Grow Lights Market Will Generate $13,183 Million Revenue by 2030, Says P&S Intelligence
NEW YORK, Dec. 15, 2022 /PRNewswire/ — The grow lights market is predicted to grow at a 28% CAGR to reach $13,183 million by 2030.
As per P&S Intelligence, this growth is ascribed to the rising disposable income, surging demand for food due to the snowballing population, and increasing adoption of advanced farming activities.
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Retrofitted Lights Are Larger Revenue Contributor
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.
Product Demand for Vertical Farming Booming
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.
Europe Contributes Majority of Revenue
Europe accounts for an almost 33% revenue share, and it is predicted to sustain its dominance in this decade. This is credited to the large consumer base and fast adoption of LED lights to cultivate plants inside commercial greenhouses.
- Germany leads the European market owing to the existence of various industry players, surging usage of new technologies, and increasing consumer preference for organic products.
Browse detailed report on Grow Lights Market Share, Growth and Demand Forecast to 2030
Furthermore, APAC is predicted to grow at the highest pace in the future. This is ascribed to the rising rate of urbanization, mushrooming demand for food, ballooning population, increasing acceptance of new technologies in agriculture, and snowballing effort on urban farming.
- In the regional market, developing nations, including India, South Korea, and China, are the biggest end users. This is owing to the fast acceptance of advanced methods in agriculture, which generates a high requirement for horticulture lights.
Global Grow Lights Market Report Coverage
- Full Spectrum
- Partial Spectrum
By Installation Type
- Commercial Greenhouse
- Vertical Farming
- Indoor Farming
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence