Grow Light Market to Grow by USD 1.81 Bn, Growing Popularity Of Urban Agriculture to Boost Market Growth - Technavio

NEW YORK, Nov. 7, 2022 /PRNewswire/ -- The "Grow Light Market by Product (HID, LED lights, fluorescent lights, and others) and Geography (Europe, North America, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the grow light market between 2021 and 2026 is USD 1.81 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Request a FREE PDF Sample Report.

Key Market Dynamics:

• Market Driver: The growing popularity of urban agriculture is a key factor driving the global grow light market growth. The growing adoption of urban agriculture, such as vertical farming in countries such as the US, Canada, and the Netherlands, is expected to boost the demand for grow light solutions during the forecast period. Furthermore, the use of grow lights can ensure higher yield and faster as well as healthier growth of plants than conventional agriculture practices. This is mainly because of uninterrupted light supply, including during rainy seasons and nighttime. The growing scarcity of space for cultivation worldwide and increased media coverage about urban farming projects and initiatives are expected to encourage the adoption of indoor farming and agriculture practices worldwide in the coming years. These factors are expected to subsequently drive the global grow light market during the forecast period.
• Market Challenges: The high ownership costs for grow lights are the major challenge to the global grow light market growth. The initial cost associated with the setup and installation of grow light solutions in horticultural applications is considerably higher than that incurred on traditional incandescent bulbs. Different grow lights pose distinct challenges in terms of ownership cost. Furthermore, the installation of fluorescent grow light solutions requires accessories such as ballasts and special stands, as these lights cannot be installed in conventional sockets. Overall, the high initial installation and setup costs of grow light solutions are expected to hamper the growth of the global grow light market during the forecast period.

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Vendor Landscape

The global grow lights market is fragmented with the presence of a significant number of vendors. Market vendors are competing to increase their footprint in the global grow lights market. Market competition is expected to intensify during the forecast period due to technological innovations and the expansion of vendors' operations to different regions. Vendors are competing based on various features of grow lights, such as light spectrum, frequency, power consumption, and others. Established vendors are investing in designing, marketing, and promoting existing grow light products to maintain their position in the market. 

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Market Segmentation

The grow light market report is segmented by product (HID, LED lights, fluorescent lights, and others) and geography (Europe, North America, APAC, Middle East and Africa, and South America). Europe will be the leading region with 31% of the market's growth during the forecast period. Germany is the key market for grow light in Europe.

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Some Companies Mentioned

• AeroFarms LLC
• Agnetix
• Black Dog Grow Technologies Inc
• EconoLux Industries Ltd.
• Everlight Electronics Co. Ltd.
• General Electric Co.
• Heliospectra AB
• Hubbell Inc.
• Hydrofarm LLC
• Lemnis Oreon BV
• LumiGrow Inc
• OSRAM GmbH
• Samsung Electronics Co. Ltd.
• Sanan Optoelectronics Co. Ltd.
• Schreder SA
• Signify NV
• The Scotts Miracle Gro Co.
• Thrive Agritech
• ViparSpectra

Related Reports:

LED Lighting Market in South Korea by Application, Product, and Geography – Forecast and Analysis 2022-2026: The LED lighting market in South Korea will be growing by USD 1.16 billion during the forecast period 2021 to 2026.

Light-Emitting Diode (LED) Grow Lights Market by Application and Geography – Forecast and Analysis 2022-2026: The predicted growth for the light-emitting diode (LED) grow lights market share from 2021 to 2026 is USD 3.37 billion.

Table of Contents:

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market Definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

• 5.1 Market segments
• Exhibit 24: Chart on Product - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Product - Market share 2021-2026 (%)

• 5.2 Comparison by Product 
• Exhibit 26: Chart on Comparison by Product
• Exhibit 27: Data Table on Comparison by Product

• 5.3 HID - Market size and forecast 2021-2026 
• Exhibit 28: Chart on HID - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on HID - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on HID - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on HID - Year-over-year growth 2021-2026 (%)

• 5.4 LED lights - Market size and forecast 2021-2026 
• Exhibit 32: Chart on LED lights - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on LED lights - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on LED lights - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on LED lights - Year-over-year growth 2021-2026 (%)

