GROW LIGHTS MARKET ANALYSIS

Grow Lights MarketSize and Trends

The global grow lights market size was valued at US$ 3,119.9 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 21.0% from 2022 to 2030. With the rise in demand for energy efficient lights, the grow light market is expected to witness a robust growth. The global LED grow lights market is expected to see lucrative growth over the next few years. This is due to the fact that LEDs can reduce power consumption, thus reducing the cost associated with lighting. Rising urban cultivation will also boost the market in the coming years.

Figure.1: Global Grow Lights Market Share (%), By Region,2021

Global Grow Lights Market Segmentation:

The global grow lights market report is segmented into Light Source, Installation Type, and Application

Global Grow Lights Market Trends:

Growing energy demand for powering farming facilities is a recent trend

The demand for energy for powering agricultural facilities is significantly high compared to any other methods of food production. It is likely to increase the consumption of energy significantly all over the world in the coming years. In such scenarios, the adoption of microgrids as a possible solutions is increasing in modern day agricultural activities to overcome this challenge. This in turn is expected to create demand for grow lights, due to their various benefits, mainly of reduced power consumption. This trend is anticipated to continue in the global grow lights market during the forecast period.

Cannabis legalization across various regions is a growing trend

Due to growing legalization across different countries, the cannabis cultivation has increased significantly, which is creating need for greenhouses and vertical farming. This further is driving the demand for LED-based grow lights, as growing cannabis under sunless medium requires considering different factors. For instance, the product can be damaged due to the heat emitted from HPS lights. Thus, LEDs that can function at lower temperatures are used for overcoming this excessive heat issue. Thus, these factors are expected to fuel growth of the global grow lights market in the near future.