Grow Lights Industry worth $6.4 billion by 2029 at a CAGR of 26.5%
Grow Lights Market by Offering (Hardware, Software & Services), Wattage (=300), Spectrum (Full Spectrum, Limited Spectrum), Cultivated Plant, Installation Type, Lighting Type, Sales Channel, Application and Region - Global Forecast to 2029
(EMAILWIRE.COM, July 31, 2024 ) The grow lights market is expected to reach USD 6.4 billion by 2029 from USD 2.0 billion in 2024, at a CAGR of 26.5% during the 2024-2029 period.
One of the key drivers in the grow lights market is surging demand of fresh food amid declining arable land. According to IMF, the global population is anticipated to reach 9.7 billion by 2050 as the population is growing 0.5 percent annually, placing significant pressure on farmers to boost crop production. This pressure can be addressed either by expanding arable land or embracing emerging techniques such as smart greenhouses, indoor and vertical farming.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=68944493
Factors such as rapid population growth, urbanization, diminishing water resources, and ongoing climate change due to escalating greenhouse gas emissions have led to a reduction in arable land per capita. With agricultural land becoming scarcer, policymakers are confronted with sustainability challenges and the task of feeding a rapidly expanding global population. To tackle these challenges, solutions such as indoor farming, greenhouse cultivation, and vertical farming are being explored. These methods leverage technology and automation to optimize land and water use.
Vertical farming endeavors to substantially enhance farming productivity while minimizing the environmental impact through urban, indoor, climate-controlled high-rise structures. These facilities promise numerous benefits including clean and sustainable food sources, enhanced biosecurity, protection against pests and droughts, and decreased reliance on transportation and fossil fuels.
Consumer preferences for locally sourced, fresh, sustainable, and pesticide-free products are driving the demand for vertical farming and greenhouse cultivation. Transportation of perishable goods presents logistical challenges, contributing to increased prices for fresh produce as distances between farms and urban centers grow. To counter these challenges, crops are being cultivated within urban areas. LED grow light manufacturers are collaborating with commercial growers to establish large-scale indoor farms within cities. For instance, Bustanica, located in the Emirate of Dubai, boasts the world's largest vertical farm, spanning 31,000 m2, equivalent to farmland twice the size of Dubai International Airport. Bustanica aims to revolutionize local farming by producing high-quality fresh food products, ensuring market safety and availability, and offering customers a wide range of healthier and more sustainable choices.
Based on offering, is categorized into hardware, software & services. Hardware components encompass lamps, fixtures, reflectors, reflective films, and ballasts. The software segment encompasses light mapping and light control software. The services segment encompasses maintenance, after-sales support, customization, planning, and installation services.
Based on wattage, is segmented into =300 watts categories. LED grow lights with various power ratings are available to meet different plant requirements. High-power LEDs are commonly used in commercial greenhouses, vertical farming, and indoor farming applications, while low-watt LEDs are preferred for turf and landscaping to decorate gardens and hotels.
Based on spectrum, pertains to the electromagnetic wavelengths emitted by a light source to facilitate plant growth. For photosynthesis, plants utilize light within the PAR (Photosynthetically Active Radiation) region, with wavelengths ranging from 400 to 700 nanometers (nm). The light spectrum influences plant growth differently, contingent upon factors such as environmental conditions and crop type. Chlorophyll, a plant molecule responsible for converting light energy into chemical energy, primarily absorbs light within the blue and red-light spectrum, both of which peak within the PAR range.
In terms of spectrum, the grow lights market is divided into limited spectrum and full spectrum categories. Limited spectrum grows lights emit light at specific wavelengths, which can include red, blue, or a combination of both colors. The most common type of light source within the limited spectrum category is a combination of red and blue light for promoting plant growth.
Based on cultivated plant, is categorized into fruits and vegetables, flowers, and cannabis. In Europe and North America, growers utilize supplementary lighting for indoor farms, domestic and commercial greenhouses, and vertical farms. Greenhouse cultivators are increasingly adopting grow lights to meet the rising food demand and achieve their production targets.
