold countries that have fewer daylight hours. Grow lights help extend the hours of natural daylight, which further increases the health, growth rate, and yield of plants.

Key Stakeholders

Raw Material Suppliers
Original Equipment Manufacturers (OEMs)
Original Design Manufacturers (ODMs)
Research Institutes
Grow Lights Providers
Forums, Alliances, and Associations
Governments and Financial Institutions
Analysts and Strategic Business Planners

Report Objectives

To describe and forecast the size of the grow lights market, in terms of value, wattage, spectrum, cultivated plant, lighting type, application, installation type, and sales channel
To describe and forecast the market size of various segments across four key regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value
To describe and forecast the market size of grow lights market in terms of value and volume for by offering
To describe the light source in grow lights
To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the grow lights market
To provide an overview of the value chain pertaining to the grow lights ecosystem, along with the average selling prices of grow light solutions
To strategically analyze the ecosystem, tariffs and regulations, patent landscape, Porter’s five forces, import and export scenarios, trade landscape, and case studies pertaining to the market under study
To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the overall market
To analyze opportunities in the market for stakeholders by identifying high-growth segments
To provide details of the competitive landscape for market leaders
To analyze competitive developments such product launches & developments, partnerships, agreements, and acquisitions in the grow lights market
To profile key players in the grow lights market and comprehensively analyze their market ranking on the basis of their revenues, market shares, and core competencies2
To provide updated market developments of profiled players. The current report includes the market developments from January 2020 to January 2023

Available customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Detailed analysis and profiling of additional market players based on various blocks of the supply chain

Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Growth opportunities and latent adjacency in Grow Lights Market

Eli30/08/2017

What would be the price for all the tables related to Europe? Europe if the only region I am interested in.

Richard28/04/2016

Could you please let us know if the report includes the information at these detailed levels by country?

Eli28/02/2017

The price is outside my budget, I would buy this immediately if I have a discount.

Amy26/08/2016

I am interested in the residential/household consumer segment of the market - is that clearly broken out in this report?

alan22/01/2019

We are a grow lighting manufacture, including, ballasts, HID and LED fixtures. We are planing a new product line but it is hard to decide to which will be better, HID or LED?

chris18/03/2017

Is there any discount on the single license price? I am interested in forecast from 2019-2025, by geographic region, by application, by top industry players?

Fred08/04/2016

We are the LED grow light manufacturers,supplying quality products with best price. we serve our growers from all over the world. We want to keep pace with technological advancements and opportunities in the LED grow light market and find the valuable clients from overseas. Thanks!