Analyst Viewpoint
Increase in popularity of urban farming is a key factor that is boosting grow light market dynamics. Need for locally sourced organic food is rising, as individuals become more conscious about their eating habits and develop a sustainability focused mindset. Grow light is becoming a critical component of food production, as the society adapts to the evolving climate crisis. Urban farming solutions such as vertical farms and greenhouses utilize grow lights to cultivate healthy food year-round without constraints of the weather.
The trend of giving plants as gifts for houses and offices is also boosting market progress. Additionally, lack of arable land in urban centers is augmenting market statistics. Prominent grow light market manufacturers are investing significantly in advancements in grow light bulbs and grow light stands, and collaborating with other players to foster constant innovation and growth.
Grow light is an artificial alternative to sunlight that stimulates the growth of plants. This light mimics sunlight for photosynthesis by emitting electromagnetic radiation in the visible light spectrum.
Grow lights are utilized in indoor farms, vertical farms, or for individual plants in indoor spaces, including offices and homes that lack sunlight. They are especially useful during the winter months in several countries, as sunlight is available just for a few hours.
Grow lights offer several benefits to plants such as accelerated flowering, improved nutrition, and rapid growth. These lights utilize technologies ranging from LEDs to high-intensity discharges and are employed in greenhouses after sunset or in corners if sunlight during daytime is lacking for the plants.
The type of grow light employed depends on the needs of cultivating plants, as some plants require more red light while others require more blue light.
Increase in eco-conscious sentiment among individuals is leading to a rise in preference for organic locally sourced produce among the general population. This is augmenting the need for urban agriculture solutions such as indoor farms, vertical farms, or greenhouses.
Grow light is an essential feature of indoor farming, as it boosts the growth and health of the cultivation in all weather conditions, irrespective of exposure to the sun. As per a report by Accenture, indoor farming systems are capable of producing three times of food compared to traditional practices in less amount of time and while using 95% less water.
Of late, indoor plants in esthetic pots have gained traction as gifts for housing and office spaces. According to a survey conducted by Garden Pals, about 66% of American households own at least one houseplant, while a similar proportion of the American adult population is growing or plans to grow these plants as an organic food source.
Thus, surge in indoor farming and rise in plant gift-giving are creating lucrative grow light market opportunities for companies operating in the sector.
Surge in urbanization and significant rise in population are putting stress on food resources and supply. Demand for fresh food is rising significantly across the globe. On the other hand, availability of fertile land to cultivate commercial crops is decreasing, especially in urban centers. This, in turn, is bolstering the grow light market size.
Grow lights offer an innovative solution to mitigate the impact of resource scarcity on food production and security in urban areas by enabling year-round productive indoor agriculture practices. This is fueling the global grow light market.
Conventional agriculture is substantially dependent upon weather patterns and soil quality. This is not sustainable in the modern climate crisis-adapting society. As per Our World in Data, half of the world’s land is exploited for agriculture.
The United Nations also states that the world population is expected to reach 9.6 billion by 2050. This would require food producers to nearly double their current volume.
Thus, grow light is a critical component of a post-traditional agriculture economy, as the planet and society adapt to the evolving climate crisis.
According to the latest grow light market research, Europe held the largest share of the global landscape in 2022. Rise in agricultural spending, surge in popularity of floriculture, and presence of established horticulture and farming practices are propelling grow light industry share of the region.
As per a report by the Food and Agriculture Organization of the United Nations (FAO), around 405,000 hectares of glass and plastic-covered greenhouses are spread all around the EU. Countries such as the Netherlands, Spain, and France have large areas under greenhouse cultivation.
As per the grow light market forecast, the industry in North America is projected to grow at a prominent pace from 2023 to 2031. The U.S. has the highest number of vertical farms in North America owing to the legalization of medicinal plants such as marijuana and surge in demand for organic vegetables and fruits in the country.
According to Agri Farming, the U.S. accounts for about 35% of vertical and indoor farms in North America, with more than 2,300 farms growing hydroponic crops.
As per the current grow light market trends, prominent manufacturers of grow lights are investing significantly in the development of LED grow lights and greenhouse lights to meet the rising demand from indoor and vertical farming sectors.
Companies in the grow light sector are also striving to establish partnerships with other players to expand their product portfolio and increase their industry share.
LumiGrow Inc., Philips Lighting, General Electric Company, Lumileds Holding B.V., Signify Holding, Heliospectra AB, Gavita International B.V., Lumitex, LLC., AMS-OSRAM, and Scotts Miracle-Gro Company are leading players operating in the global grow light industry.
