Global grow lights market is expected to reach market size of $5,954.1 million by 2023 and is forecasted to register 12.5% CAGR during the forecast period. The market is expected to witness high growth with increasing indoor farming practices and growing demand for grow lights growth chambers due to surging population.
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The need of economical grow light technology in cities, increasing government support for the adoption of LED lights, rising disposable income among consumers in developing countries, and surge in per capita global GDP over the years, are expected to boost the growth of grow lights market during the forecast perid.
Based on our analysis, LED based grow lights have been the largest as well as the fastest growing market. Being an efficient technology, the demand of such modern solutions is further projected to increase during the forecast period. Full spectrum based grow lights has been growing at higher pace, as compared to the partial spectrum.
Increasing demand for indoor and vertical farming techniques that use grow lights to pace up crop production, is driving the demand of grow lights. The growing need for consistent supply of food among consumers coupled with the growing awareness of the benefits of using LED grow lights, is resulting in the growth of indoor and vertical farms, globally. In addition, the growing per capita spending and rising disposable income of the population are some other factors driving the adoption of both the farming techniques.
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Koninklijke Philips N.V., and General Electric are the top two companies operating in the grow lights market. There exists a stiff competition among other key players like Osram Licht AG, Dool Industries, Heliospectra AB and Illumitex Inc.
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