Illuminating Insights - Exploring the Global Grow Lights Market

Posted in Electronics by Adolf on May 1,2023 308

Light is the single most important variable with respect to plant growth and development and is often the most limiting factor. Therefore, the use of grow lights in commercial greenhouses is beneficial for plants and growers. Grow lights have existed for several years and have found widespread usage in different application areas. Different types of grow lights include fluorescent, high intensity discharge (HID), plasma and light emitting diodes (LED).

By creating a spectrum similar to sunlight, growing light acts as a substitute for sunlight, helping plants during photosynthesis. Briefly, any source that is capable of stimulating plant growth by emitting electromagnetic radiation that contributes to photosynthesis can be referred to as growing light. Several geographical areas during the year have been deprived of sunlight for a long time. The lack of sunlight in these areas affects the growth of plants and degrades the flora of the area. Plants important to important industries and important species of flowering plants are exposed to light to enhance their growth.

Grow lights enable farmers to produce same quality crops all year round irrespective of weather conditions. Different kinds of software solutions are used in grow light systems to improve plant quality and fulfil different light requirements by different plants, as well as create and maintain an optimal lighting environment necessary to maximize production. Along with software, maintenance and repair services are also offered by the companies operating in the grow lights market.

In 2022, the Global Grow Lights market stood at US$ 2,227 million. Recording a CAGR of 14.4% from 2023 to 2029, the worth is projected to reach US$ 5,711 million by 2029. The increasing global demand for food has generated the need for an increase in indoor farming and cultivation of crops in greenhouses. This is attributed to the constantly decreasing arable land and adverse climatic conditions that are creating havoc in the global agricultural industry due to changing environmental factors. Other factors, including several agricultural science discoveries and the implementation of favourable government regulations, are expected to propel the market in the next few years.

The global market for grow lights can be segmented by technology: fluorescent lights, high-intensity discharge (HID) lights, light-emitting diodes (LED) lights, others. The LED lights segment is estimated to account for the largest share of the global grow lights market. Grow lights market is further segmented by installation: new installations, retrofit. The new installations segment held the largest revenue share in 2022. Based on application, the grow lights market is segmented into: commercial greenhouse, indoor farming, vertical farming, others.

The rapidly growing vertical farming industry is the major reason for the growing interest of larger corporations toward investments in vertical farms, where large corporation have started providing financial and technical assistance to growers to set up vertical farms in various parts of the world. Such developments in vertical farming are likely to boost the demand for grow lights in the coming years.

Globally, the commercial greenhouse segment made up the largest share of the grow lights market. On the basis of region, the grow lights market also can be divided into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. Europe was the largest contributor to the global grow lights market in 2022.

The Middle East is likely to capture the largest size of the Rest of the World grow lights market during the forecast period. This region has started adopting urban farming methodologies to grow food locally and meet the demands of the rising population. Water scarcity is prevalent in the Middle East, and the temperatures vary between extreme hot during the day to extreme cold at night. Hence, by using hydroponic medium and LED grow lights, indoor farms and vertical farms are being developed in the Middle East to cultivate fruits and vegetables so that water evaporation can be avoided in a controlled environment.

Some of the leading players of the global grow lights market include AB Lighting, Agnetix, Inc., Bridgelux, Inc., Crecer Lighting Inc, Ennostar Inc. (Lextar Electronics Corporation), EVERLIGHT Electronics Co., Ltd., Fujian Sanan Sino-Science Photobiotech Co., Ltd. (San'an Optoelectronics Co., Ltd.), GE Current (a Daintree Company), Hawthorne Gardening Company (Agrolux B.V./Gavita International B.V.), Heliospectra AB, Hortilux Schreder B.V., Iwasaki Electric Co., Ltd., Lemnis Oreon B.V., Lumileds Holding B.V., MWW Inc, doing business as California Lightworks, OSRAM Licht AG, Shenzhen Hontech-Wins Electronics Co., Ltd., Signify N.V., SMART Global Holdings, Inc. (Cree LED), Valoya Oy, among others.

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