These firms have been summarized in the global grow light market report based on parameters such as company overview, product portfolio, business strategies, financial overview, and business segments.
| Attribute | Detail |
|---|---|
| Market Value in 2022 (Base Year) | US$ 890.0 Mn |
| Market Forecast Value in 2031 | US$ 1.2 Bn |
| Growth Rate (CAGR) | 7.5% |
| Forecast Period | 2023-2031 |
| Historical Data Available for | 2017-2021 |
| Quantitative Units | US$ Mn/Bn for Value |
| Market Analysis | Qualitative analysis includes drivers, restraints, opportunities, key trends, key market indicators, Porter’s Five Forces analysis, value chain analysis, and SWOT analysis. Furthermore, at the regional level, the qualitative analysis includes key trends, price trends, and key supplier analysis. |
| Competition Landscape |
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| Format | Electronic (PDF) + Excel |
| Regions Covered |
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| Countries Covered |
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| Market Segmentation |
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| Companies Profiled |
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| Customization Scope | Available upon Request |
| Pricing | Available upon Request |
It was valued at US$ 890.0 Mn in 2022
It is projected to grow at a CAGR of 7.5% from 2023 to 2031
Rise in popularity of urban farming, increase in demand for fresh food, and lack of arable land in urban centers
The LED segment accounted for the largest share in 2022
Europe was the leading region in 2022
LumiGrow Inc., Philips Lighting, General Electric Company, Lumileds Holding B.V., Signify Holding, Heliospectra AB, Gavita International B.V., Lumitex, LLC., AMS-OSRAM, and Scotts Miracle-Gro Company
1. Preface
1.1. Market and Segment Definitions
1.2. Market Taxonomy
1.3. Research Methodology
1.4. Assumption and Acronyms
2. Executive Summary
2.1. Global Grow Light Market Overview
2.2. Regional Outline
2.3. Industry Outline
2.4. Market Dynamics Snapshot
2.5. Competition Blueprint
3. Market Dynamics
3.1. Macro-economic Factors
3.2. Drivers
3.3. Restraints
3.4. Opportunities
3.5. Key Trends
3.6. Regulatory Framework
4. Associated Industry and Key Indicator Assessment
4.1. Parent Industry Overview – Industry Automation Overview
4.2. Ecosystem Analysis
4.3. Pricing Analysis
4.4. Technology Roadmap Analysis
4.5. Industry SWOT Analysis
4.6. Porter Five Forces Analysis
5. Global Grow Light Market Analysis, by Technology
5.1. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Technology, 2017–2031
5.1.1. LED
5.1.2. Fluorescent
5.1.3. High Intensity Discharge (HID)
5.1.4. Others
6. Global Grow Light Market Analysis, by Application
6.1. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Application, 2017–2031
6.1.1. Indoor Farming
6.1.2. Vertical Farming
6.1.3. Greenhouse
6.1.4. Research
6.1.5. Turf
6.1.6. Others
6.2. Market Attractiveness Analysis, by Application
7. Global Grow Light Market Analysis and Forecast, by Region
7.1. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Region, 2017–2031
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Middle East & Africa
7.1.5. South America
7.2. Market Attractiveness Analysis, by Region
8. North America Grow Light Market Analysis and Forecast
8.1. Market Snapshot
8.2. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Technology, 2017–2031
8.2.1. LED
8.2.2. Fluorescent
8.2.3. High Intensity Discharge (HID)
8.2.4. Others
8.3. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Application, 2017–2031
8.3.1. Indoor Farming
8.3.2. Vertical Farming
8.3.3. Greenhouse
8.3.4. Research
8.3.5. Turf
8.3.6. Others
8.4. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Country, 2017–2031
8.4.1. U.S.
8.4.2. Canada
8.4.3. Rest of North America
8.5. Market Attractiveness Analysis
8.5.1. By Technology
8.5.2. By Application
8.5.3. By Country/Sub-region
9. Europe Grow Light Market Analysis and Forecast
9.1. Market Snapshot
9.2. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Technology, 2017–2031
9.2.1. LED
9.2.2. Fluorescent
9.2.3. High Intensity Discharge (HID)
9.2.4. Others
9.3. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Application, 2017–2031
9.3.1. Indoor Farming
9.3.2. Vertical Farming
9.3.3. Greenhouse
9.3.4. Research
9.3.5. Turf
9.3.6. Others
9.4. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Country and Sub-region, 2017–2031
