Grow Lights Market

Introduction of the Grow Lights Market Report

A grow light is an artificial source of light that generates light in the electromagnetic spectrum to enhance the photosynthesis process and accelerate growth in plants. They are mainly used for supplementing sunlight, color, and temperature to the crops and can be customized according to a specific requirement, such as flowering inhibition, anthocyanin accumulation, and enhanced rooting.

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Market Dynamic

Key Drivers and Emerging Trends

Considerable growth in the agricultural sector is one of the key factors driving the growth of the grow light market. Furthermore, the vast adoption of vertical and indoor farming techniques is also providing a boost to market growth. The hydroponic farming technique employs various grow lights to maintain a sufficient amount of sunlight and protecting the plants from harm caused by insects and pests. Additionally, the increasing demand for food as a result of the increasing population, combined with the limited presence of cultivable land, is also impacting the product demand positively. Grow lights support in maintaining the optimal yield and plant quality, thereby meeting the steadily growing food demand across the globe. Apart from this, various advancements in the technological field, including the development of smart grow lights integrated with the Internet of Things (IoT), are propelling market growth. Other factors, including various developments in the field of agricultural sciences and favorable government policies, are expected to influence the market growth in the upcoming years. Looking forward, IMARC Group expects the global grow light market to exhibit strong growth during the next five years.

Impact of COVID-19 on the Grow Lights Market

The COVID-19 pandemic not only affected the operations of the various grow lights manufacturing companies but also impacted the businesses of their suppliers and distributors. The decline in export shipments and slow domestic demand for grow lights as compared to the pre-COVID-19 scenario is also expected to negatively impact and slightly stagnate the demand for grow lights for a short period of time.

Restraint in the Grow Lights Market

However, the high initial cost of these lights is a major restraining factor that is hampering the growth of the global grow lights market.

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Offering – Segment Analysis

Based on the Offering, the Software and Services segment is expected to grow at a high CAGR during the forecast period. Also, different kinds of software solutions are used in grow light systems to enhance the plant quality and fulfill various light requirements by different plants, as well as create and maintain a desirable lighting environment needed to maximize production. Along with software, maintenance services are also provided by the companies operating in the grow lights market.

Installation Type – Segment Analysis

Based on the Installation Type, the Retrofit Installation segment is expected to grow at a high CAGR during the forecast period. The retrofitting of light fixtures in commercial greenhouses and vertical farms is helpful for energy saving, providing supplemental light for enriching the quality of plants and minimizing their maintenance and labor costs, thereby resulting in low operating costs of commercial greenhouses and vertical farms. Furthermore, grow lights require to operate for nearly 14 to 18 hours on a daily basis, depending on the variety of plants that are being cultivated. The retrofitting of HID lamps with LED grow lights results in their long life, high efficiency and lightweight. Thus, growers may retrofit their existing growing greenhouses with any of the available lighting technologies, which may result in high yields and enhanced profitability. These factors are expected to drive the growth of the global retrofit installations market.

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Regional – Segment Analysis:

Based on the region, Europe is projected to dominate the market during the forecast period. The growth of the market in this region can be attributed to the fact that it has the strongest economies in the world, along with developing industries that lead to increased capital investment capabilities. This region has been employing grow light systems for the past few decades to cultivate plants in commercial greenhouses. The use of grow light in this region is gradually shifting from a supplemental lighting source to becoming the main source of light in indoor operation activities. The population of Europe has increased rapidly in recent times, and countries are importing frozen fruits and vegetables from external markets in Africa and Asia. Indoor horticulture has gained rapid momentum in some major countries like the Netherlands, Belgium, and France in this region to obtain fresh products from locally cultivated farms. This factor is expected to drive the growth of the grow light market size in this region.

Top Market Players

Various notable players operating in the market include OSRAM GmbH, California LightWorks, Gavita International b.v., Heliospectra AB, Valoya, Signify Holding, IWASAKI ELECTRIC CO., LTD., Hortilux Schréder, GENERAL ELECTRIC, LumiGrow, among others. 

Key Developments:

• • In 2020, OSRAM collaborated with The Lamphouse, the largest supplier of specialized lamps in Africa. With more than 40 years of experience in various specialty lighting sectors, The Lamphouse is OSRAM’s exclusive partner serving South Africa’s professional horticulture stores and fulfilling large commercial cannabis projects.
  • In 2020, Valoya expanded its RX-Series line of greenhouse LEDs with two new models – RX500 and RX600. The new models can be utilized as true 1-to-1 HPS replacements, and they can produce up to the staggering 1700 µmol/s of uniform light output.
  • In 2020, Heliospectra AB received a contract to offer MITRA LED lighting solutions to Nectar Farms in Victoria (Australia). This solution will enable Nectar Farms to scale glasshouse tomato production.

