Grow Lights Market to reach USD 6.76 billion by 2024 with Indoor Farming to Hold Largest Market Share

Global Grow Lights Market 2019-2024 Growing at a CAGR of 13.14%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.

Market Overview

The global grow lights market is valued at USD 3.23 billion in 2018 and is expected to reach USD 6.76 billion by 2024 at a CAGR of 13.14% over the forecast period (2019 - 2024). Growth light is a key component of the urban agriculture practices. It is generally used to provide all the light a plant needs to grow or in some cases, to supplement the natural sunlight, especially in cold countries that have low daylight hours, especially in winter season.

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- Increasing number of plant factories, need for sustainable development and rise in urban agriculture are current catalysts for the grow lights market.
- Fresh and nutritious vegetables, beautiful floral arrangements, fragrant herbs, etc. are being demanded all year round, and it has become easier at the touch of a button with the pervasiveness of e-commerce. Indoor Farming represents the largest market share with the availability of affordable yet fashionable grow lights.
- Growing environmental concerns and uncertainty over the existing rainfall patterns has led the population to invest in the domestic garden set-up willingly. The further developments in the innovative farming practices, like the vertical farming method, have been driving the growth of grow lights market. On the contrary, the high set-up and maintenance cost are hindering the growth of the market.

Scope of the Report

Grow lighting is majorly produced for three light sources, which include Light Emitting Diodes (LED), High-intensity Discharge (HID) Lights, and Fluorescent Lights. In some cases, High-pressure Sodium (HPS) sources, Light Emitting Plasma, and Induction Lights are also used. The market is further segmented by installation type (New and Retrofit) and applications (Indoor Farming, Vertical Farming, Commercial Greenhouse).

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Key Market Trends

Indoor Farming to Hold Largest Market Share

- With the rise of new technology in the grow lights and affordable gardening systems indicates that one-third of the millennia are growing herbs, indoors.
- One of the major benefits of indoor agriculture is its higher yield when compared with traditional farming. Enclosing facilities creates ideal growing environments, leading to less harvest time and repeat the harvest more times in a year.
- For example, according to the 2016 estimates of USDA, the average yield of conventionally grown tomatoes in the United States was estimated to be 805 cwt per acre or 1.85 pounds per square foot. In the same year, greenhouse hydroponic tomato farmers in the country experienced an average yield of 10.59 pounds per square foot.
- Further, in regions like North America, indoor farming activities are multiplying. According to Agrilyst Inc., North America has an average yield of 5.5 pounds per square foot per indoor farm that is producing leafy green vegetables in 2016. Over the forecast period, such high productivity is expected to draw more investments into the sector, creating more opportunities for the grow lights market over the forecast period.

Asia-Pacific to Witness the Fastest Growth Rate During the Forecast Period

- Asia-Pacific is one of the fastest growing regions for grow lighting. Rapid increase in urban agriculture, such as vertical farming, greenhouses, and growth chambers are fueling the demand for growth light in the region. Countries, like Japan, Taiwan, and China are the major source of demand for grow lights in the region and are estimated to stay so over the forecast period.
- In Japan, the urban agriculture establishments are addressed as plant factories and the country’s largest plant factory with a capacity of producing more than 20,000 heads of lettuce in a day, in just over a 3000-square-meter facility.
- Also, the country’s government and private sector encourage urban agriculture practices. For example, electronics giant Fujitsu, in recent years, converted its factories, that were formerly semiconductor manufacturing establishments, into plant factories.
- Taiwan is emerging as a major player for grow lights market housing the largest indoor plant production facility in the Asia-Pacific region. Over the forecast period, increasing urban agriculture initiatives in countries, like China and India, are expected to drive the demand for grow lights in the region.

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Competitive Landscape

With advancements in smart and connected systems, the grow light market witnesses technological innovations by major players like OSRAM Licht AG, Royal Philips Electronics BV among others. With more investments being inclined towards large scale deployment of grow lights, companies seek to merge, partner or acquire for technical capabilities.

- March 2019 - Signify, the world leader in lighting used the Philips GreenPower LED production module range to provide Japanese food supplier Prime Delica capability to grow high-quality lettuce varieties, spinach, and coriander all year round.

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Contact Info:
Name: Hector Costello
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Organization: Orbis Research
Website: https://www.orbisresearch.com/reports/index/grow-lights-market-growth-trends-and-forecast-2019-2024

Release ID: 88922992