Table of Content

1 INTRODUCTION 30
1.1 STUDY OBJECTIVES 30
1.2 MARKET DEFINITION 30
1.2.1 INCLUSIONS & EXCLUSIONS 31
1.3 STUDY SCOPE 32
1.3.1 MARKETS COVERED 32
FIGURE 1 GROW LIGHTS MARKET SEGMENTATION 32
1.3.2 GEOGRAPHIC SCOPE 32
1.3.3 YEARS CONSIDERED 33
1.4 CURRENCY 33
1.5 STAKEHOLDERS 33
1.6 SUMMARY OF CHANGES 34

2 RESEARCH METHODOLOGY 35
2.1 RESEARCH DATA 35
FIGURE 2 GROW LIGHTS MARKET: RESEARCH DESIGN 36
2.1.1 SECONDARY AND PRIMARY RESEARCH 37
2.1.2 SECONDARY DATA 38
2.1.2.1 List of key secondary sources 38
2.1.2.2 Key data from secondary sources 39
2.1.3 PRIMARY DATA 39
2.1.3.1 List of key primary interview participants 39
2.1.3.2 Breakdown of primaries 39
FIGURE 3 BREAKDOWN OF PRIMARIES 40
2.1.3.3 Key data from primary sources 40
2.1.3.4 Key industry insights 41
2.2 FACTOR ANALYSIS 41
2.2.1 SUPPLY-SIDE ANALYSIS 41
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY-SIDE ANALYSIS) – REVENUES GENERATED BY COMPANIES FROM SALES OF PRODUCTS OFFERED IN GROW LIGHTS MARKET 41
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (TOP-DOWN APPROACH, SUPPLY-SIDE ANALYSIS) – ILLUSTRATION OF REVENUE ESTIMATION IN GROW LIGHTS MARKET 42
2.3 MARKET SIZE ESTIMATION 43
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS 43
2.3.1 BOTTOM-UP APPROACH 43
2.3.1.1 Approach for obtaining market shares using bottom-up approach (demand side) 44
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 44
2.3.2 TOP-DOWN APPROACH 44
2.3.2.1 Approach for obtaining market shares using top-down approach (supply side) 45
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 45
2.3.3 GROWTH PROJECTIONS AND FORECASTING ASSUMPTIONS 45
TABLE 1 MARKET GROWTH ASSUMPTIONS 45
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 46
FIGURE 9 GROW LIGHTS MARKET: DATA TRIANGULATION 46
2.5 ASSUMPTIONS 47
TABLE 2 KEY ASSUMPTIONS: MACRO AND MICRO-ECONOMIC ENVIRONMENT 47
2.6 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON GROW LIGHTS MARKET 48
TABLE 3 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON GROW LIGHTS MARKET 48
2.7 LIMITATIONS 48
2.8 RISK ASSESSMENT 48
TABLE 4 RISK ASSESSMENT: GROW LIGHTS MARKET 48

3 EXECUTIVE SUMMARY 49
FIGURE 10 VERTICAL FARMING APPLICATION SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 49
FIGURE 11 CANNABIS SEGMENT TO WITNESS HIGHEST GROWTH RATE DURING FORECAST PERIOD 50
FIGURE 12 EUROPE TO DOMINATE MARKET FOR GROW LIGHTS DURING FORECAST PERIOD 50
3.1 IMPACT OF RECESSION ON GROW LIGHTS MARKET 51
FIGURE 13 PRE- AND POST-RECESSION IMPACT ON GROW LIGHTS MARKET 51

4 PREMIUM INSIGHTS 52
4.1 GROWTH OPPORTUNITIES FOR PLAYERS IN GROW LIGHTS MARKET 52
FIGURE 14 FACTORS SUCH AS HIGH DEMAND FOR FRESH FOOD AND LOSS OF ARABLE LAND TO DRIVE GROW LIGHTS MARKET 52
4.2 GROW LIGHTS MARKET, BY OFFERING 52
FIGURE 15 SOFTWARE & SERVICES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD 52
4.3 GROW LIGHTS MARKET, BY SALES CHANNEL 53
FIGURE 16 DIRECT SALES CHANNELS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 53
4.4 GROW LIGHTS MARKET, BY WATTAGE 53
FIGURE 17 >300-WATT GROW LIGHTS TO DOMINATE MARKET IN 2028 53
4.5 GROW LIGHTS MARKET, BY INSTALLATION TYPE 54
FIGURE 18 RETROFIT INSTALLATIONS TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 54
4.6 GROW LIGHTS MARKET, BY SPECTRUM 54
FIGURE 19 FULL-SPECTRUM LIGHTS TO REGISTER HIGHER GROWTH RATE DURING FORECAST PERIOD 54
4.7 GROW LIGHTS MARKET, BY REGION 55
FIGURE 20 EUROPE TO DOMINATE MARKET IN 2028 55
4.8 GROW LIGHTS MARKET, BY COUNTRY 55
FIGURE 21 SOUTHEAST ASIAN COUNTRIES TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 55

