The global grow lights market size is expected to reach USD 8.51 billion by 2028 according to a new study by Polaris Market Research. The report “Grow Lights Market Share, Size, Trends, Industry Analysis Report, By Lighting Type (Interlighting, Toplighting); By Installation (New, Retrofit); By Technology; By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for grow lights is expected to increase during the forecast period owing to increasing population, advancements in agricultural practices, and increasing adoption of indoor and vertical farming.
Rise in demand for high-quality food products, growing inclination towards naturally sourced ingredients, and legalization of cannabis farming support the industry growth. However, the market's growth was impaired during the COVID-19 outbreak due to operational challenges, disruption of the supply chain, halting of manufacturing activities, and workforce impairment.
Based on lighting type, the market is segmented into interlighting and toplighting. The interlighting sub-segment is expected to develop at a considerable pace over the forecast period. Interlighting enables lighting of areas at low levels or reduced lighting to ensure efficient plant growth, higher light efficacy, and greater crop quality.
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The major factors driving the growth of this segment include the increasing adoption of greenhouses and the need for superior yield. The technology segment has been divided into light-emitting diodes, high-intensity discharge, fluorescent, and others. The demand for light-emitting diode (LED) is expected to increase during the forecast period.
Some benefits offered by LED bulbs include higher energy efficiency, greater safety, and high color rendering index. LED bulbs generate directional emissions while also providing dimming capability. Increasing environmental concerns and high performance in extreme temperatures have increased its adoption as the product.
Rapid urbanization, advancements in farming practices, and the rising need to improve crop yield have driven the overall growth of this segment. Industry players are increasingly introducing new products to cater to the growing consumer demands. These players also offer customized offers according to specific requirements of consumers for higher output.
Leading industry participants include LumiGrow Inc., Signify Holding, Heliospectra AB, Osram Licht AG, Everlight Electronics Co. Ltd, Epistar Corporation, Savant Systems Inc., California Lightworks, Gavita, Illumitex Inc., Hydro Grow, and Iwasaki Electric Co. Ltd.
Polaris Market Research has segmented the grow lights market report on the basis of lighting, technology, installation, application, and region:
Grow Lights, Lighting Outlook (Revenue, USD Billion, 2016 – 2028)
Grow Lights, Technology Outlook (Revenue, USD Billion, 2016 – 2028)
Grow Lights, Installation Type Outlook (Revenue, USD Billion, 2016 – 2028)
Grow Lights, Application Outlook (Revenue, USD Billion, 2016 – 2028)
Grow Lights, Regional Outlook (Revenue, USD Billion, 2016 – 2028)