Grow Light Market size to grow by USD 7,472.08 million from 2022 to 2027

The grow light market is set to grow by USD 7,472.08 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 15.76% during the forecast period.

Urban agriculture, such as vertical farming in countries such as the US, Canada, and the Netherlands, is in high demand, which drives market growth. To reduce the dependency on natural light sources, grow light solutions are being increasingly adopted in urban agriculture projects. Additionally, as a result of the rapid advancement in LED growth lights, farmers can replicate natural light wavelengths and color components to ensure fertile plant development. Hence, such factors boost the market growth during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and the forecast period (2023-2027). Download Sample Report in minutes!

The application of grow lights in plant disease detection and monitoring is an emerging trend shaping the market. Vendors increasingly focus on investments in R&D and technology to expand the applications and functionalities of grow lighting solutions to various aspects of plant growth. For instance, in July 2019, LumiGrow announced the launch of a product line of early disease detection sensors and services. Optimization of disease management processes, reduction of losses in terms of yield, and monitoring of treatment effectiveness related to plants are some of the key features of LumiGrow. Hence, such trends are expected to drive the global glow light market growth during the forecast period.

High ownership costs for grow lights are challenging the grow light market growth. The upfront cost associated with the setup and installation of grow light solutions for horticultural applications is considerably high compared to traditional incandescent bulbs. The type of glow lights changes the variability of the challenges. For instance, End-users' installation of HPS grow lights may incur additional costs to the end-user due to the requirement of additional grow fans and blowers to manage the heat. Hence, such challenges are expected to hinder the global glow light market growth during the forecast period.