As per a report by P&S Intelligence, the grow lights market will advance at 28% CAGR, to generate a value of USD 13,183 million, by 2030. The growth in the industry is ascribed to the growing requirement for food as a result of the rising disposable income, increasing population, rapid urbanization, advancement of technologies in the agriculture sector, and the increasing preference for enhanced and new practices of farming.
The LED category is expected to dominate the grow lights market in the years to come. This is attributed to the increasing government programs to encourage the adoption of LED lights and drivers and the increasing demand for energy-efficient and affordable grow lights by consumers.
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In the past few years, the retrofit category generated a larger revenue share in the industry, and it will remain larger in the years to come. This is because of the rising adoption of such lights in farming facilities due to their decreasing costs and the increasing number of new advanced farming facilities all over the world.
A key factor driving the industry is the necessity of more cost-effective grow light technologies in the cities. The expenditure on food production is high, and as a result, the requirement for economical food production is growing rapidly in urban areas.
Vertical farming is expected to observe the fastest growth in the years to come, growing at a rate of approximately 29.8%. This is attributed to the mounting requirement for herbs & food and the increasing number of such farms, mainly in developed countries, owing to the lack of space required to establish conventional farms.
In 2021, Europe generated the largest revenue share in the grow light industry, at approximately 33%, and it will remain the largest in the years to come. This is ascribed to the large consumer base and the substantial adoption of LED lights to grow plants inside commercial greenhouses in the region.
APAC is expected to observe the fastest growth in the years to come. This is attributed to the increasing food requirement, the growing rate of urbanization, the surging population, the strengthening focus on urban farming, and the mounting implementation of new agricultural technologies.
Developing nations, for example, India, South Korea, and China are the main buyers in the APAC grow light industry. This is credited to the rapid implementation of enhanced agricultural approaches, for instance, indoor horticulture, which resulted in a high horticulture light requirement in emerging nations.
It is because of the increasing food requirement due to the mounting population and the rising preference for new and enhance farming practices, the global glow light industry will grow significantly in the years to come.
Pramod has around 7 years of experience in market research and consulting services for healthcare industry.
