GITNUX MARKETDATA REPORT 2024

Grow Light Industry Statistics

The grow light industry is projected to experience significant growth driven by increasing adoption by commercial growers and hobbyists, with the market poised to expand at a steady pace in the coming years.

Statistic 1

"Europe accounted for over 35% of the global grow light market in 2020."

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Statistic 2

"Commercial greenhouses make up over 50% of the grow light market."

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Statistic 3

"The horticulture sector is a major end-user of grow lights, anticipated to reach a market value of USD 3 billion by 2025."

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Statistic 4

"The grow light market is projected to reach USD 6.7 billion by 2025, at a CAGR of 16.1% during the forecast period."

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Statistic 5

"The adoption of grow lights in vertical farming is expected to drive future market growth significantly."

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Statistic 6

"North America's grow light market size was valued at approximately USD 1.2 billion in 2020."

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Statistic 7

"The cannabis cultivation segment is anticipated to witness significant growth in the grow light industry."

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Statistic 8

"The market revenue for high-intensity discharge (HID) grow lights is expected to decline due to the rise of LED technologies."

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Statistic 9

"The Asia-Pacific region is expected to grow at the fastest rate in the grow light market, with a CAGR of over 26% by 2025."

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Statistic 10

"Smart grow light systems integrating IoT are becoming increasingly popular in the industry."

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Statistic 11

"The global grow light market size was valued at USD 3.2 billion in 2020."

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Statistic 12

"42% of indoor growers in the U.S. use grow lights primarily for vegetable cultivation."

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Statistic 13

"LED grow lights accounted for the largest market share of more than 60% in 2020."

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Statistic 14

"The global indoor farming technology market, including grow lights, is expected to grow at a CAGR of 9.4% from 2020 to 2027."

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Statistic 15

"The U.S. grow light industry is projected to see a CAGR of 15% from 2020 to 2026."

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Statistic 16

"Fluorescent grow lights still hold a significant share of the market."

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Statistic 17

"The indoor farming segment held the largest market share in the grow light industry in 2020."

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Statistic 18

"The demand for grow lights in urban agriculture is expanding rapidly."

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Statistic 19

"Hydroponics application in the grow light market is projected to grow at a CAGR of 12.5% from 2020 to 2027."

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Statistic 20

"The use of grow lights in hybrid lighting systems combining sunlight and artificial light is expected to rise."

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