Global Grow Lights Market Insights Reports: Market Size will Show $5879.13 Million in 2024

Global Grow Lights Market Overview

According to Global Market Monitor, the global grow lights market size will reach $5879.13 million in 2024 with a CAGR of 15.78% from 2024 to 2029.

By creating a spectrum similar to sunlight, growing light acts as a substitute for sunlight, helping plants during photosynthesis. Plants important to important industries and important species of flowering plants are exposed to light to enhance their growth.

The Urban Population Continues to Increase.

According to United Nations statistics, by 2050, about 80% of the world’s population will live in cities. People keep entering the city to get training, service, work, culture, and entertainment as well as everything else the city has to offer. This means that the demand for food in these areas is increasing, and the arable land around the city is very limited. Therefore, artificially grown light helps to prolong the natural daylight, thereby further improving plant health, growth rate, and yield. As the urban population continues to increase, the lack of arable land around the city will drive market development.

Rising Popularity of Hydroponic Farming Systems

Farmers are increasingly shifting toward hydroponic systems for plant cultivation, due to limited access to outdoor space for gardening and cultivation. Grow light solutions are increasingly being adopted for hydroponic systems. Therefore, the rising popularity of hydroponic farming systems is expected to drive the grow lights market growth during the forecast period. Apart from the rising popularity of the hydroponic farming system, other factors such as the rising prominence of IoT in grow light technology, and the increasing application of grow lights in plant disease detection and monitoring will boost the grow lights market growth during the forecast period.

Regional Grow Lights Market 

Legalization of cannabis production in the US is a key opportunity observed in the grow lights market. Indoor production of cannabis can be carried out by either vertical farming or hydroponics. Since grow lights are largely used to support vertical farming, increased production of cannabis in the country is expected to offer lucrative opportunities to the players operating in the market. Increased demand for vertical farms and greenhouses further drives the demand for LED plant growth lights.

In Europe, plant lighting systems have been used for various controlled environment farming needs, such as greenhouses, vertical farming,1 and indoor farming. The use of LED plant growth lights for horticultural purposes is also increasing, especially in metropolitan areas. Technological advances in advanced greenhouse facilities are numerous, but lighting is one of the core areas of innovation in indoor growing systems.

By Type	HID
	LED
	Fluorescent Lighting
	The soil system segment occupies the biggest share.
By Application	Hydroponics System
	Soil System
	The LED segment holds the largest market share.

For more industry information, please refer to our latest released "2023 Global Grow Lights Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".