Grow Lights Market worth $6.4 billion by 2029

The grow lights market is expected to reach USD 6.4 billion by 2029 from USD 2.0 billion in 2024, at a CAGR of 26.5% during the 2024-2029 period according to a new report by MarketsandMarkets™. Various companies are investing in grow lights which gives an opportunity for growth in the grow lights market. The grow lights market is continuously developing, with the presence of multiple players. Currently Europe is contributing significantly to the growth of the grow lights market. Similarly, the Asia Pacific, North America and RoW regions are expected to be the growing market for the forecasted period.

The hardware segment currently leads the grow lights market and is expected to have the largest market share in the forecast period.

Grow lights serve as supplemental lighting for indoor cultivation of fruits, vegetables, and flowers. The adjustment of bulb types, electrical power, and the distance between the lamp and the plant varies accordingly. The grow light system comprises hardware components such as bulbs, fixtures, metal reflectors, reflective films, and ballasts.

Reflectors play a pivotal role in distributing adequate light to all plants, optimizing light efficiency in indoor horticulture. They help maintain optimal light levels and prevent excessive heat or cold. Available in various types, shapes, and sizes, reflectors are mounted on lamps to reduce energy requirements. Reflective films, lining walls, floors, and ceilings in farms, enhance reflectivity and prevent energy wastage.

Ballasts are electronic devices essential for powering high intensity grow lights. Their primary functions include lamp initiation and operation control. Ballasts convert electricity into precise currents required for lamp operation, ensuring constant light output, and preventing overheating or lamp burnouts. They maintain optimal light temperatures for indoor farming.

Bulbs and fixtures are vital hardware components responsible for energy conservation. Most edible plants require a minimum of 30 watts per square foot, while fruiting species like tomatoes may need 40 to 50 watts per square foot. Due to their superior energy efficiency, full-spectrum LED bulbs and fixtures are increasingly favored by growers.

In June 2023, ams-OSRAM AG introduced the fifth generation of its OSLON Square Hyper Red horticulture LED, aimed at accelerating plant growth and facilitating optimized system costs. This iteration reflects the company's commitment to innovation driven by customer feedback, offering LED solutions with increased photosynthetic photon flux (PPF) and higher efficacy compared to the previous Hyper Red 660?nm LEDs. The new OSLON Square Hyper Red LED is suitable for various horticultural lighting applications, including greenhouse top lighting and interlighting, sole source lighting, and vertical farming.

In March 2022, MegaDrive Vertical Series from California LightWorks, was designed for indoor cultivation across multiple levels. This series combines the MegaDrive central power supply with vertical LED fixtures, offering a cost-effective solution for multi-level shelves and low ceiling grow rooms. By eliminating the need for drivers and reducing power drops, it optimizes control and minimizes installation costs.