Based on installation type, Advancements in grow light technology have introduced various lighting system designs. Grow light systems utilizing traditional lighting technologies like high-intensity discharge (HID) and fluorescent (FL) bulbs have been in use for several decades. In Europe and North America, growers employ supplemental lighting for indoor farms, domestic greenhouses, and commercial greenhouses. Grow lights are typically replaced when their intensity diminishes below desired levels or if they inadvertently cause damage.
To address increasing food demand and meet production targets, greenhouse cultivators are turning to grow lights more frequently. The high costs associated with outdated lighting technologies incentivize growers to adopt more efficient lighting systems to reduce energy consumption and operational expenses.
Retrofitting involves the removal of existing grow light systems and their replacement with new ones, either using the same lighting technology or a different one. New installations often involve expanding current facilities or establishing new ones, such as additional greenhouses or vertical farms. The grow lights market is segmented based on installation type into new and retrofit installations.
Based on lighting type, in indoor farms or greenhouses, efficient plant production relies on precise management of light position, intensity, and temperature. Two lighting methods, toplighting and interlighting, are employed to reduce the necessity for ventilation and CO2 level management.
Based on sales channel, is categorized into direct, distribution, and e-commerce channels. Presently, distribution channels play a pivotal role in the marketing strategies of grow light manufacturers globally. Nevertheless, it is anticipated that e-commerce and direct sale channels will experience comparatively higher CAGR from 2024 to 2029.
Based on application, Traditionally, horticulture was confined to small-scale indoor setups, primarily aimed at meeting personal consumption needs. Over time, as skilled growers realized the potential for surplus production, they began commercializing their excess yields. With urban expansion came a heightened demand for locally sourced fruits and vegetables, prompting the emergence of numerous commercial indoor farming ventures. Grow lights have become indispensable in various settings such as indoor farms, commercial greenhouses, vertical farms, and research and tissue culture laboratories.
In indoor farming, specialized grow lights serve as the primary source of illumination for cultivating plants. Technological progressions have enabled the establishment of multilevel indoor farms, known as vertical farming. Indoor farming and vertical farming represent the two main approaches to indoor cultivation. While indoor farms operate on a single level, vertical farms leverage two or more tiers for plant growth. Another prevalent practice in horticulture is commercial greenhouse farming, where protected environments foster the growth of fruits, vegetables, and flowers destined for market shelves. Despite having access to natural light, greenhouses face challenges associated with seasonal light fluctuations, necessitating the incorporation of grow lights to maintain consistent levels for photosynthesis. Additionally, grow lights find utility in turf and landscaping endeavors. Given their energy efficiency, minimal heat emission, and uniform light distribution, LED grow lights have gained widespread acceptance among growers.
The choice of LED grow lights varies depending on the intended application. High-watt LEDs are favored in vertical farms and commercial greenhouses, whereas low-power LEDs are more suitable for indoor farming and turf management. Furthermore, grow lights play a role in plant research and tissue culture laboratories, catering to diverse scientific investigations and experiments.
Based on region, The grow lights market is segmented by region into North America, Europe, Asia Pacific, and the Rest of the World. Europe holds the largest share of the global grow lights market, primarily due to the significant presence of major industry players in the region.
Within the Asia Pacific market, further segmentation includes Japan, China, Southeast Asia, Australia, and the Rest of Asia Pacific. Japan stands out as the leading market for grow lights in this region, driven by the increasing need for urban farming to meet the rising food demand caused by the growing urban population.