5 MARKET OVERVIEW 56
5.1 INTRODUCTION 56
5.2 MARKET DYNAMICS 56
FIGURE 22 GROW LIGHTS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 56
5.2.1 DRIVERS 57
5.2.1.1 High demand for fresh food and loss of arable land 57
FIGURE 23 POPULATION VS. ARABLE LAND, 2020–2050 57
5.2.1.2 Strong government support for adoption of solid-state lighting technology and controlled-environment agriculture (CEA) practices 58
TABLE 5 INCENTIVES IN US STATES FOR ADOPTION OF LED GROW LIGHTS 58
5.2.1.3 Increased investments in establishing vertical farms and greenhouses and associated advanced technologies 59
TABLE 6 LIST OF NOTICEABLE INVESTMENTS IN VERTICAL AND GREENHOUSE FARMING 59
5.2.1.4 Significant benefits such as energy efficiency and longer life associated with LED grow lights over conventional lighting technologies 60
TABLE 7 TYPICAL SPECIFICATIONS OF LED VS. HID 61
TABLE 8 REDUCTIONS IN HARVEST CYCLE USING LED HORTICULTURE LIGHTING ON CANNABIS STRAINS 61
5.2.1.5 High potential of LED grow lights in enabling farmers to produce quality crops all year round irrespective of weather conditions 62
FIGURE 24 IMPACT OF DRIVERS ON GROW LIGHTS MARKET 63
5.2.2 RESTRAINTS 63
5.2.2.1 High setup and installation costs of LED grow lights 63
5.2.2.2 Complex requirements for varied light spectrums for different crops 64
TABLE 9 STANDARD SPECTRUMS 65
FIGURE 25 IMPACT OF RESTRAINTS ON GROW LIGHTS MARKET 65
5.2.3 OPPORTUNITIES 65
5.2.3.1 Growing acceptance of farm-to-table trend 65
5.2.3.2 Legalization of cannabis in different countries 66
5.2.3.3 Automation in lighting fixtures and technological advancements in LED grow lights 66
5.2.3.4 Potential opportunities in Asian and Middle Eastern markets for vertical farming 67
5.2.3.5 Integration of hardware, software, and data analytics platforms for horticulture yield estimation and energy conservation 68
FIGURE 26 IMPACT OF OPPORTUNITIES ON GROW LIGHTS MARKET 68
5.2.4 CHALLENGES 69
5.2.4.1 Grow lights placement and positioning 69
5.2.4.2 Need for technical know-how and complexities associated with deployment of CEA technology 69
5.2.4.3 Absence of standard testing practices for assessing product quality of horticulture lights and fixtures 69
5.2.4.4 Difficulties in integrating different components and technologies in CEA facilities 70
FIGURE 27 IMPACT OF CHALLENGES ON GROW LIGHTS MARKET 71
5.3 SUPPLY CHAIN ANALYSIS 72
FIGURE 28 SUPPLY CHAIN OF GROW LIGHTS MARKET 72
TABLE 10 GROW LIGHTS MARKET: ECOSYSTEM 74
5.3.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN GROW LIGHTS MARKET 74
FIGURE 29 REVENUE SHIFT IN GROW LIGHTS MARKET 74
5.4 GROW LIGHTS MARKET ECOSYSTEM 75
FIGURE 30 ECOSYSTEM OF GROW LIGHTS 75
5.5 AVERAGE SELLING PRICE ANALYSIS 75
5.5.1 AVERAGE SELLING PRICE OF GROW LIGHTS OFFERED BY KEY PLAYERS 75
FIGURE 31 AVERAGE SELLING PRICE OF GROW LIGHTS OFFERED BY KEY PLAYERS 75
TABLE 11 AVERAGE SELLING PRICE OF GROW LIGHTS, BY LIGHT SOURCE (USD) 76
5.5.2 AVERAGE SELLING PRICE TREND 76
TABLE 12 AVERAGE PRICE: GROW LIGHTS, BY LIGHT SOURCE (USD) 76
FIGURE 32 AVERAGE PRICE: GROW LIGHTS, BY LIGHT SOURCE (USD) 76
5.6 KEY STAKEHOLDERS & BUYING CRITERIA 77
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS 77
FIGURE 33 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP APPLICATIONS 77
TABLE 13 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP APPLICATIONS (%) 77
5.6.2 BUYING CRITERIA 78
FIGURE 34 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 78
TABLE 14 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 78
5.7 TECHNOLOGY TRENDS 79
5.7.1 FULL-SPECTRUM LED GROW LIGHT SYSTEMS 79
5.7.2 SOLID-STATE LIGHTING TECHNOLOGY 79
5.7.3 ADVANCED UV LED TECHNOLOGY FOR HORTICULTURAL APPLICATIONS 79
5.7.4 CENTRALIZED POWER SUPPLY 80
5.8 PORTER?S FIVE FORCES ANALYSIS 80
TABLE 15 GROW LIGHTS MARKET: PORTER?S FIVE FORCES ANALYSIS 80
FIGURE 35 PORTER?S FIVE FORCES ANALYSIS 81
5.8.1 THREAT OF NEW ENTRANTS 81
5.8.2 THREAT OF SUBSTITUTES 82
5.8.3 BARGAINING POWER OF SUPPLIERS 82
5.8.4 BARGAINING POWER OF BUYERS 82
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 82
5.9 CASE STUDIES 83
5.9.1 FASTER FINISHING AND ENHANCED VARIEGATION WITH PHILIPS LED GROW LIGHTS 83
5.9.2 LJUSG?RDA ACHIEVED ULTIMATE VERTICAL GROWTH FROM 0 TO 7,000 SQ. M. USING LED LIGHTING SOLUTIONS FROM HELIOSPECTRA 83
5.9.3 TOMATO GRAFTING AND HEALING WITH HELIOSPECTRA?S LED GROW LIGHTS 83
5.9.4 GAINING CUSTOMER APPRECIATION ABOUT QUALITY OF PLANTS GROWN UNDER PHILIPS LEDS 84
5.10 TRADE ANALYSIS 84
5.10.1 IMPORT SCENARIO 84
TABLE 16 IMPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION) 85
5.10.2 EXPORT SCENARIO 85
TABLE 17 EXPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION) 85
5.11 PATENT ANALYSIS, 2012–2022 86
FIGURE 36 NUMBER OF PATENTS GRANTED FOR GROW LIGHTS, 2012–2022 86
FIGURE 37 REGIONAL ANALYSIS OF PATENTS GRANTED FOR GROW LIGHT SOLUTIONS, 2022 87
TABLE 18 LIST OF PATENTS PERTAINING TO GROW LIGHTS MARKET, 2021–2022 87
5.12 KEY CONFERENCES & EVENTS, 2023–2024 90
TABLE 19 GROW LIGHTS MARKET: DETAILED LIST OF CONFERENCES & EVENTS 90
5.13 STANDARDS AND REGULATORY LANDSCAPE 92
5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
TABLE 20 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
TABLE 21 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
TABLE 22 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 92
TABLE 23 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93
5.13.2 STANDARDS 93
5.14 TARIFF ANALYSIS 94
TABLE 24 TARIFFS FOR HS CODE 9405 EXPORTED BY CHINA (2021) 94
TABLE 25 TARIFFS FOR HS CODE 9405 EXPORTED BY US (2021) 94

