The report "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" 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. The rise in demand for grow lights solutions is attributed to Increased investments in establishing vertical farms and greenhouses and associated advanced technologies.
Browse 175 market data Tables and 62 Figures spread through 256 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/grow-lights-market-68944493.html
By Offering: hardware segment to propel market growth in the forecasted year.
The hardware segment held the major market share of ~84% of the grow lights market in 2028. The grow light system comprises hardware components, namely, bulbs and fixtures, metal reflectors, reflective films, and ballasts. Reflectors play a crucial role in the distribution of a sufficient amount of light to all the plants. Reflectors maximize the efficiency of lights reaching the plants in indoor horticulture. They also help maintain the light at a reasonable level and keep it away from getting excessively hot or cold. Ballasts refer to electronic devices that are required to power high-intensity grow lights. The basic functions of ballasts are to start the lamp and control its operations.
By Watt: >300 Watt segment accounted for the largest share of the grow lights market in 2028.
The >300 Watt segment accounted for the largest market share of ~80% in 2028. The >300W grow lights are ideally good for different types of grow rooms, particularly the ones that need specific care and more focused light on the plants without causing a risk of overheating inside the tent. >300-watt grow lights offer a full-spectrum light, which is safe for all stages of growing plants. These lighting fixtures cover an area of about 4×4 sq. mts. and a height of about 6.5 feet. The wide array of light helps stimulate photosynthesis. The intensity remains constant, thereby facilitating the rapid growth of plants. They come with high-quality fans and aluminum heat sinks, which ensure efficient heat dissipation and extended life.
By Application: In 2028, vertical farms segment accounted for the largest share of the grow lights market.
Vertical farms segment accounted for the largest share of ~49% of the grow lights market, by application, in 2028. Vertical farming is changing the outlook of food production. The increased use of LED grow lights is encouraging cultivators to adopt vertical farming on a large scale. Vertical farming generally requires more lights, which creates more heat in closed rooms. In vertical farming, plants are stacked in layers one above the other, utilizing maximum available space. High-quality, locally developed food free from pesticides and other harmful chemicals is highly in demand from consumers. Many places in the world are facing space constraints owing to the said concerns, and the food prices are also high at these places. However, with the use of vertical farming methods, the yield can be produced even in a square-foot area. It helps in harvesting a variety of crops for the entire year despite the changing climatic conditions. At many places around the world, a single layer of farming is done under the sunlight, whereas in vertical farming, a stack of crops can be developed in the same amount of space under artificial lighting, along with efficient water usage. LED grow light systems have become quite popular for vertical farming as they have a compact fixture design, can be waterproof, and require minimum maintenance.
Europe likely to hold the largest share of grow lights market during forecast period.
Europe accounted for the largest share of ~34% in the grow lights market in 2028. The growth of the grow lights market in Europe is expected to be majorly driven by the growing food demand, urbanization, unfavorable weather conditions for conventional farming, urge to minimize the import of fresh produce, and the need for new productive farming activities. The European grow lights market has been segmented into the UK, Germany, Scandinavia, the Netherlands, and Rest of Europe. Most of the top grow light manufacturers are Europe-based with global operations.
Key Market Players
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.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441