Grow Light Market to Surpass US$ 11.4 Bn Amid Burgeoning Demand for HID Lights

The global grow light market is poised to expand at over 8.2% CAGR between 2022 and 2032, finds Fact.MR. Growth is primarily attributed to rising application of LED grow lights for indoor farming.

Overall sales in the market are projected to reach a valuation of US$ 5.2 Bn in 2022, with the market size increasing two-fold by the end of 2032. Grow lights are extensively used for indoor plants, especially in greenhouse chambers, for food production.

With growing population across the globe, need for crops and food has burgeoned. On account of this, need for artificial environment for crops and horticulture plants is increasing. Building this kind of environment for crop production requires provision LED grow lights as an alternative to the natural light.

This is expected to drive the sales of grow lights over the forecast period of 2022 to 2032. Fact.MR opines, backed by these aforementioned factors, the demand for grow lights is expected to surpass US$ 11.4 Bn by 2032.

Additionally, surging trend of precision farming, especially in emerging economies such as India and China, is aiding the growth in the market. Government in these countries are emphasizing on developing sustainable agricultural management through controlled farming.

Subsequently, to conserve soil, water, and light for the growth and production of food crops in unsuitable areas will propel the sales of grow lights. Hence, key players are adopting new technologies to develop efficient products to cater to the rising demand.