According to a new report published by Allied Market Research, titled, "Grow Lights Market," The grow lights market size was valued at $2.4 billion in 2021, and is estimated to reach $27.3 billion by 2031, growing at a CAGR of 27.5% from 2022 to 2031.

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Grow lights are energy-efficient that are used in indoor farming and commercial greenhouse growers. They offer extensive customization and control to account for transition from solar radiation to artificial light in the growth process of plants. Many growers gain benefits of LED lights to help scale plant production due to their full light spectrum capabilities, low heat wastage & maintenance, and extended lifespan. Moreover, grow light fixture offer high quality spectral accuracy and optimized beam spreads that are advantageous for growers.

Some of the major drivers of the grow light industry are benefits offered by grow light such as high controllability for the intensity of light & higher efficiency in terms of its ability to convert power (Watts) into photosynthetic active radiation (PAR) that can be used by crops. However, high initial investments and lack of standardization act as major barriers for the grow lights industry growth. Conversely, plantation for medicinal plants is expected to create lucrative opportunities for the grow lights market growth during the forecast period.

The global grow lights market size is analyzed into offering, technology, spectrum, installation type, application, and region. Depending on offering, the market is fragmented into hardware, software, and services. The hardware segment dominated the market, in terms of revenue in 2021, and is expected to follow the same trend during the forecast period. On the basis of technology, the market is segregated into high-intensity discharge (HID), light-emitting diode (LED), fluorescent, and others. The LED segment registered the highest growth, in terms of revenue in 2021, and is anticipated to witness significant growth during the forecast period.

On the basis of technology, the light emitting diode (LED) segment is projected to showcase the highest CAGR of 29.8% during the forecast period. Furthermore, the segment held the lion's share in 2021, accounting for more than two-fifths of the market.

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By spectrum, the market is divided into narrow and broad. The narrow segment led the market, in terms of revenue in 2021, and is anticipated to garner significant market share during the forecast period. As per installation type, it is divided into new installation and retrofit. Both new installation and retrofit segments are further bifurcated into remote and touch. The market share for the new installation segment was highest in 2021 and is expected to grow at a high CAGR from 2022 to 2031. According to application, the market is differentiated into indoor farming, commercial greenhouse, vertical farming, turf & landscaping, research, and others. The market share for the commercial greenhouse segment was highest in 2021, however, the others segment is expected to grow at a high CAGR from 2022 to 2031.

The grow lights market trends has been significantly impacted by the COVID-19 outbreak. Production facilities of electronics and semiconductors have been halted, owing to slowdown and unavailability of workforce across the globe. However, companies such as BIOS Lighting and Kroptek are looking forward to producing a single grow light, which contains multiple options such as Internet of Things (IoT), dimmable LEDs, and adjusting height of fixtures. Moreover, key players in the global grow light market are shifting toward agile supply chain network model that has multiple pathways to prevent single points of failure. It can help them balance costs with better assurance for business continuity and sustainability.

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Region wise, Europe holds a significant share in the grow lights market analysis, owing to rapid increase in urban agriculture, such as vertical farming, green houses, and growth chambers. However, Asia-Pacific is expected to exhibit the highest CAGR of 29.4% during the forecast period. The key players profiled in the report include BIOS Lighting, Fluence (Osram), GE Current, Heliospectra AB, HORTILUX SCHRÉDER, Kroptek, SANlight GmbH, Signify N.V., Valoya, and Vertically Urban. Market players have adopted various strategies such as product launch, collaboration & partnership, innovation, projects, joint venture, and acquisition to expand their foothold in the grow light market.

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