6 GROW LIGHTS MARKET, BY OFFERING 95
6.1 INTRODUCTION 96
FIGURE 38 HARDWARE OFFERINGS TO DOMINATE GROW LIGHTS MARKET DURING FORECAST PERIOD 96
TABLE 26 GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION) 96
TABLE 27 GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION) 96
TABLE 28 GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (THOUSAND UNITS) 97
TABLE 29 GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (THOUSAND UNITS) 97
6.2 HARDWARE 97
6.2.1 LARGE NUMBER OF MANUFACTURING COMPANIES PROVIDING GROW LIGHTS AS HARDWARE COMPONENTS TO DRIVE MARKET GROWTH 97
TABLE 30 GROW LIGHTS MARKET FOR HARDWARE, BY REGION, 2019–2022 (USD MILLION) 98
TABLE 31 GROW LIGHTS MARKET FOR HARDWARE, BY REGION, 2023–2028 (USD MILLION) 98
TABLE 32 GROW LIGHTS MARKET FOR HARDWARE, BY APPLICATION, 2019–2022 (USD MILLION) 98
TABLE 33 GROW LIGHTS MARKET FOR HARDWARE, BY APPLICATION, 2023–2028 (USD MILLION) 99
6.3 SOFTWARE & SERVICES 99
6.3.1 GROWING USE OF SOFTWARE SOLUTIONS TO IMPROVE PLANT QUALITY TO BOOST MARKET 99
TABLE 34 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY REGION, 2019–2022 (USD MILLION) 100
TABLE 35 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY REGION, 2023–2028 (USD MILLION) 100
TABLE 36 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY APPLICATION, 2019–2022 (USD MILLION) 101
TABLE 37 GROW LIGHTS MARKET FOR SOFTWARE & SERVICES, BY APPLICATION, 2023–2028 (USD MILLION) 101

