The Latest Grow Light Industry Statistics Explained
According to recent market research, the global grow light market size was USD 2.86 Billion in 2020.
The statistic indicates that the global grow light market size, which refers to the total value of grow lights sold worldwide, was estimated to be USD 2.86 Billion in the year 2020. This suggests a significant financial value associated with the industry of grow lights, which are artificial light sources used to promote plant growth in indoor environments where natural light may be limited. The market size serves as a key metric for understanding the overall economic scale and growth potential of the grow light industry, highlighting the demand for such products across various sectors such as agriculture, horticulture, and indoor gardening. It also indicates opportunities for businesses operating in this market to capitalize on the growing trend of indoor cultivation and horticultural practices.
It is projected that the global grow light market size is expected to reach USD 6.28 billion by 2028.
This statistic indicates the projected growth of the global grow light market, suggesting that it is estimated to increase in size to reach a value of USD 6.28 billion by the year 2028. The growth in the market is likely driven by factors such as the increasing adoption of indoor farming methods, expansion of commercial horticulture operations, and advancements in technology that enhance crop productivity. The significant market size projection reflects the growing demand for energy-efficient and sustainable lighting solutions to support agricultural practices in a world facing challenges such as climate change and food security. This statistic highlights the potential for continued expansion and innovation in the grow light industry over the coming years.
The global grow light market is projected to grow at a CAGR of 19.9% from 2021 to 2028.
The statistic indicates that the global market for grow lights is expected to experience significant growth over the period from 2021 to 2028, with a Compound Annual Growth Rate (CAGR) of 19.9%. This means that, on average, the market size for grow lights is anticipated to increase by almost 20% every year during this time frame. A high CAGR like 19.9% suggests a rapidly expanding market as more businesses and individuals adopt grow lights for various applications such as indoor farming, horticulture, and vertical farming. Factors driving this growth could include increasing demand for sustainable food production, advancements in technology improving the efficiency of grow lights, and a growing trend towards indoor agriculture.
In 2020, the LED technology segment dominated the grow light market with a share of approximately 53.1%.
In 2020, the LED technology segment held a significant position in the grow light market, accounting for around 53.1% of the market share. This statistic indicates that LED technology was the most widely adopted and preferred choice among consumers for indoor farming and horticultural practices. The dominance of LED technology suggests that it offered advantages such as energy efficiency, customizable light spectrums, and long lifespan compared to other types of grow lights. The substantial market share held by LED technology highlights its importance and influence in shaping the grow light industry landscape in 2020.
Europe accounted for the largest market share of around 37.0% of the grow light industry in 2020.
The statistic indicates that Europe, in 2020, had the highest market share within the grow light industry, amounting to around 37.0%. This suggests that a significant portion of the total market for grow lights, which are artificial light sources used for growing plants indoors, was concentrated in European countries. The dominance of Europe in this industry could be attributed to various factors such as a strong focus on agricultural technology, favorable government policies promoting indoor farming or horticulture, and a high demand for year-round produce. This statistic highlights the importance of the European market within the grow light industry and underscores the region’s influence in driving innovations and developments in the field of indoor agriculture.
The grow light market value in the Asia-Pacific region is expected to reach USD 782.2 million by 2022.
The statistic suggests that the grow light market in the Asia-Pacific region is projected to experience considerable growth, with an estimated value of USD 782.2 million set to be reached by the year 2022. This indicates a promising trend in the adoption and usage of grow lights, which are artificial light sources designed to stimulate plant growth and enable year-round cultivation. The anticipated market value reflects both the increasing demand for indoor farming practices and advancements in grow light technology in the region. The figure serves as a key indicator for businesses and investors looking to capitalize on the expanding market opportunities within the Asia-Pacific region’s agricultural sector.
The Netherlands was the top exporter of grow lights in 2020.
The statistic ‘The Netherlands was the top exporter of grow lights in 2020’ indicates that in that year, the Netherlands had the highest amount of grow lights exported compared to any other country. Grow lights are specialized artificial lights used for growing plants indoors, particularly in settings like greenhouses where natural sunlight may be limited. This statistic suggests that the Netherlands has a strong manufacturing and exporting presence in the grow lights industry, potentially due to advanced technology, expertise in horticulture, or favorable economic conditions that support this particular sector.
Top-lighting applications are forecasted to hold the largest market share in the grow light market by 2025.
This statistic suggests that among various applications of grow lights, top-lighting is expected to dominate and have the highest market share by 2025. Top-lighting refers to the practice of positioning light sources above the plant canopy to provide optimum light exposure for photosynthesis and growth. The forecast indicates that top-lighting solutions are likely to be preferred by growers due to their efficiency and effectiveness in promoting plant growth. This prediction reflects the growing trend in the agricultural industry towards adopting modern lighting technologies to enhance crop yields and quality, particularly in controlled environment agriculture settings.