Ask for Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=68944493
Key players in this market includes Signify Holding (Netherlands), Gavita International B.V. (Netherlands), Heliospectra (Sweden), ams-OSRAM AG (Austria), California LightWorks (US), Hortilux Schréder (Netherlands), Valoya (Finland), ILUMINAR Lighting LLC. (US), SAVANT TECHNOLOGIES LLC. (US), Ushio Inc. (Japan), EconoLux Industries Ltd. (China), LEDVANCE GmbH (Germany), Lemnis Oreon B.V. (Netherlands), Hyperion Grow Lights (England), Sananbio (China), Dongguan LEDESTAR Opto-electronics Tech. Co., Ltd. (China), ViparSpectra (US), Kind LED Grow Lights (US), Black Dog Horticulture Technologies & Consulting (US), Agrolux B.V. (Netherlands), Sollum Technologies (Canada), Mars Hydro (China), Biological Innovation and Optimization Systems, LLC. (US), EVERLIGHT ELECTRONICS CO., LTD. (Taiwan), and NICHIA CORPORATION (Japan).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
One of the key drivers in the grow lights market is surging demand of fresh food amid declining arable land. According to IMF, the global population is anticipated to reach 9.7 billion by 2050 as the population is growing 0.5 percent annually, placing significant pressure on farmers to boost crop production. This pressure can be addressed either by expanding arable land or embracing emerging techniques such as smart greenhouses, indoor and vertical farming.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=68944493
Factors such as rapid population growth, urbanization, diminishing water resources, and ongoing climate change due to escalating greenhouse gas emissions have led to a reduction in arable land per capita. With agricultural land becoming scarcer, policymakers are confronted with sustainability challenges and the task of feeding a rapidly expanding global population. To tackle these challenges, solutions such as indoor farming, greenhouse cultivation, and vertical farming are being explored. These methods leverage technology and automation to optimize land and water use.
Vertical farming endeavors to substantially enhance farming productivity while minimizing the environmental impact through urban, indoor, climate-controlled high-rise structures. These facilities promise numerous benefits including clean and sustainable food sources, enhanced biosecurity, protection against pests and droughts, and decreased reliance on transportation and fossil fuels.
Consumer preferences for locally sourced, fresh, sustainable, and pesticide-free products are driving the demand for vertical farming and greenhouse cultivation. Transportation of perishable goods presents logistical challenges, contributing to increased prices for fresh produce as distances between farms and urban centers grow. To counter these challenges, crops are being cultivated within urban areas. LED grow light manufacturers are collaborating with commercial growers to establish large-scale indoor farms within cities. For instance, Bustanica, located in the Emirate of Dubai, boasts the world's largest vertical farm, spanning 31,000 m2, equivalent to farmland twice the size of Dubai International Airport. Bustanica aims to revolutionize local farming by producing high-quality fresh food products, ensuring market safety and availability, and offering customers a wide range of healthier and more sustainable choices.
Based on offering, is categorized into hardware, software & services. Hardware components encompass lamps, fixtures, reflectors, reflective films, and ballasts. The software segment encompasses light mapping and light control software. The services segment encompasses maintenance, after-sales support, customization, planning, and installation services.
Based on wattage, is segmented into =300 watts categories. LED grow lights with various power ratings are available to meet different plant requirements. High-power LEDs are commonly used in commercial greenhouses, vertical farming, and indoor farming applications, while low-watt LEDs are preferred for turf and landscaping to decorate gardens and hotels.
Based on spectrum, pertains to the electromagnetic wavelengths emitted by a light source to facilitate plant growth. For photosynthesis, plants utilize light within the PAR (Photosynthetically Active Radiation) region, with wavelengths ranging from 400 to 700 nanometers (nm). The light spectrum influences plant growth differently, contingent upon factors such as environmental conditions and crop type. Chlorophyll, a plant molecule responsible for converting light energy into chemical energy, primarily absorbs light within the blue and red-light spectrum, both of which peak within the PAR range.
In terms of spectrum, the grow lights market is divided into limited spectrum and full spectrum categories. Limited spectrum grows lights emit light at specific wavelengths, which can include red, blue, or a combination of both colors. The most common type of light source within the limited spectrum category is a combination of red and blue light for promoting plant growth.
Based on cultivated plant, is categorized into fruits and vegetables, flowers, and cannabis. In Europe and North America, growers utilize supplementary lighting for indoor farms, domestic and commercial greenhouses, and vertical farms. Greenhouse cultivators are increasingly adopting grow lights to meet the rising food demand and achieve their production targets.
Based on installation type, Advancements in grow light technology have introduced various lighting system designs. Grow light systems utilizing traditional lighting technologies like high-intensity discharge (HID) and fluorescent (FL) bulbs have been in use for several decades. In Europe and North America, growers employ supplemental lighting for indoor farms, domestic greenhouses, and commercial greenhouses. Grow lights are typically replaced when their intensity diminishes below desired levels or if they inadvertently cause damage.