7 GROW LIGHTS MARKET, BY WATTAGE 102
7.1 INTRODUCTION 103
FIGURE 39 GROW LIGHTS MARKET, BY WATTAGE 103
FIGURE 40 >300-WATT GROW LIGHTS TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028 103
TABLE 38 GROW LIGHTS MARKET, BY WATTAGE, 2019–2022 (USD MILLION) 104
TABLE 39 GROW LIGHTS MARKET, BY WATTAGE, 2023–2028 (USD MILLION) 104
7.2 <300 WATTS 104
7.2.1 ABILITY TO USE LOW-POWER LIGHTS FOR EXTENDED PERIODS WITHOUT HARMING PLANTS TO PROPEL MARKET GROWTH 104
TABLE 40 <300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 105
TABLE 41 <300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 105
7.3 >300 WATTS 105
7.3.1 IMPROVED GROW QUALITY AND ENERGY SAVINGS TO DRIVE DEMAND FOR >300-WATT GROW LIGHTS 105
TABLE 42 >300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 106
TABLE 43 >300-WATT GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 106

8 GROW LIGHTS MARKET, BY SPECTRUM 107
8.1 INTRODUCTION 108
FIGURE 41 LIMITED-SPECTRUM GROW LIGHTS TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD 108
TABLE 44 GROW LIGHTS MARKET, BY SPECTRUM, 2019–2022 (USD MILLION) 108
TABLE 45 GROW LIGHTS MARKET, BY SPECTRUM, 2023–2028 (USD MILLION) 109
8.2 FULL SPECTRUM 109
8.2.1 ADVANTAGES SUCH AS ENHANCED ROOT DEVELOPMENT AND IMPROVED NUTRITION AND COLOR TO DRIVE ADOPTION OF FULL-SPECTRUM LIGHTS 109
8.3 LIMITED SPECTRUM 110
8.3.1 ADVANTAGES SUCH AS HIGH EFFICIENCY FOR PLANT GROWTH AND ENERGY EFFICIENCY TO BOOST MARKET 110

9 GROW LIGHTS MARKET, BY CULTIVATED PLANT 111
9.1 INTRODUCTION 112
FIGURE 42 FRUITS & VEGETABLES TO DOMINATE GROW LIGHTS MARKET DURING FORECAST PERIOD 112
TABLE 46 GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION) 112
TABLE 47 GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION) 112
9.2 FRUITS & VEGETABLES 113
9.2.1 INCREASED DEMAND FOR HIGH-QUALITY ORGANIC FRUITS & VEGETABLES TO PROMOTE ADOPTION OF GROW LIGHTS 113
TABLE 48 GROW LIGHTS MARKET FOR FRUITS & VEGETABLES, BY REGION, 2019–2022 (USD MILLION) 116
TABLE 49 GROW LIGHTS MARKET FOR FRUITS & VEGETABLES, BY REGION, 2023–2028 (USD MILLION) 116
9.3 FLOWERS 116
9.3.1 EUROPE TO CAPTURE SIGNIFICANT SHARE OF GROW LIGHTS MARKET FOR FLOWERS IN COMING YEARS 116
TABLE 50 GROW LIGHTS MARKET FOR FLOWERS, BY REGION, 2019–2022 (USD MILLION) 117
TABLE 51 GROW LIGHTS MARKET FOR FLOWERS, BY REGION, 2023–2028 (USD MILLION) 118
9.4 CANNABIS 118
9.4.1 LEGALIZATION OF CANNABIS FOR MEDICINAL PURPOSES TO DRIVE MARKET GROWTH 118
TABLE 52 GLOBAL CANNABIS CONSUMPTION 120
TABLE 53 GROW LIGHTS MARKET FOR CANNABIS, BY REGION, 2019–2022 (USD MILLION) 120
TABLE 54 GROW LIGHTS MARKET FOR CANNABIS, BY REGION, 2023–2028 (USD MILLION) 120

