The use of LEDs for grow lights reduces the cost of maintenance. Unlike traditional grow lights, LEDs use low power and emit low heat radiations, and therefore, they can be used in indoor environments. The average LED grow light will draw 32 watts to cover a square foot. This is the same amount of energy used by a typical High Pressure Sodium (HPS) bulb. However, LEDs don't emit the heat that HIDs do. They can be up to 30 times more efficient. Some grow lights offer on-board scheduling, which allows user to program schedules for their lights. This is a great feature as it eliminates the need for an external timer.

Moreover, a number of new innovative products are making their way into the market. These include the dimming controller, which allows growers to customize wavelengths that are transmitted to plants.

Market Dynamics:

The increase in urban agriculture is expected to have a positive impact on the global grow lights market. Furthermore, increasing investment in the agricultural sector, especially in vertical farming, is anticipated to have a beneficial impact on the grow light industry. The rise in consumer interest in LED technology has been a key factor in driving the development of the global grow lights market.

However, high initial investment and lack of standardization is expected to hamper the growth of the market. Increasing awareness of alternative farming practices will be another factor boosting the growth of the industry.

Key features of the study:

• This report provides in-depth analysis of the global grow lights market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022-2030), considering 2021 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global grow lights market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Epistar Corporation, Signify, Hydro Grow, Savant Systems Inc., Iwasaki Electric Co. Ltd., Heliospectra AB, Everlight Electronics Co. Ltd., OSRAM Licht AG, LumiGrow Inc., and Illumitex Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global grow lights market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global grow lights market

Detailed Segmentation:

• Global Grow Lights Market, By Light Source:
  • High-intensity Discharge (HID) Lights
  • Light Emitting Diodes
  • Fluorescent Lights
  • Other Light Sources
• Global Grow Lights Market, By Installation Type:
  • New Installations
  • Retrofit Installations
• Global Grow Lights Market, By Application:
  • Indoor Farming
  • Vertical Farming
  • Commercial Greenhouse
  • Other Applications
• Global Grow Lights Market, By Geography:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Epistar Corporation,
  • Signify, Hydro Grow
  • Savant Systems Inc., Iwasaki Electric Co. Ltd.
  • Heliospectra AB
  • Everlight Electronics Co. Ltd.
  • OSRAM Licht AG
  • LumiGrow Inc.
  • Illumitex Inc.
  • Others