Grow Lights Market Will Generate $13,183 Million Revenue by 2030

The grow lights market is predicted to grow at a 28% CAGR to reach $13,183 million by 2030.

Based on installation type, the retrofit category holds the bigger share, and it is predicted to sustain its position in the years to come. This is because of the escalating count of farmers adopting advanced cultivation techniques and the declining prices of these luminaires.

The category of LEDs is predicted to dominate the market in the coming years owing to the surging demand of customers for energy-efficient and affordable grow lights and mounting count of programs of governments to encourage the adoption of these products.

Vertical farming is expected to witness a 29.8% compound annual growth rate, due to the skyrocketing demand for herbs and food and growing numbers of vertical farms, mostly in advanced economies, owing to the absence of fields required for the traditional ways of agriculture.

The largest revenue share is held by the commercial greenhouses category, which will lead the sector during the forecast period. This is owing to the reducing accessibility of land for agriculture, commercialization of greenhouses, mounting acceptance of organic farming methods, and growing demand for energy efficiency in agriculture.