9.4.1. U.K.
9.4.2. Germany
9.4.3. France
9.4.4. Rest of Europe
9.5. Market Attractiveness Analysis
9.5.1. By Technology
9.5.2. By Application
9.5.3. By Country/Sub-region
10. Asia Pacific Grow Light Market Analysis and Forecast
10.1. Market Snapshot
10.2. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Technology, 2017–2031
10.2.1. LED
10.2.2. Fluorescent
10.2.3. High Intensity Discharge (HID)
10.2.4. Others
10.3. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Application, 2017–2031
10.3.1. Indoor Farming
10.3.2. Vertical Farming
10.3.3. Greenhouse
10.3.4. Research
10.3.5. Turf
10.3.6. Others
10.4. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Country and Sub-region, 2017–2031
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. South Korea
10.4.5. ASEAN
10.4.6. Rest of Asia Pacific
10.5. Market Attractiveness Analysis
10.5.1. By Technology
10.5.2. By Application
10.5.3. By Country/Sub-region
11. Middle East & Africa Grow Light Market Analysis and Forecast
11.1. Market Snapshot
11.2. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Technology, 2017–2031
11.2.1. LED
11.2.2. Fluorescent
11.2.3. High Intensity Discharge (HID)
11.2.4. Others
11.3. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Application, 2017–2031
11.3.1. Indoor Farming
11.3.2. Vertical Farming
11.3.3. Greenhouse
11.3.4. Research
11.3.5. Turf
11.3.6. Others
11.4. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Country and Sub-region, 2017–2031
