Yahoo Finance The Global Grow Lights Market size is expected to reach $11.2 billion by 2028, rising at a market growth of 26.1% CAGR during the forecast period
Grow lights are lights specially designed and utilized for growing indoor plants. These lights aid plants in the process of photosynthesis, promote healthy growth and produce amazing goods.
New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Grow Lights Market Size, Share & Industry Trends Analysis Report By Spectrum, By Technology, By Application, By Installation Type, By Offering, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06315015/?utm_source=GNW
Compared to alternative lighting systems, LED grow lights provide a number of advantages. Longer lifespans, cooler temperatures, more efficiency, full-spectrum use, compact size, and state subsidies are among its features. It is perfect for growing plants indoors due to these qualities.
The primary factor fostering the expansion of the grow light market at the moment is the higher efficiency provided by LEDs. Moreover, because grow lights are more controllable, the market for grow lights would expand. Also, the increased use of vertical farming presents a potential opportunity for the industry. In consideration of these elements, it is predicted that the market would expand exponentially in the coming years.
Grow lighting is generally produced for three different types of light sources: fluorescent lights, high-intensity discharge (HID) lights, and light-emitting diodes (LED). Grow lights are necessary for research, commercial greenhouses, landscaping, vertical farming, indoor farming, and more. High wattage is required for some grow light applications, whereas a low wattage is required for others. The grow light differs from conventional light in several ways. Due to the high cost of the grow light technology, it is exclusively employed for high-end applications.
Growing cannabis demand, technology support, an increase in vertical farms, and the development of LED technology that would significantly lower lighting costs are some of the possibilities that grow light market opportunities. However, the grow lights market has not yet seen the involvement of cannabis cultivation on a larger scale. As more individuals become aware of the advantages these solutions offer, the adoption of grow lights is rising.
COVID-19 Impact Analysis
The COVID-19 outbreak has had a huge impact on the market trends for grow lights across the globe. Electronics and semiconductor production facilities have been put on hold as a result of the international downturn as well as the lack of labor. The COVID-19 pandemic has significantly and persistently reduced manufacturing utilization and resulted in travel restrictions. Additionally, factory closures pulled employees away from their workplaces, which caused a slowdown in the industry’s growth in 2020. The turf and landscaping industry was affected by the COVID-19 pandemic.
Market Growth Factors
Better Alternate Conventional Lighting Technologies
In terms of energy efficiency, lifespan, adaptability, and color quality, LED-based grow lights have surpassed all conventional lighting technologies, and because of their rising cost competitiveness, they are widely employed in applications including indoor farms, vertical farms, and greenhouses. Numerous plants are grown indoors under grow lights. Grow lights’ color spectrum can be changed to serve the needs of the plants. Different grow light kinds can help with plant development and growth. Horticultural producers prefer high-intensity discharge (HID) lamps as a source of light for both outdoor as well as indoor applications.
Legalization Of Cannabis In Several Nations
The legalization of cannabis cultivation has also raised the need for greenhouses and vertical farms, which is ultimately fueling an increase in the need for LED-based grow lights. Numerous aspects must be taken into consideration when growing cannabis in a sunless environment. For instance, produce might be harmed by the heat produced by HPS lights. Therefore, the excessive heat emitted can be reduced by using LEDs, which operate at significantly lower temperatures. Businesses using vertical farming to grow cannabis have seen a considerable increase in output.
Market Restraining Factors
Lack Of Standardized Testing Procedures
The lack of standardized testing procedures for evaluating the quality of products, especially for emerging technologies like LED, induction, and plasma, is a significant barrier for the lighting technology business. Organizations in the United States and other affluent nations monitor quality assurance, but there are no such standards in many emerging economies. Along with this, a product’s quality assessment is necessary primarily to confirm the lumen output and working life of grow lights.
Technology Outlook
By technology, the grow light market is divided into high-intensity discharge (HID), light-emitting diode (LED), fluorescents, and others. The high-intensity discharge (HID) segment witnessed a substantial revenue share in the grow lights market in 2021. The HID is mostly employed in commercial greenhouses and vertical farms for growing. As the vertical farming and commercial greenhouses are expanding which would rise the demand for HID grow lights in the upcoming years.
Offering Outlook
Based on offering, the grow light market is segmented into hardware, software, and services. In 2021, the hardware held the highest revenue share in the grow light market 2021. The demand for grow lights is expected to rise in upcoming years. This is because many manufacturers in the market are offering advanced hardware for grow lights. Some of the features introduced by the manufacturers are energy saving within most efficient technology, and less heat generated in comparison to other forms of grow lights.
Spectrum Outlook
On the basis of spectrum, the grow lights market is fragmented into narrow and broad. In 2021, the narrow segment generated the maximum revenue share in the grow lights market. This can be attributed to the particular spectrum of light that some plants need. The proportion of narrow-band LEDs is larger in narrow-spectrum LED grow lights. Due to the fact that they are designed for the blue and red PAR wavebands, these grow lights sometimes have a pink or purplish color.
Installation Type Outlook
By installation type, the grow lights market is divided into new installation and retrofit. In 2021, the retrofit installation segment procured a significant revenue share in grow lights market. Commercial greenhouses and vertical farms can save energy, improve the quality of their plants, and lower their maintenance and labor expenses by updating their light fixtures. Commercial greenhouses and vertical farms consequently have reduced running expenses. Depending on the sorts of plants being grown, grow lights must run for between 14 to 18 hours each day.
Application Outlook
Based on application, the grow lights market is classified into indoor farming, commercial greenhouse, vertical farming, turf & landscaping, research and others. The vertical farming segment accounted a substantial revenue share in the grow light market in 2021. The most effective type of artificial light for vertical farming is LED grow lights. This kind of lighting is economical. It emits a spectrum that is advantageous to plants and helps them to grow more quickly and generate more. In controlled testing, the LED grow lights have been shown to boost crop output by up to 20% when compared to conventional HID lamps. Because of this, the need for grow lights for vertical farming is growing.
Regional Outlook
Region-wise, the grow lights market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the Europe region held the maximum revenue share in the grow lights market. The growing population and a lack of fertile agricultural land are the two main causes expected to surge the demand for grow lights in the region. In addition, growing awareness of the value of alternative farming is another aspect. Additionally, the demand for grow lights in the region is expanding as a result of the need to increase production capacity.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Signify N.V., Heliospectra AB, Gavita International B.V., California LightWorks (MWW Inc.), Valoya Oy, Hortilux Schréder (Dool Industries), Biological Innovation and Optimization Systems, LLC, GE Current, a Daintree company, Kroptek Ltd., and SANlight GmbH.
Scope of the Study
Market Segments covered in the Report:
By Spectrum
• Narrow
• Broad
By Technology
• Light Emitting Diode (LED)
• High Intensity Discharge (HID)
• Fluorescent
• Others
By Application
• Commercial Greenhouse
• Turf & Landscaping
• Indoor Farming
• Vertical Farming
• Research & Others
By Installation Type
• New Installation
• Retrofit
By Offering
• Hardware
• Software
• Services
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Signify N.V.
• Heliospectra AB
• Gavita International B.V.
• California LightWorks (MWW Inc.)
• Valoya Oy
• Hortilux Schréder (Dool Industries)
• Biological Innovation and Optimization Systems, LLC
• GE Current, a Daintree company
• Kroptek Ltd.
• SANlight GmbH
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06315015/?utm_source=GNW
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