Grow Lights Market to be Worth $8.5 Billion by 2030

Grow Lights Market by Offering (Hardware, Software, Services), Type, Application, Wattage, Farming Type, 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 2023 to 2030. The growth of the grow lights market is driven by the increasing R&D initiatives to develop hybrid plants & crops, the rising adoption of vertical farming, the increasing requirement for improving agricultural production efficiency, food safety, and fruit & vegetable quality, and the rising adoption for urban farming. However, the high set-up cost may restrain the growth of this market.

Furthermore, the significant opportunities from technological advancement in LED grow lights and penetration of smart technologies in farming are expected to offer significant growth opportunities for the grow lights market. However, the varying requirement of lighting spectrums for different plants & crops and the lack of standard testing practices for assessing product quality of horticulture lights and fixtures may hinder this market's growth.