Size of the Grow Lights market worth $8,480 million, globally, by 2028 at 32.24% CAGR: Verified Market Research®
Jersey City, New Jersey, February 15, 2022 /PRNewswire/ — Verified Market Research recently released a report, “grow lights marketBy Product (High Intensity Discharge (HID), LED, Fluorescent), By Application (Indoor Farming, Vertical Farming, Commercial Greenhouse), and By Geography. According to verified market research, the global grow light market size was valued at $907.78 million in 2020 and is expected to reach $8,480 million by 2028, growing at a CAGR of 32.24% from 2021 to 2028.
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Browse the table of contents in depth to “grow lights market“
202 – Pages
126 – Tables
37 – Numbers
Overview of the global grow lights market
Grow Lights are in high demand due to their unique features such as durability, power consumption, color quality and cost effectiveness. LED grow lights have a number of advantages over traditional lighting systems, including increased energy efficiency and longer life. Grow Lights can be adjusted to meet plant requirements. The growth and development of plants will be facilitated by the use of several types of Grow Lights. To get the overall plant light spectrum, growers mixed HID lights such as high pressure sodium (HPS) lights with metal halide (MH) lights.
LEDs are widely used today because they eliminate the disadvantages of HPS, fluorescent (FL), metal halide, and electric ballast lighting. The environmental benefits of the grow light industry are one of the main reasons for its expansion. As a result, the light grow industry is propelled forward by government programs and expanding indoor farming. All of these considerations have driven the demand for horticultural lighting that is both energy efficient and sustainable.
The demand for LED-based grow lights is increasing due to the growing demand for vertical farms and greenhouses following the legalization of cannabis cultivation. When growing cannabis in a sunless medium, there are a number of considerations to take into account. For example, the heat generated by HPS lamps will destroy products. As a result, LEDs, which operate at significantly lower temperatures, could be a viable choice for reducing the amount of heat produced. Grow Lights are also employed in a number of indoor farms in North America and Europe.
Main developments in grow lights market
- In March 2021: AeroFarms, an indoor vertical farming company based in New Jerseyagreed to merge with black check company Spring Valley Acquisition Corp. in order to go public on the Nasdaq stock exchange.
- June 2021: Heliospectra AB, a global leader in smart lighting technology for greenhouses and controlled plant growth environments, announced a new reseller partnership with AllGreenHydroponics.com, a company specializing in indoor gardening equipment for hobbyists and commercial growers, to represent the market leader in Heliospectra LED lighting and light control solutions for agriculture in controlled environments.
The major market players are AeroFarms, Royal PhilipsGeneral Electric, Osram Licht, Gavita Holland, Lumigrow, Heliospectra, Iwasaki Electric., Llumitex and Sunlight Supply.
Verified Market Research has segmented the global Grow Lights market on the basis of product, application, and geography.
- Grow Lights Market, By Product
- High Intensity Discharge (HID)
- Grow Lights Market, By Application
- Indoor farming
- Vertical farming
- commercial greenhouse
- Grow Lights Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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