The size of the grow lights market was $1,481 million in 2021, and it will reach to $13,183 million by 2030, advancing at a growth rate of 28% in the years to come as per a report published by P&S Intelligence.
This is because of the growing requirement for food for food because of the increasing population, rising usable income, rapid urbanization, increasing preference for advanced farming practices, and technological advancements in the agriculture sector.
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| Grow Lights Market Size and Share Analysis Report |
LEDs will be the most used in the years to come. This will be because of increase in the requirement of customers for energy-efficient and affordable grow lights and the increase in the count of government programs for promoting the use of LED drivers and lights.
Furthermore, the growing requirement for economical and durable horticulture lights in numerous countries and the increasing usage of such lights in new farming activities because of their appropriate intensity for plant growth and cost-effectiveness are the main reasons of the high requirement for products.
The retrofit category had larger share of revenue in the past, and it will stay like this in the future as well. This is because of the increasing count of advanced farming facilities all over the world and the mounting use of such lights in existing farming facilities because of a drop in their prices.
Additionally, the need for retrofit installations is generally greater than the new ones because the latter needs lots a huge capital investment and a lot of time.
Vertical farming will have the fastest growth in the future in grow lights market with a growth rate of approximately of around 29.8%. This growth will be due the snowballing need for herbs and food, cultivated in vertically stacked layers; and the increasing count of such farms, particularly in developed countries, because of the lack of space required for setting up conventional farms.
The revenue share of the commercial greenhouses category was the largest in the recent past, and it will dominate the industry in the future as well.
This is attributable to the increasing commercialization of greenhouses, mounting requirement for food all over the world because of the increase in population, declining availability of farming land, increasing acceptance of organic cultivation procedures, and growing necessity for higher energy competence in agriculture.
Europe had the largest revenue share, of approximately 33%, and it will maintain its dominance in the near future too. This can be because of the significant use of LED lights to grow plants in commercial greenhouses and a large base of consumers.
APAC will grow the fastest by the end of this decade. This can be due to the rising rate of urbanization, increasing requirement for food, growing population, budding acceptance of new agri- technologies, and increasing emphasis on urban farming.
It is because of the increasing need for food for the growing population, the demand for grow lights will increase significantly in the future.