• 5.5 Fluorescent lights - Market size and forecast 2021-2026 
• Exhibit 36: Chart on Fluorescent lights - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Fluorescent lights - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Fluorescent lights - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Fluorescent lights - Year-over-year growth 2021-2026 (%)

• 5.6 Others - Market size and forecast 2021-2026 
• Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.7 Market opportunity by Product 
• Exhibit 44: Market opportunity by Product ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 46: Chart on Market share by geography 2021-2026 (%)
• Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 48: Chart on Geographic comparison
• Exhibit 49: Data Table on Geographic comparison

• 7.3 Europe - Market size and forecast 2021-2026 
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.4 North America - Market size and forecast 2021-2026 
• Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.5 APAC - Market size and forecast 2021-2026 
• Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.6 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.7 South America - Market size and forecast 2021-2026 
• Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026 
• Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 The Netherlands - Market size and forecast 2021-2026 
• Exhibit 74: Chart on The Netherlands - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on The Netherlands - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on The Netherlands - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on The Netherlands - Year-over-year growth 2021-2026 (%)

• 7.10 Germany - Market size and forecast 2021-2026 
• Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.11 China - Market size and forecast 2021-2026 
• Exhibit 82: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.12 Japan - Market size and forecast 2021-2026 
• Exhibit 86: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 91: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 93: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 94: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 95: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 96: Matrix on vendor position and classification

• 10.3 General Electric Co.
• Exhibit 97: General Electric Co. - Overview
• Exhibit 98: General Electric Co. - Business segments
• Exhibit 99: General Electric Co. - Key news
• Exhibit 100: General Electric Co. - Key offerings
• Exhibit 101: General Electric Co. - Segment focus

• 10.4 Heliospectra AB
• Exhibit 102: Heliospectra AB - Overview
• Exhibit 103: Heliospectra AB - Product / Service
• Exhibit 104: Heliospectra AB - Key offerings

• 10.5 Hydrofarm LLC
• Exhibit 105: Hydrofarm LLC - Overview
• Exhibit 106: Hydrofarm LLC - Product / Service
• Exhibit 107: Hydrofarm LLC - Key offerings

• 10.6 Lemnis Oreon BV
• Exhibit 108: Lemnis Oreon BV - Overview
• Exhibit 109: Lemnis Oreon BV - Product / Service
• Exhibit 110: Lemnis Oreon BV - Key offerings

• 10.7 LumiGrow Inc
• Exhibit 111: LumiGrow Inc - Overview
• Exhibit 112: LumiGrow Inc - Product / Service
• Exhibit 113: LumiGrow Inc - Key offerings

• 10.8 OSRAM GmbH
• Exhibit 114: OSRAM GmbH - Overview
• Exhibit 115: OSRAM GmbH - Business segments
• Exhibit 116: OSRAM GmbH - Key offerings
• Exhibit 117: OSRAM GmbH - Segment focus

• 10.9 Schreder SA
• Exhibit 118: Schreder SA - Overview
• Exhibit 119: Schreder SA - Product / Service
• Exhibit 120: Schreder SA - Key offerings

• 10.10 Signify NV
• Exhibit 121: Signify NV - Overview
• Exhibit 122: Signify NV - Business segments
• Exhibit 123: Signify NV - Key news
• Exhibit 124: Signify NV - Key offerings
• Exhibit 125: Signify NV - Segment focus

• 10.11 The Scotts Miracle Gro Co. 
• Exhibit 126: The Scotts Miracle Gro Co. - Overview
• Exhibit 127: The Scotts Miracle Gro Co. - Business segments
• Exhibit 128: The Scotts Miracle Gro Co. - Key offerings
• Exhibit 129: The Scotts Miracle Gro Co. - Segment focus

• 10.12 ViparSpectra
• Exhibit 130: ViparSpectra - Overview
• Exhibit 131: ViparSpectra - Product / Service
• Exhibit 132: ViparSpectra - Key offerings

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 133: Inclusions checklist
• Exhibit 134: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 135: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 136: Research methodology
• Exhibit 137: Validation techniques employed for market sizing
• Exhibit 138: Information sources

• 11.5 List of abbreviations 
• Exhibit 139: List of abbreviations

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