Indoor farming is expected to drive major growth for the grow light market, projected to account for nearly 50% of the market by 2025.
The statistic suggests that indoor farming is anticipated to be a significant driver of growth in the grow light market, with an estimated contribution of almost half of the market share by the year 2025. This projection indicates a growing trend towards utilizing artificial lighting technologies to support plant growth in indoor environments, such as greenhouses and vertical farms. The increasing popularity of indoor farming can be attributed to factors like changing consumer preferences for locally grown produce, advancements in LED lighting technology, and the desire for year-round agricultural production. As a result, the grow light market is expected to experience substantial expansion due to the rising demand for sustainable and efficient methods of crop cultivation in controlled indoor settings.
Hydroponics is one of the fastest-growing sectors in the grow light industry, expected to grow more than $12 billion by 2025.
The statistic that hydroponics is one of the fastest-growing sectors in the grow light industry, expected to grow more than $12 billion by 2025, highlights the rapid expansion and economic potential of this particular industry. Hydroponics, a method of growing plants without soil, is gaining traction due to its numerous benefits such as higher crop yields and water efficiency. The projected growth to over $12 billion by 2025 signifies a significant investment and interest in the sector, indicating a shift towards more sustainable and innovative agricultural practices. This statistic suggests that there is a growing demand for hydroponic systems and technologies, creating opportunities for businesses and investors in the industry.
According to a 2017 report, the U.S. horticultural lighting market was valued at over USD 1.5 billion.
The statistic “According to a 2017 report, the U.S. horticultural lighting market was valued at over USD 1.5 billion” indicates that in 2017, the United States’ horticultural lighting industry, which encompasses lighting used for the growth of plants, reached a market value of more than $1.5 billion. This suggests a significant investment and demand for lighting technology specifically designed for enhancing plant growth in various horticultural settings, such as greenhouses, vertical farms, and indoor growing facilities. The substantial market value underscores the importance and growth potential of horticultural lighting solutions in supporting the agriculture and horticulture industries in maximizing crop yields and optimizing plant growth conditions.
The horticulture lighting market is projected to grow at a CAGR of over 14% from 2017 to 2024.
This statistic indicates that the horticulture lighting market is anticipated to experience significant growth over the period from 2017 to 2024, with a Compound Annual Growth Rate (CAGR) exceeding 14%. This suggests a robust and steady expansion in the demand for lighting solutions within the horticulture industry, likely driven by factors such as technological advancements, increasing adoption of indoor vertical farming practices, and the growing need for sustainable and efficient agricultural practices. The projected CAGR of over 14% signifies a strong potential for market development and indicates opportunities for businesses operating in the horticulture lighting sector to capitalize on this growth trend in the coming years.
By 2024, LED horticulture lights are projected to exceed USD 3 billion.
The statistic ‘By 2024, LED horticulture lights are projected to exceed USD 3 billion’ suggests a significant growth in the market for LED lighting used in horticulture applications. This projection anticipates an increase in the demand for LED lights specifically designed for promoting plant growth, such as in indoor farming, greenhouses, and other horticultural settings. The estimated value of over USD 3 billion highlights the substantial economic potential of this market segment as more farmers and growers adopt LED technology for its energy efficiency, customizable light spectrum, and ability to enhance plant productivity. This statistic indicates a promising future for the LED horticulture lights industry as it continues to expand and innovate in the coming years.
The greenhouse horticulture lighting market is anticipated to achieve over 20% growth by 2024.
This statistic implies that the greenhouse horticulture lighting market is expected to experience significant growth of more than 20% by the year 2024. This indicates a strong upward trend in the demand for lighting solutions within the greenhouse horticulture industry, likely driven by factors such as increasing adoption of technology-driven solutions, growing awareness of the benefits of controlled environment agriculture, and the need for sustainable farming practices. The projected growth rate of over 20% suggests promising opportunities for businesses operating in this market segment, as they may benefit from the expanding market demand and potentially lucrative investment prospects in the coming years.
High-pressure sodium horticulture lamps accounted for more than 65% of global market share in 2016.
The statistic that high-pressure sodium horticulture lamps accounted for more than 65% of the global market share in 2016 indicates that these specific types of lamps were highly popular and widely used in the horticulture industry during that year. This high market share suggests that high-pressure sodium lamps were the preferred choice among horticulturists for providing artificial lighting to support plant growth and development. The dominance of this technology in the market could be attributed to factors such as effectiveness in promoting plant growth, availability, cost-efficiency, and overall performance compared to other lighting options available at the time. The statistic implies that high-pressure sodium horticulture lamps were a significant player in the horticulture industry in 2016, highlighting their importance and impact in the market during that period.
References
0. – https://www.www.gminsights.com
1. – https://www.www.marketsandmarkets.com
2. – https://www.www.emergenresearch.com
