Grow Lights Market Trends

Growth Drivers

Declining Stocks of Arable Land Per Person– The global per capita agricultural land was 0.6 hectares per capita in the year 2019, accounted for a 30 percent decrement since 1990. The arable land in the major agriculture countries is declining owing to rising industrialization, and urbanization. In addition, the population in the world is increasing, which is leading to a declining stocks of arable land per person. Therefore, it is anticipated to surge the growth of the global grow lights market.
Increasing Government Initiatives to Innovate Advanced Lighting Technology – Intelligent Lighting control science technology has been awarded nearly USD 625,387 by Innovate UK in funding to develop its intelligent LED grow lighting cloche solution that supports the indoor farming proposition. There has been rising supports for the different companies and organizations developing advanced technologies for indoor and vertical farming.
Growing Urbanization Along with Increasing Population- It is expected that more than 65 percent of the total population will live in urban areas by the end of 2050 across the globe. There has been an increasing urban population owing to the fact that the urban cultivation is rising, and it is projected to drive the growth of the market in the future

Challenges

High Installation Cost of LED Grow Lights – The initial setup cost for the LED grow lights is more expensive than the traditional lighting technologies such as HID lamps. Moreover, a single LED grow lights consists of arrays of LEDs that are designed for a particular application. Moreover, these LEDs are available at different prices in the market, that is anticipated to hamper the growth of the market over the forecast period.
Lack of Financial Resources for Farming
Concerns Related to the Standardization of the LED Grow Lights Parts

Grow Lights Market: Key Insights

Base Year	2024
Forecast Year	2025-2037
CAGR	21.4%
Base Year Market Size (2024)	USD 2.87 billion
Forecast Year Market Size (2037)	USD 34.85 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of grow lights is assessed at USD 3.37 billion.

The grow lights market size was over USD 2.87 billion in 2024 and is poised to reach USD 34.85 billion by the end of 2037, growing at around 21.4% CAGR during the forecast period i.e., between 2025-2037. The market growth is driven by increasing demand for energy-efficient lighting solutions, the rising demand for horticultural lighting, and the growing awareness about the ecological benefits of using LED grow lights.

European industry is predicted to be the largest with a share of 28% by 2037, led by increasing awareness of alternative farming owing to non-availability of enough fertile agricultural land in the region.

The major players in the market include Gavita International B.V., Smart Global Holdings, Inc., EVERLIGHT ELECTRONICS CO., LTD, Savant Systems, Inc, Bridgelux, Inc., OSRAM GmbH, Heliospectra AB, Black Dog LED, WOLFSPEED, INC., Samsung Electronics.

Grow Lights Market Trends