Grow Lights Market

Market Leadership - Grow Lights Market

The grow lights market is projected to grow from USD 1.2 billion in 2021 to USD 4.9 billion by 2026, at a CAGR of 32.2% during the forecast period. Key factors driving the grow lights market growth includes increasing government support for the adoption of solid-state lighting technology and controlled-environment agriculture (CEA) practices, growing investments in projects related to vertical farms and greenhouses, ongoing legalization of cannabis cultivation in different regions across the globe, and rising adoption of indoor farming in urban areas.

The major players in the grow lights market are Signify Holding (Netherlands), OSRAM GmbH (Germany), Gavita (Netherlands), Valoya (Finland), California Lightworks (US), Helliospectra AB (Sweden), LumiGrow Inc. (US), Hortilux Schréder (Netherlands), Eye Hortilux (US), ILUMINAR Lighting (US), GE Current, A Daintree Company (US), PARsource (US), GE Lighting, A Savant Company (US), Hubbell (US), Agrolux (Netherlands), EconoLux Industries (China), Oreon (Netherlands), and GlacialLight (Taiwan). These players have adopted strategies of product launches and expansions, agreements/partnerships, and mergers and acquisitions to grow in the market. All key product manufacturers that are part of the horticulture lighting ecosystem have been considered under the Company Profiles section. The top 3 players in the grow lights market, namely Signify, OSRAM, and Gavita, collectively held more than 40% market share in 2019. However, the grow lights market is characterized by the presence of many large, medium, and small players.

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Signify Holding (Netherlands): Signify Holding is a recognized brand in the lighting and illumination business; it offers a diversified product portfolio for horticulture applications. The company has developed innovative products to cater to the customers from the grow lights market by combining its expertise in lighting technologies with inputs from plant psychologists. Its products come in a variety of shapes, with a range of lumen outputs that are offered at various price points to suit the requirements of a wide range of growers, from hobbyists to commercial growers. Various factors, such as the increasing focus of consumers on indoor cultivation and vertical farming and ongoing government initiatives to adopt energy-efficient lighting, will create growth opportunities for these products.

OSRAM GmbH (Germany): OSRAM is known for developing superior quality products for its target markets. The company in January 2020, launched the new generation of the Oslon Square Hyper Red with a wavelength of 660 nm. It is a flagship product in the comprehensive horticulture portfolio of Opto Semiconductors of OSRAM. The company also focuses on inorganic growth strategies such as acquisitions. For instance, in May 2018, the company acquired Fluence Bioengineering, Inc. to become a leading provider of intelligent plant growth solutions. Similarly, in May 2018, OSRAM acquired Motorleaf, a Canada-based startup. This acquisition helped OSRAM strengthen the human and environmental aspects of greenhouse production. This shows that the company is persistently working on widening its product portfolio in the grow lights market. These steps are expected to significantly help the company maintain its dominant position in the grow lights market. With its stronghold in electronic components and connectivity space, the company can dominate the IoT segment within the grow lights market. OSRAM can further explore software-as-a-service (SAAS) opportunities and big data to aggregate and analyze sensor data from its all installation points.

Gavita (Netherlands): Gavita is a global market leader in assimilation lighting for professional horticulture and indoor growing applications. It is a well-known brand for electric, electromagnetic, and plasma fixtures used in horticulture applications. The company conducts extensive research and development activities for its products by working with commercial greenhouse operators in the Netherlands. It focuses on product launches to sustain its position in the grow lights market. For instance, in June 2019, Gavita launched a 750 W double-ended fixture and lamp. Similarly, in January 2018, the company introduced a new wattage HPS grow light, Gavita Pro750e. It partnered with General Electric Company (US), Signify (Netherlands), and OSRAM Licht AG (Germany) to offer improved lighting equipment to growers. Apart from offering grow light systems and related accessories, Gavita also provides lighting plans to hobbyists and commercial growers for precise light measurements.

Heliospectra is widely recognized for its intelligent lighting systems with software-enabled control via the web or a mobile interface, allowing integration with third-party systems. Various innovative projects in medical and food cannabis in North America have helped create demand for its product offerings in the cannabis segment. Additionally, the company has a strong product portfolio for the legal marijuana/medical plants. It has a widespread customer base owing to its unique products designed for volume production in indoor farming and commercial greenhouses at an economical price range. Heliospectra focuses on partnerships, agreements, and contracts to maintain its market presence globally. The companys products are based on in-depth knowledge of plant physiology and photosynthesis, along with a unique way to utilize modern LED technology. Heliospectra generates a major portion of its revenue from niche segments such as medical plants, cannabis, and hemp. The company has a limited presence in greenhouses and vertical farms. Therefore, it can strengthen its market share by launching intelligent lighting systems catering to commercial greenhouses and vertical farms.

California Lightworks has been an important player in the grow lights market since its inception. The company designs and manufactures high-quality output LED grow lights for professional greenhouse and indoor lighting markets. SolarSystem and SolarXtreme lines of LED grow lights are high-power designs that are the result of the company’s collaboration with local indoor growing lights experts. The company uses its innovative manufacturing techniques to deliver highly beneficial, differentiated products at competitive prices in the grow lights market. The company also enjoys a widespread installation base, with 50,000+ lights installed worldwide in diverse areas, such as greenhouses, cannabis, and indoor farming. California Lightworks partnered with MeshTek Labs to enhance its complete product offerings in the field of horticulture lighting solutions. With this partnership, the company is planning to offer a complete horticulture lighting solution designed to meet the needs and business objectives of end users. Such strategies will significantly help the company increase its reach and launch innovative products. The company can also focus on expanding its geographical presence in Europe, APAC, and South America regions through joint ventures, collaborations, and partnerships with local distributors and retailers. Furthermore, the company can increase its brand visibility and expand its customer base by collaborating with third-party online retailers in different parts of the world.

Related Reports:

Grow Lights Market with Covid-19 Impact and Analysis by Offering (Hardware, Software & Services), Installation Type (New and Retrofit), Application (Greenhouses, Vertical Farms), Sales Channels, Spectrum, and Geography - Global Forecast to 2026

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Grow Lights Market Size,  Share & Growth Report
Report Code
SE 4140
RI Published ON
2/2/2021
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