Grow Lights Market to be Worth $8.5 Billion by 2030

Grow Lights Market by Offering (Hardware, Software, Services), Type (Fluorescent, LED, HID), Application (Conventional Farming, Horticulture, Poultry), Wattage, Farming Types (Horizontal, Vertical), Sales Channel, and Geography – Global Forecast to 2030

The Grow Lights Market is projected to reach $8.5 billion by 2030, at a CAGR of 20.6% from 2024 to 2030. The growth of this market is driven by the increasing R&D initiatives aimed at developing hybrid plants and crops, the rising adoption of vertical farming, the growing need to enhance agricultural production efficiency, food safety, and the quality of fruits and vegetables, and the increasing adoption of urban farming is contributing to market growth. However, the high setup costs associated with grow lights may restrain the market's growth.