Segments covered in the Report:

The global Grow Lights market has been segmented on the basis of Offering, Lighting Type, Installation Type, Watt, Application, Cultivated Plant, Spectrum, Sales Channel and regions. Based on Offering, the market is segmented into Hardware and Software & Services. Based on Lighting Type, the market is segmented into Toplighting and Interlighting. Based on Installation Type, the market is segmented into New installations and Retrofit Installations. Based on Watt the market is segmented into <300 Watts and >300 Watts. Based on Application, the market is segmented into Greenhouses, Vertical Farms, Indoor Farms and Research & Tissue Culture Laboratories. Based on Cultivated Plant, the market is segmented into Fruits and Vegetables, Flowers and Cannabis. Based on Spectrum, the market is segmented into Full Spectrum and Limited Spectrum. Based on Sales Channel, the market is segmented into Distribution Channels, E-commerce Channels and Direct Sales Channels. 

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Key questions answered in this research report:

• • At what pace is global Grow Lights market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Grow Lights market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Grow Lights market?
  • Which Offering generated maximum revenues in 2020 and identify the most promising Offering during the forecast period?
  • What are the various Lighting Type areas of global Grow Lights market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Offering, By Lighting Type, By Installation Type, By Watt, By Application, By Cultivated Plant, By Spectrum, By Sales Channel  By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	OSRAM GmbH, California LightWorks, Gavita International b.v., Heliospectra AB, Valoya, Signify Holding, IWASAKI ELECTRIC CO., LTD., Hortilux Schréder, GENERAL ELECTRIC, LumiGrow, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Grow Lights Market by Offering

• • Hardware
  • Software & Services

Global Grow Lights Market by Lighting Type

• • Toplighting
  • Interlighting

Global Grow Lights Market by Installation Type

• • New installations
  • Retrofit Installations

Global Grow Lights Market by Watt

• • <300 Watts
  • >300 Watts

Global Grow Lights Market by Application

• • Greenhouses
  • Vertical Farms
  • Indoor Farms
  • Research & Tissue Culture Laboratories

Global Grow Lights Market by Cultivated Plant

• • Fruits and Vegetables
  • Flowers
  • Cannabis

Global Grow Lights Market by Spectrum

• • Full Spectrum
  • Limited Spectrum

Global Grow Lights Market by Sales Channel

• • Distribution Channels
  • E-commerce Channels
  • Direct Sales Channels

Global Grow Lights Market by Region

• • North America Grow Lights Market (Option 1: As a part of the free 25% customization)
    • North America Grow Lights Market by Offering
    • North America Grow Lights Market by Lighting Type
    • North America Grow Lights Market by Installation Type
    • North America Grow Lights Market by Watt
    • North America Grow Lights Market by Application
    • North America Grow Lights Market by Cultivated Plant
    • North America Grow Lights Market by Spectrum
    • North America Grow Lights Market by Sales Channel
    • US Grow Lights Market All-Up
    • Canada Grow Lights Market All-Up
  • Europe Grow Lights Market (Option 2: As a part of the free 25% customization)
    • Europe Grow Lights Market by Offering
    • Europe Grow Lights Market by Lighting Type
    • Europe Grow Lights Market by Installation Type
    • Europe Grow Lights Market by Watt
    • Europe Grow Lights Market by Application
    • Europe Grow Lights Market by Cultivated Plant
    • Europe Grow Lights Market by Spectrum
    • Europe Grow Lights Market by Sales Channel
    • UK Grow Lights Market All-Up
    • Germany Grow Lights Market All-Up
    • France Grow Lights Market All-Up
    • Spain Grow Lights Market All-Up
    • Rest of Europe Grow Lights Market All-Up
  • Asia-Pacific Grow Lights Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Grow Lights Market by Offering
    • Asia-Pacific Grow Lights Market by Lighting Type
    • Asia-Pacific Grow Lights Market by Installation Type
    • Asia-Pacific Grow Lights Market by Watt
    • Asia-Pacific Grow Lights Market by Application
    • Asia-Pacific Grow Lights Market by Cultivated Plant
    • Asia-Pacific Grow Lights Market by Spectrum
    • Asia-Pacific Grow Lights Market by Sales Channel
    • China Grow Lights Market All-Up
    • India Grow Lights Market All-Up
    • Japan Grow Lights Market All-Up
    • Rest of APAC Grow Lights Market All-Up
  • RoW Grow Lights Market (Option 4: As a part of the free 25% customization)
    • RoW Grow Lights Market by Offering
    • RoW Grow Lights Market by Lighting Type
    • RoW Grow Lights Market by Installation Type
    • RoW Grow Lights Market by Watt
    • RoW Grow Lights Market by Application
    • RoW Grow Lights Market by Cultivated Plant
    • RoW Grow Lights Market by Spectrum
    • RoW Grow Lights Market by Sales Channel
    • Brazil Grow Lights Market All-Up
    • South Africa Grow Lights Market All-Up
    • Saudi Arabia Grow Lights Market All-Up
    • UAE Grow Lights Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Grow Lights Market All-Up

Major Players Operating in the Grow Lights (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • OSRAM GmbH
  • California LightWorks
  • Gavita International b.v.
  • Heliospectra AB
  • Valoya
  • Signify Holding
  • IWASAKI ELECTRIC CO., LTD.
  • Hortilux Schréder
  • GENERAL ELECTRIC
  • LumiGrow