11.4.1. GCC
11.4.2. South Africa
11.4.3. Rest of Middle East & Africa
11.5. Market Attractiveness Analysis
11.5.1. By Technology
11.5.2. By Application
11.5.3. By Country/Sub-region
12. South America Grow Light Market Analysis and Forecast
12.1. Market Snapshot
12.2. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Technology, 2017–2031
12.2.1. LED
12.2.2. Fluorescent
12.2.3. High Intensity Discharge (HID)
12.2.4. Others
12.3. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Application, 2017–2031
12.3.1. Indoor Farming
12.3.2. Vertical Farming
12.3.3. Greenhouse
12.3.4. Research
12.3.5. Turf
12.3.6. Others
12.4. Grow Light Market Size (US$ Mn) Analysis & Forecast, by Country and Sub-region, 2017–2031
12.4.1. Brazil
12.4.2. Rest of South America
12.5. Market Attractiveness Analysis
12.5.1. By Technology
12.5.2. By Application
12.5.3. By Country/Sub-region
13. Competition Assessment
13.1. Global Grow Light Market Competition Matrix - a Dashboard View
13.1.1. Global Grow Light Market Company Share Analysis, by Value (2022)
13.1.2. Technological Differentiator
14. Company Profiles (Global Manufacturers/Suppliers)
14.1. LumiGrow Inc.
14.1.1. Overview
14.1.2. Technology Portfolio
14.1.3. Sales Footprint
14.1.4. Key Subsidiaries or Distributors
14.1.5. Strategy and Recent Developments
14.1.6. Key Financials
14.2. Philips Lighting
14.2.1. Overview
14.2.2. Technology Portfolio
14.2.3. Sales Footprint
14.2.4. Key Subsidiaries or Distributors
14.2.5. Strategy and Recent Developments
14.2.6. Key Financials
14.3. General Electric Company
14.3.1. Overview
14.3.2. Technology Portfolio
14.3.3. Sales Footprint
14.3.4. Key Subsidiaries or Distributors
14.3.5. Strategy and Recent Developments
14.3.6. Key Financials
14.4. Lumileds Holding B.V.
14.4.1. Overview
14.4.2. Technology Portfolio
14.4.3. Sales Footprint
14.4.4. Key Subsidiaries or Distributors
14.4.5. Strategy and Recent Developments
14.4.6. Key Financials
14.5. Signify Holding
14.5.1. Overview
14.5.2. Technology Portfolio
14.5.3. Sales Footprint
14.5.4. Key Subsidiaries or Distributors
14.5.5. Strategy and Recent Developments
14.5.6. Key Financials
14.6. Heliospectra AB
14.6.1. Overview
14.6.2. Technology Portfolio
14.6.3. Sales Footprint
14.6.4. Key Subsidiaries or Distributors
14.6.5. Strategy and Recent Developments
14.6.6. Key Financials
14.7. Gavita International B.V.
14.7.1. Overview
14.7.2. Technology Portfolio
14.7.3. Sales Footprint
14.7.4. Key Subsidiaries or Distributors
14.7.5. Strategy and Recent Developments
14.7.6. Key Financials
14.8. Lumitex, LLC.
14.8.1. Overview
14.8.2. Technology Portfolio
14.8.3. Sales Footprint
14.8.4. Key Subsidiaries or Distributors
14.8.5. Strategy and Recent Developments
14.8.6. Key Financials
14.9. AMS-OSRAM
14.9.1. Overview
14.9.2. Technology Portfolio
14.9.3. Sales Footprint
14.9.4. Key Subsidiaries or Distributors
14.9.5. Strategy and Recent Developments
14.9.6. Key Financials
14.10. Scotts Miracle-Gro Company
14.10.1. Overview
14.10.2. Technology Portfolio
14.10.3. Sales Footprint
14.10.4. Key Subsidiaries or Distributors
14.10.5. Strategy and Recent Developments
14.10.6. Key Financials
15. Go to Market Strategy
15.1. Identification of Potential Market Spaces
15.2. Preferred Sales & Marketing Strategy
List of Tables
Table 1: Global Grow Light Market Value (US$ Mn) & Forecast, by Technology, 2017‒2031
Table 2: Global Grow Light Market Value (US$ Mn) & Forecast, by Application, 2017‒2031
Table 3: Global Grow Light Market Value (US$ Mn) & Forecast, by Region, 2017‒2031
Table 4: North America Grow Light Market Value (US$ Mn) & Forecast, by Technology, 2017‒2031
Table 5: North America Grow Light Market Value (US$ Mn) & Forecast, by Application, 2017‒2031
Table 6: North America Grow Light Market Value (US$ Mn) & Forecast, by Country, 2017‒2031
Table 7: Europe Grow Light Market Value (US$ Mn) & Forecast, by Technology, 2017‒2031
Table 8: Europe Grow Light Market Value (US$ Mn) & Forecast, by Application, 2017‒2031
Table 9: Europe Grow Light Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2017‒2031
Table 10: Asia Pacific Grow Light Market Value (US$ Mn) & Forecast, by Technology, 2017‒2031
Table 11: Asia Pacific Grow Light Market Value (US$ Mn) & Forecast, by Application, 2017‒2031
Table 12: Asia Pacific Grow Light Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2017‒2031
Table 13: Middle East & Africa Grow Light Market Value (US$ Mn) & Forecast, by Technology, 2017‒2031
Table 14: Middle East & Africa Grow Light Market Value (US$ Mn) & Forecast, by Application, 2017‒2031
Table 15: Middle East & Africa Grow Light Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2017‒2031
Table 16: South America Grow Light Market Value (US$ Mn) & Forecast, by Technology, 2017‒2031
Table 17: South America Grow Light Market Value (US$ Mn) & Forecast, by Application, 2017‒2031
Table 18: South America Grow Light Market Value (US$ Mn) & Forecast, by Country and Sub-region, 2017‒2031
List of Figures
Figure 01: Supply Chain Analysis - Global Grow Light Market
Figure 02: Porter's Five Forces Analysis – Global Grow Light Market
Figure 03: Technology Road Map - Global Grow Light Market
Figure 04: Global Grow Light Market, Value (US$ Mn), 2017-2031
Figure 05: Global Grow Light Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2017‒2031
Figure 06: Global Grow Light Market Projections, by Technology, Value (US$ Mn), 2017‒2031
Figure 07: Global Grow Light Market, Incremental Opportunity, by Technology, 2023‒2031
Figure 08: Global Grow Light Market Share Analysis, by Technology, 2023 and 2031