To address increasing food demand and meet production targets, greenhouse cultivators are turning to grow lights more frequently. The high costs associated with outdated lighting technologies incentivize growers to adopt more efficient lighting systems to reduce energy consumption and operational expenses.
Retrofitting involves the removal of existing grow light systems and their replacement with new ones, either using the same lighting technology or a different one. New installations often involve expanding current facilities or establishing new ones, such as additional greenhouses or vertical farms. The grow lights market is segmented based on installation type into new and retrofit installations.
Based on lighting type, in indoor farms or greenhouses, efficient plant production relies on precise management of light position, intensity, and temperature. Two lighting methods, toplighting and interlighting, are employed to reduce the necessity for ventilation and CO2 level management.
Based on sales channel, is categorized into direct, distribution, and e-commerce channels. Presently, distribution channels play a pivotal role in the marketing strategies of grow light manufacturers globally. Nevertheless, it is anticipated that e-commerce and direct sale channels will experience comparatively higher CAGR from 2024 to 2029.
Based on application, Traditionally, horticulture was confined to small-scale indoor setups, primarily aimed at meeting personal consumption needs. Over time, as skilled growers realized the potential for surplus production, they began commercializing their excess yields. With urban expansion came a heightened demand for locally sourced fruits and vegetables, prompting the emergence of numerous commercial indoor farming ventures. Grow lights have become indispensable in various settings such as indoor farms, commercial greenhouses, vertical farms, and research and tissue culture laboratories.
In indoor farming, specialized grow lights serve as the primary source of illumination for cultivating plants. Technological progressions have enabled the establishment of multilevel indoor farms, known as vertical farming. Indoor farming and vertical farming represent the two main approaches to indoor cultivation. While indoor farms operate on a single level, vertical farms leverage two or more tiers for plant growth. Another prevalent practice in horticulture is commercial greenhouse farming, where protected environments foster the growth of fruits, vegetables, and flowers destined for market shelves. Despite having access to natural light, greenhouses face challenges associated with seasonal light fluctuations, necessitating the incorporation of grow lights to maintain consistent levels for photosynthesis. Additionally, grow lights find utility in turf and landscaping endeavors. Given their energy efficiency, minimal heat emission, and uniform light distribution, LED grow lights have gained widespread acceptance among growers.
The choice of LED grow lights varies depending on the intended application. High-watt LEDs are favored in vertical farms and commercial greenhouses, whereas low-power LEDs are more suitable for indoor farming and turf management. Furthermore, grow lights play a role in plant research and tissue culture laboratories, catering to diverse scientific investigations and experiments.
Based on region, The grow lights market is segmented by region into North America, Europe, Asia Pacific, and the Rest of the World. Europe holds the largest share of the global grow lights market, primarily due to the significant presence of major industry players in the region.
Within the Asia Pacific market, further segmentation includes Japan, China, Southeast Asia, Australia, and the Rest of Asia Pacific. Japan stands out as the leading market for grow lights in this region, driven by the increasing need for urban farming to meet the rising food demand caused by the growing urban population.
Ask for Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=68944493
Key players in this market includes Signify Holding (Netherlands), Gavita International B.V. (Netherlands), Heliospectra (Sweden), ams-OSRAM AG (Austria), California LightWorks (US), Hortilux Schréder (Netherlands), Valoya (Finland), ILUMINAR Lighting LLC. (US), SAVANT TECHNOLOGIES LLC. (US), Ushio Inc. (Japan), EconoLux Industries Ltd. (China), LEDVANCE GmbH (Germany), Lemnis Oreon B.V. (Netherlands), Hyperion Grow Lights (England), Sananbio (China), Dongguan LEDESTAR Opto-electronics Tech. Co., Ltd. (China), ViparSpectra (US), Kind LED Grow Lights (US), Black Dog Horticulture Technologies & Consulting (US), Agrolux B.V. (Netherlands), Sollum Technologies (Canada), Mars Hydro (China), Biological Innovation and Optimization Systems, LLC. (US), EVERLIGHT ELECTRONICS CO., LTD. (Taiwan), and NICHIA CORPORATION (Japan).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Contact Information:
MarketsandMarkets™
Mr. Rohan Salgarkar
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results
MarketsandMarkets™
Mr. Rohan Salgarkar
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results