The global greenhouse-growth light market size is expected to reach USD 3.264 billion in 2024 and reach USD 5.727 billion by 2029, growing at a CAGR of 11.9% from 2024 to 2029.
Grow lights, particularly LEDs, are used in a huge range of farming-related applications owing to the advantages they offer, such as high low power consumption, reliability, and spectral intensity. A greenhouse is a house made of glass. It has glass walls and a glass roof. People grow tomatoes and flowers and other plants in them. A greenhouse stays warm inside, even during winter. Sunlight shines in and warms the plants and air inside.
The growth of the greenhouse grow light market is majorly driven by the rise in the adoption of greenhouses, owing to rapid innovation in technology and rising disposable incomes of people willing to invest in farming. Technological innovations have further helped in lowering the costs of necessary Grow Light which aids in increasing the feasibility of owning a greenhouse. The adoption of greenhouse adoption technologies and encouragement from governments also act as drivers of market growth.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
11.9% |
Segments Covered |
By Spectrum, Installation, Technology, Application, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V, Lumigrow Inc., Heliospectra Ab., Iwasaki Electric Co., Ltd., Illumitex Inc. |
In 2015, Europe led the global greenhouse grow light market in terms of market share., owing to the beginning of greenhouse culture in Europe because of favorable climate conditions. The market for these Greenhouse Grow Lights in the Asia-Pacific area is amplifying because of more supportive government policies and increasing demand for greenhouses. The Asia-Pacific and other rising nations are foreseen to develop at a quick pace in the Greenhouse Grow Light market in the following years when compared with the seasoned markets of developed regions.
The major players operating in the Global Greenhouse Grow Light industry include Royal Philips, General Electric Company, Osram Licht AG, Gavita Holland B.V, Lumigrow Inc., Heliospectra Ab., Iwasaki Electric Co., Ltd., Illumitex Inc., Hortilux Schreder B.V., and Sunlight Supply Inc.
By Spectrum
By Installation
By Technology
By Application
By Region
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