Figure 09: Global Grow Light Market Projections, by Application, Value (US$ Mn), 2017‒2031
Figure 10: Global Grow Light Market, Incremental Opportunity, by Application, 2017‒2031
Figure 11: Global Grow Light Market Share Analysis, by Application, 2023 and 2031
Figure 12: Global Grow Light Market Projections, by Region, Value (US$ Mn), 2017‒2031
Figure 13: Global Grow Light Market, Incremental Opportunity, by Region, 2023‒2031
Figure 14: Global Grow Light Market Share Analysis, by Region, 2023 and 2031
Figure 15: North America Grow Light Market Size & Forecast, Value (US$ Mn), 2017‒2031
Figure 16: North America Grow Light Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 17: North America Grow Light Market Projections, by Technology Value (US$ Mn), 2017‒2031
Figure 18: North America Grow Light Market, Incremental Opportunity, by Technology, 2023‒2031
Figure 19: North America Grow Light Market Share Analysis, by Technology, 2023 and 2031
Figure 20: North America Grow Light Market, Incremental Opportunity, by Application, 2023‒2031
Figure 21: North America Grow Light Market Share Analysis, by Application, 2023 and 2031
Figure 22: North America Grow Light Market Projections, by Country, Value (US$ Mn), 2023‒2031
Figure 23: North America Grow Light Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 24: North America Grow Light Market Share Analysis, by Country, 2023 and 2031
Figure 25: Europe Grow Light Market Size & Forecast, Value (US$ Mn), 2017‒2031
Figure 26: Europe Grow Light Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 27: Europe Grow Light Market Projections, by Technology Value (US$ Mn), 2023‒2031
Figure 28: Europe Grow Light Market, Incremental Opportunity, by Technology, 2023‒2031
Figure 29: Europe Grow Light Market Share Analysis, by Technology, 2023 and 2031
Figure 30: Europe Grow Light Market Projections, by Application, Value (US$ Mn), 2017‒2031
Figure 31: Europe Grow Light Market, Incremental Opportunity, by Application, 2023‒2031
Figure 32: Europe Grow Light Market Share Analysis, by Application, 2023 and 2031
Figure 33: Europe Grow Light Market Projections, by Country and Sub-region, Value (US$ Mn), 2017‒2031
Figure 34: Europe Grow Light Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 35: Europe Grow Light Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 36: Asia Pacific Grow Light Market Size & Forecast, Value (US$ Mn), 2017‒2031
Figure 37: Asia Pacific Grow Light Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 38: Asia Pacific Grow Light Market Projections, by Technology Value (US$ Mn), 2017‒2031
Figure 39: Asia Pacific Grow Light Market, Incremental Opportunity, by Technology, 2023‒2031
Figure 40: Asia Pacific Grow Light Market Share Analysis, by Technology, 2023 and 2031
Figure 41: Asia Pacific Grow Light Market Projections, by Application, Value (US$ Mn), 2017‒2031
Figure 42: Asia Pacific Grow Light Market, Incremental Opportunity, by Application, 2023‒2031
Figure 43: Asia Pacific Grow Light Market Share Analysis, by Application, 2023 and 2031
Figure 44: Asia Pacific Grow Light Market Projections, by Country and Sub-region, Value (US$ Mn), 2017‒2031
Figure 45: Asia Pacific Grow Light Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 46: Asia Pacific Grow Light Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 47: Middle East & Africa Grow Light Market Size & Forecast, Value (US$ Mn), 2017‒2031
Figure 48: Middle East & Africa Grow Light Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 49: Middle East & Africa Grow Light Market Projections, by Technology Value (US$ Mn), 2017‒2031
Figure 50: Middle East & Africa Grow Light Market, Incremental Opportunity, by Technology, 2023‒2031
Figure 51: Middle East & Africa Grow Light Market Share Analysis, by Technology, 2023 and 2031
Figure 52: Middle East & Africa Grow Light Market Projections, by Application, Value (US$ Mn), 2017‒2031
Figure 53: Middle East & Africa Grow Light Market, Incremental Opportunity, by Application, 2023‒2031
Figure 54: Middle East & Africa Grow Light Market Share Analysis, by Application, 2023 and 2031
Figure 55: Middle East & Africa Grow Light Market Projections, by Country and Sub-region, Value (US$ Mn), 2017‒2031
Figure 56: Middle East & Africa Grow Light Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 57: Middle East & Africa Grow Light Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 58: South America Grow Light Market Size & Forecast, Value (US$ Mn), 2017‒2031
Figure 59: South America Grow Light Market Size & Forecast, Y-O-Y, Value (US$ Mn), 2023‒2031
Figure 60: South America Grow Light Market Projections, by Technology Value (US$ Mn), 2017‒2031
Figure 61: South America Grow Light Market, Incremental Opportunity, by Technology, 2023‒2031
Figure 62: South America Grow Light Market Share Analysis, by Technology, 2023 and 2031
Figure 63: South America Grow Light Market Projections, by Application, Value (US$ Mn), 2017‒2031
Figure 64: South America Grow Light Market, Incremental Opportunity, by Application, 2023‒2031
Figure 65: South America Grow Light Market Share Analysis, by Application, 2023 and 2031
Figure 66: South America Grow Light Market Projections, by Country and Sub-region, Value (US$ Mn), 2017‒2031
Figure 67: South America Grow Light Market, Incremental Opportunity, by Country and Sub-region, 2023‒2031
Figure 68: South America Grow Light Market Share Analysis, by Country and Sub-region 2023 and 2031
Figure 69: Global Grow Light Market Competition
Figure 70: Global Grow Light Market Company Share Analysis
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