According to IMARC Group’s latest report, titled “Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, the global market reached a value of US$ 3.58 Billion in 2021. A grow light or a plant light is an artificial source of light that illuminates the electromagnetic spectrum to accelerate the growth of the plant by promoting photosynthesis. These lights are primarily used to supplement the color, sunlight, and temperature of the crops. The lights are available in high-intensity discharge (HID), light-emitting diodes (LED), fluorescent, and incandescent variants and can be customized according to the goal, such as enhanced rooting, and flowering inhibition, and anthocyanin accumulation. As a result, grow lights are extensively used in indoor farming, vertical farming, and landscaping.
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The increasing global population and the significant expansion in the agriculture sector are prime factors driving the grow light market across the globe. In addition to this, the widespread adoption of indoor and vertical farming practices and the increasing food demand are acting as other growth-inducing factors. Other factors, such as the development of the internet of things (IoT)-integrated smart glow lights and favorable government policies, are creating a positive outlook for the market. Looking forward, IMARC Group expects the global grow light market to reach US$ 6.99 Billion by 2027, exhibiting at a CAGR of 12% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally, and our estimates about the latest market trends and forecasts, are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Epistar
- Everlight Electronics
- Gavita International B.V.
- General Electric Company
- Heliospectra AB
- Illumitex Inc.
- Koninklijke Philips N.V.
- LumiGrow
- Osram Licht AG
- Shenzhen Juson Technology Co. Ltd.
Market Segmentation:
Breakup by Technology:
- HID
- LED
- Fluorescent
- Others
Breakup by Installation Type:
- New Installations
- Retrofit Installations
Breakup by Spectrum:
- Full-Spectrum
- Partial Spectrum
Breakup by Application:
- Indoor Farming
- Vertical Farming
- Commercial Greenhouse
- Turf and Landscaping
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- Peru
- Others
- Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
