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Rapid Industrialization to Boost Grow Light market Growth by 2022-2032

Rapid Industrialization to Boost Grow Light market Growth by 2022-2032

The global Grow light market is estimated to grow at an impressive CAGR of 8.2%. It is poised to reach a valuation of nearly US$ 11.4 Bn by 2032 from US$ 5.2 Bn in 2022.

Due to the limitations in transporting fresh vegetables from the far-off farms in the Mega tier cities, there is an increasing demand for kitchen vegetables grown in indoor farming systems. As per the market analysis report, this segment is the top application for the grow light market that is estimated to grow by a robust CAGR of 8.3% during the forecast years.

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Among the other major applications, greenhouse and vertical farming are the most important segments driving the global grow light market in recent years.

Competitive Outlook

Besides developing new efficient devices and methods for the growth major players dealing in indoor plant lights also stretched their position by mergers and Acquisitions. For instance, the leading company of Germany Fluence Bioengineering Inc. partnered with The Lamphouse in September 2020. And in March 2020, Signify acquired the stakes of Cooper lighting Solutions of US.

Large market players in emerging economies are trying to acquire the contracts to supply grow light bulbs and services year round for supplying it to the plant growers supported by the government funding. This strategy is a major path breaker from the retail market to generate higher profits from the sale of grow lights for plants market.

  • Fluence Bioengineering Inc. By OSRAM launched a new model for its VYPR top light series in June 2020. These new products have now included 4 more spectra in the series resulting in an increased efficiency of 3.8 micro mol per joule and enabling growers to optimize the plant light according to requirement and geographical location.
  • Valoya expanded its RX-series of grow lights for indoor plants by adding two new models in September 2020. These new models by the name of RX500 and RX600 can produce a uniform light of up to 1700 micro mol per second that can replace 1-to-1 HPS.
  • Heliospectra AB launched new LED lighting solutions along with its Mitra Series at GreenTech in May 2019. It also showcased its vertical farming application based led light solutions by the name of SIERA light bar and HelioCORE light control systems.

Key Segments

·        By Component :

  • Hardware Based
  • IP Desktop Phones
  • Audio Conference Phones
  • DECT phones
  • Softphones
  • Services
  • Maintenance
  • Installation
  • Consultant
  • Others

·        By Technology :

  • LED
  • Fluorescent
  • High Intensity Discharge (HID)
  • Others

·        By Application :

  • Indoor Farming
  • Vertical Farming
  • Greenhouse
  • Research
  • Turf
  • Others

·        By End Use :

  • BFSI
  • Healthcare
  • Retail
  • Government Organizations
  • Others

·        By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa (MEA)

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