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Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Publisher IMARC Services Pvt. Ltd.
Published Jun 14, 2023
Length 142 Pages
SKU # IMRC18014823

Description

Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028


Market Overview:

The global grow light market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.28% during 2023-2028.

A grow light, or plant light, is an artificial source of light that emits light in the electromagnetic spectrum to promote photosynthesis and accelerate growth in plants. It is commonly available in fluorescent, high-intensity discharge (HID), light-emitting diodes (LED) and incandescent variants. They are primarily used for supplementing sunlight, color and temperature to the crops and can be customized according to a specific goal, such as flowering inhibition, anthocyanin accumulation and enhanced rooting. Owing to this, they find extensive applications in vertical farming, indoor farming, commercial greenhouses, landscaping, and for other purposes.

Significant growth in the agricultural sector is one of the key factors driving the growth of the market. Furthermore, widespread adoption of vertical and indoor farming practices is also providing a boost to the market growth. The hydroponic farming systems use multiple grow lights to maintain an adequate amount of sunlight and protecting the plants from damage caused by insects and pests. Additionally, the rising demand for food as a result of the increasing population, coupled with the limited availability of cultivable land, is also impacting the product demand positively. Grow lights aid in maintaining the optimal yield and plant quality, thereby meeting the steadily rising food demand across the globe. Apart from this, various technological advancements, including the development of smart grow lights integrated with the Internet of Things (IoT), are acting as another growth-inducing factor. Other factors, including various innovations in the field of agricultural sciences and the implementation of favorable government policies, are projected to drive the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global grow light market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on technology, installation type, spectrum and application.

Breakup by Technology:

HID
LED
Fluorescent
Others

Breakup by Installation Type:

New Installations
Retrofit Installations

Breakup by Spectrum:

Full-Spectrum
Partial Spectrum

Breakup by Application:

Indoor Farming
Vertical Farming
Commercial Greenhouse
Turf and Landscaping
Others

Breakup by Region:

North America

United States
Canada


Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Argentina
Colombia
Chile
Peru
Others


Middle East and Africa

Turkey
Saudi Arabia
Iran
United Arab Emirates
Others

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Epistar, Everlight Electronics, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Osram Licht AG, Shenzhen Juson Technology Co. Ltd., etc.

Key Questions Answered in This Report:

What was the size of the global grow light market in 2022?
What is the expected growth rate of the global grow light market during 2023-2028?
What are the key factors driving the global grow light market?
What has been the impact of COVID-19 on the global grow light market?
What is the breakup of the global grow light market based on the technology?
What is the breakup of the global grow light market based on the installation type?
What is the breakup of the global grow light market based on the spectrum?
What is the breakup of the global grow light market based on the application?
What are the key regions in the global grow light market?
Who are the key players/companies in the global grow light market?

Table of Contents

142 Pages
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Grow Light Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Technology
6.1 HID
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 LED
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Fluorescent
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Installation Type
7.1 New Installations
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Retrofit Installations
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Spectrum
8.1 Full-Spectrum
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Partial Spectrum
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Application
9.1 Indoor Farming
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Vertical Farming
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Commercial Greenhouse
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Turf and Landscaping
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast
10  Market Breakup by Region
10.1 North America
10.1.1 United States
 10.1.1.1 Market Trends
 10.1.1.2 Market Forecast
10.1.2 Canada
 10.1.2.1 Market Trends
 10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
 10.2.1.1 Market Trends
 10.2.1.2 Market Forecast
10.2.2 Japan
 10.2.2.1 Market Trends
 10.2.2.2 Market Forecast
10.2.3 India
 10.2.3.1 Market Trends
 10.2.3.2 Market Forecast
10.2.4 South Korea
 10.2.4.1 Market Trends
 10.2.4.2 Market Forecast
10.2.5 Australia
 10.2.5.1 Market Trends
 10.2.5.2 Market Forecast
10.2.6 Indonesia
 10.2.6.1 Market Trends
 10.2.6.2 Market Forecast
10.2.7 Others
 10.2.7.1 Market Trends
 10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
 10.3.1.1 Market Trends
 10.3.1.2 Market Forecast
10.3.2 France
 10.3.2.1 Market Trends
 10.3.2.2 Market Forecast
10.3.3 United Kingdom
 10.3.3.1 Market Trends
 10.3.3.2 Market Forecast
10.3.4 Italy
 10.3.4.1 Market Trends
 10.3.4.2 Market Forecast
10.3.5 Spain
 10.3.5.1 Market Trends
 10.3.5.2 Market Forecast
10.3.6 Russia
 10.3.6.1 Market Trends
 10.3.6.2 Market Forecast
10.3.7 Others
 10.3.7.1 Market Trends
 10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
 10.4.1.1 Market Trends
 10.4.1.2 Market Forecast
10.4.2 Mexico
 10.4.2.1 Market Trends
 10.4.2.2 Market Forecast
10.4.3 Argentina
 10.4.3.1 Market Trends
 10.4.3.2 Market Forecast
10.4.4 Colombia
 10.4.4.1 Market Trends
 10.4.4.2 Market Forecast
10.4.5 Chile
 10.4.5.1 Market Trends
 10.4.5.2 Market Forecast
10.4.6 Peru
 10.4.6.1 Market Trends
 10.4.6.2 Market Forecast
10.4.7 Others
 10.4.7.1 Market Trends
 10.4.7.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Turkey
 10.5.1.1 Market Trends
 10.5.1.2 Market Forecast
10.5.2 Saudi Arabia
 10.5.2.1 Market Trends
 10.5.2.2 Market Forecast
10.5.3 Iran
 10.5.3.1 Market Trends
 10.5.3.2 Market Forecast
10.5.4 United Arab Emirates
 10.5.4.1 Market Trends
 10.5.4.2 Market Forecast
10.5.5 Others
 10.5.5.1 Market Trends
 10.5.5.2 Market Forecast
11  SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12  Value Chain Analysis
12.1 Overview
12.2 Research and Development
12.3 Raw Material Procurement
12.4 Manufacturing
12.5 Marketing
12.6 Distribution
12.7 End-Use
13  Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14  Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Epistar
 14.3.1.1 Company Overview
 14.3.1.2 Product Portfolio
 14.3.1.3 Financials
14.3.2 Everlight Electronics
 14.3.2.1 Company Overview
 14.3.2.2 Product Portfolio 
14.3.3 Gavita International B.V.
 14.3.3.1 Company Overview
 14.3.3.2 Product Portfolio 
14.3.4 General Electric Company
 14.3.4.1 Company Overview
 14.3.4.2 Product Portfolio
 14.3.4.3 Financials
 14.3.4.4 SWOT Analysis
14.3.5 Heliospectra AB
 14.3.5.1 Company Overview
 14.3.5.2 Product Portfolio
 14.3.5.3 Financials
14.3.6 Illumitex Inc.
 14.3.6.1 Company Overview
 14.3.6.2 Product Portfolio 
14.3.7 Koninklijke Philips N.V.
 14.3.7.1 Company Overview
 14.3.7.2 Product Portfolio 
14.3.8 LumiGrow
 14.3.8.1 Company Overview
 14.3.8.2 Product Portfolio 
14.3.9 Osram Licht AG
 14.3.9.1 Company Overview
 14.3.9.2 Product Portfolio 
14.3.10 Shenzhen Juson Technology Co. Ltd.
 14.3.10.1 Company Overview
 14.3.10.2 Product Portfolio 

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