Grow Light Market is expected to reach USD 16.2 Billion by the end of 2030 with 32.80% CAGR during forecast period 2022-2030
Covid has disturbed the progress of global markets. The global shutdowns of industries and markets have restricted production activities. Further, covid 19 Grow Light Market report suggest, the manufactures of grow light suffered from several losses. Also, it has affected the supply-demand chain of the key players in the market. The drop in demand and a decrease in grow light shipments are slowing down the progress of the grow-light global market.However, the productions became usual due to new demands. Most of the scanning and disinfecting equipment work with LED lights. The market demand for these products is high during covid 19. In some of these areas, the application of grow lights was required. The new-demand from end-users solved all these issues. The rising demand trend of grow lights continues till the forecast year 2030.
The Crucial Market Drivers:
The grow lights exceed the conventional lights with their energy efficiency features. The exceptional features of grow lights such as versatility, energy efficiency, colour quality and cost-effectiveness increases its market demand. The indoor farming industries have high grown-light demands. The light is essential for growing plants indoors. The various uses and benefits of grow lights are necessary for several fields that ultimately drive the market demand.Also, grow-lights are required in the field of horticulture. The metal-halide and high sodium contents in the grow lights create a massive demand in the global market. Today, indoor farming facilities are rising in every region. The rise of the indoor farming industry acts as a demand driver of grow lights. Also, the movements are encouraging many industries to adopt these grow lights. Its environmental benefits are the main reasons that increase its growth of grow light industry. Therefore, the rapidly growing indoor farming and governments initiatives are the crucial drivers of the grow-light market.
The Market Growth Opportunities
The requirements for indoor and vertical farms are higher these days. It accelerates the grow light outlook in upcoming years. The plants grown in indoor and vertical facilities require low heat emitting lights. The indoor farming industries are experiencing high productivity when using grow lights. Further, various indoor farms around North America and Europe are employing grow lights. Some of the benefits they derive from using grow lights are less energy consumption, low heating, high conditioning and low cost per production. Due to this, the demand for indoor farm goods is rising every year. It ultimately provides exceptional growth opportunities for the grow light market.
The Market Restraints
The rising awareness about the benefits of grow lights is escalating its demand. Earlier, several artificial lights were used for indoor farming and vertical farming applications. However, the drawbacks of artificial lights sources are more. It has caused an increasing trend in the grow lights market. The grow-light overcomes the limitation of artificial light such as fluorescent and electric ballasts. However, the biggest market challenge is the high initial cost of grow lights. The capital cost of grow lights is higher than artificial lights. Also, depending on the grow light specification and power-output the cost varies. The considerable price difference of grow light is a major restraint in the market.
The Market Challenges
The significant challenge in the grow light market is the inadequacy of standard testing equipment. The grow light technology can be integrated with LED, induction and plasma. However, the lack of testing practices causes setbacks in the overall growth of the market. The quality assurance facilities of grow light technology are meager. The grow light manufactures have different product testing procedures that cause discrepancies in product capabilities in the global market.
Cumulative Growth Analysis
There is a serious-need for R&D to enhance the efficiency of grow light. The grow-light market is highly diversified. The specifications and the values of this product are different in every region. The lack of a testing system is the reason for several inconsistencies in the market. Standard testing facilities are essential in every region to eradicate product inconsistencies. The quality test and assurance test are required for product developments in the future.
The Value Chain Analysis
Europe holds the largest share in the global grows light market. The massive capital investments and thriving industries are the reasons for huge-growth. For the past decades, Europe has used grow-light technology for various indoor and vertical farming procedures. The requirement of grow light is gradually increasing every year in Europe.In the upcoming years, the grow light is becoming the primary light source for indoor activities. The goods from Europe indoor farms and horticulture products are exported all around the world. It expands the grow light market in Europe in the forecast year. During the forecast period 2022, the production and demand for grow-light are intensifying at a rapid pace. Also, the European government is restricting the use of artificial light that subsequently increases grow-light demand.
|Market Size||USD 16.2 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Installation, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Resource (US), OSRAM (Germany), California Lightworks (US), Gavita (Netherlands), Helliospectra AB (Sweden), Valoya (Finland), Signify Holding (Netherlands), Iwasaki Electric Co. Ltd. (Japan), Hortilux Schreder B.V. (Netherlands), General Electric Company (US.), LumiGrow Inc. (US.), Sunlight Supply Inc. (US.)|
|Key Market Opportunities||The demand for indoor farm goods is rising every year|
|Key Market Drivers||
The surge in global indoor farming initiatives is expected to guide the way for overall market growth.
The understanding of the global market is well delivered due to the segments created on the basis of technology, installation, application and region.
The growth rate of the glow light market is estimated at 32.80%. The market value is expected to be USD 16.2 Billion in the forecast year 2030.
The contenders in the market are Iwasaki Electric Co., Ltd. (Japan), LumiGrow, Inc. (U.S.), General Electric Company (U.S.), Hortilux Schreder B.V. (Netherlands), Gavita Holland B.V. (Netherlands) and Sunlight Supply, Inc. (U.S.).
The escalated practice of horticultural techniques is expected to motivate the European regional market in the forthcoming years.
The surging indoor farming industry fuels the need for grow lights.
The key competitors of the market are PARsource (US), OSRAM (Germany), California Lightworks (US), Gavita (Netherlands), Helliospectra AB (Sweden), Valoya (Finland), Signify Holding (Netherlands), Iwasaki Electric Co., Ltd. (Japan), Hortilux Schreder, B.V. (Netherlands), General Electric Company (US.), LumiGrow, Inc. (US.) and Sunlight Supply, Inc. (US.).