The global grow light market is forecasted to register revenue of ~US$ 9914million by 2030. The market is anticipated to grow at a compound annual growth rate (CAGR) of 8.46% during the forecast period from 2021-2030.
Factors Influencing
The demand for vertical and indoor farming is increasing extensively. As indoor farming requires grow lights to stimulate the pace of crop production, the demand for grow light would ultimately increase. Moreover, growing demand for food supply would increase indoor production activities. The authorities of various countries are propelling the use of LED lights to simulate operations. Thus, it would further influence the growth of the global grow light market.
A rapidly growing population is another factor fueling the growth of the global grow light market. Owing to the growing population, the demand for food production is also increasing. Moreover, growing industrialization is declining the number of farmlands. Thus, to cater to the food demands of the population, indoor farming activities forecasts to increase in the coming years.
According to the estimations by United Nations' Food and Agriculture Organization, the production of food must rise by 70% to fulfill the requirements of the global population. Thus, such necessities are likely to amplify the use of grow lights during the forecast period.
On the contrary, several stringent standards to enhance the quality of the crop grown by grow lights are expected to slow down the growth of the global grow light market during the analysis period.
Geographic Analysis
Regionally, Europe held dominance in the global grow light market by registering the highest revenue. The region is expected to witness growth in crop production which would stimulate the demand for Incandescent bulbs, Fluorescent lights, High-Intensity Discharge solutions, and other grow lights. Incandescent bulbs, Fluorescent lights, High-Intensity Discharge solutions, and LEDs have contributed significantly to the regional market growth.
Apart from that, growing awareness pertaining to the alternative farming methods and ever-expanding regional population forecast to fuel the growth of the global grow light market in this region. In addition, the Asia-Pacific region is expected to increase its contribution in the global grow light market. It is due to the fact that various developing nations and their governments have been emphasizing stimulating crop production using LED lights. Moreover, these lights have proven to be a beneficial way to reduce the emission of harmful greenhouse gases. Thus, such profitable factors are anticipated to boost the growth of the global grow light market.
COVID-19 Impact Analysis
The COVID-19 sudden impact forced many industries to stop their operations. As a result, it affected the revenue generation of various businesses. Moreover, the sudden fall in export and import activities, together with declining domestic demand for grow lights, negatively impacted the overall market.
Competitors in the Market
Market Segmentation
By Offering
By Lighting Type
By Installation Type
By Watt
By Application
By Cultivated Plant
By Region
