The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising popularity of indoor farming practises is likely to spur innovation in grow light manufacture, propelling the market throughout the forecast period.

The global grow light market is expected to grow from $3.08 billion in 2022 to $3.63 billion in 2023 at a compound annual growth rate (CAGR) of 17.8%. The global grow light market size is expected to grow to $6.81 billion in 2027 at a CAGR of 17.0%.

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Global Grow Light Market Segments Include:

• By Type: Light Emitting Diode (LED), High Intensity Discharge (HID), Plasma, Fluorescent
• By Spectrum: Full-Spectrum, Partial Spectrum
• By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the global grow light market in 2021.

Major Market Players in the grow light market include AeroFarms, Everlight Electronics Co. Ltd., Gavita International b.v., Heliospectra AB, Hortilux Schréder b.v., Illumitex Inc., Lumigrow Inc., Osram Licht AG, Signify N.V.

Product innovation is an important trend that is gaining traction in the grow light market. Major players in the grow light market are working on developing revolutionary grow lights that are more energy efficient and offer greater spectrum and applications. Growealth, a US-based manufacturer of grow lights, for example, developed a new line of led grow lights for optimal plant development in September 2021. These revolutionary surface-mounted diodes provide the highest Par/Lumen output. Because there is no fan noise, it is ideal for silent operation indoors, and the aluminium board it is composed of makes it sturdy and long-lasting. It also boasts a sophisticated input voltage adjustment that goes from 110V to 277V, making it compatible with a variety of power cords and adapters. It also includes a sophisticated input voltage adjustment that goes from 110V to 277V, making it compatible with a wide range of power cords and connectors from different countries.

The Grow Light Global Market Report 2023  provides a grow light market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The grow light market forecast analyzes grow light market size, grow light market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Develop lights are artificial lights that are supposed to replace natural sunshine by encouraging indoor plant photosynthesis and providing the proper colour spectrum for the plant to develop and flourish.

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