10 GROW LIGHTS MARKET, BY INSTALLATION TYPE 121
10.1 INTRODUCTION 122
FIGURE 43 RETROFIT INSTALLATIONS TO REGISTER HIGHER GROWTH RATE DURING FORECAST PERIOD 122
TABLE 55 GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION) 122
TABLE 56 GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION) 123
10.2 NEW INSTALLATIONS 123
10.2.1 GROWING POPULARITY OF VERTICAL AND INDOOR FARMING TO DRIVE DEMAND FOR NEW INSTALLATIONS OF GROW LIGHTS 123
TABLE 57 GROW LIGHTS MARKET FOR NEW INSTALLATIONS, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 58 GROW LIGHTS MARKET FOR NEW INSTALLATIONS, BY REGION, 2023–2028 (USD MILLION) 124
10.3 RETROFIT INSTALLATIONS 124
10.3.1 BENEFITS SUCH AS IMPROVED PLANT QUALITY AND REDUCED MAINTENANCE COSTS TO BOOST ADOPTION OF RETROFIT INSTALLATIONS 124
TABLE 59 GROW LIGHTS MARKET FOR RETROFIT INSTALLATIONS, BY REGION, 2019–2022 (USD MILLION) 125
TABLE 60 GROW LIGHTS MARKET FOR RETROFIT INSTALLATIONS, BY REGION, 2023–2028 (USD MILLION) 125

11 GROW LIGHTS MARKET, BY LIGHTING TYPE 126
11.1 INTRODUCTION 127
FIGURE 44 TOPLIGHTING SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MARKET DURING FORECAST PERIOD 127
TABLE 61 GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION) 127
TABLE 62 GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION) 127
11.2 TOPLIGHTING 128
11.2.1 GROWING ADOPTION OF GROW LIGHT SOLUTIONS IN GREENHOUSE AGRICULTURE TO FAVOR MARKET GROWTH 128
TABLE 63 TOPLIGHTING GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION) 128
TABLE 64 TOPLIGHTING GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION) 129
11.3 INTERLIGHTING 129
11.3.1 ABILITY OF INTERLIGHTING TO PROVIDE LIGHT BETWEEN PLANTS WITHOUT UNWANTED HEAT GENERATION TO BOOST DEMAND 129
TABLE 65 INTERLIGHTING GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION) 129
TABLE 66 INTERLIGHTING GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION) 130

12 GROW LIGHTS MARKET, BY LIGHT SOURCE 131
12.1 INTRODUCTION 131
12.2 LIGHT-EMITTING DIODES (LED) 131
12.2.1 GROWING ADOPTION OF LED LIGHTS IN INDOOR FARMING DUE TO LONG LIFESPAN, SPECTRUM ADJUSTABILITY, AND ENERGY EFFICIENCY TO BOOST MARKET 131
TABLE 67 COMPARISON OF DIFFERENT LIGHT SOURCES 132
12.3 FLUORESCENT LIGHTS 133
12.3.1 T5 FLUORESCENT LIGHTS 133
12.3.1.1 Growing health concerns to propel demand for fluorescent lights for indoor gardening 133
12.3.2 COMPACT FLUORESCENT LAMPS (CFLS) 134
12.3.2.1 Rising use of CFLs to grow herbs and plants in small spaces to drive growth 134
12.4 HIGH-INTENSITY DISCHARGE (HID) LIGHTS 134
12.4.1 HIGH-PRESSURE SODIUM (HPS) LAMPS 135
12.4.1.1 Ability to ensure uniform distribution of light across crops to drive demand for HPS lamps 135
12.4.2 METAL-HALIDE (MH) LAMPS 135
12.4.2.1 Benefits during initial vegetative stage of plant growth to boost adoption of metal-halide lamps 135

13 GROW LIGHTS MARKET, BY SALES CHANNEL 136
13.1 INTRODUCTION 137
FIGURE 45 DIRECT SALES CHANNELS TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD 137
TABLE 68 GROW LIGHTS MARKET, BY SALES CHANNEL, 2019–2022 (USD MILLION) 137
TABLE 69 GROW LIGHTS MARKET, BY SALES CHANNEL, 2023–2028 (USD MILLION) 137
13.2 DISTRIBUTION CHANNELS 138
13.2.1 RISING DEMAND FOR AFTER-SALES SERVICES TO DRIVE MARKET FOR DISTRIBUTION CHANNELS 138
13.3 E-COMMERCE CHANNELS 138
13.3.1 GROWING PREFERENCE FOR THIRD-PARTY E-COMMERCE PLATFORMS BY SMALL GROWERS/HOME-BASED GROWERS TO BOOST MARKET 138
13.4 DIRECT SALES CHANNELS 139
13.4.1 GROWING CONCERNS REGARDING COUNTERFEIT PRODUCTS TO BOOST SALES OF GROW LIGHTS THROUGH DIRECT SALES CHANNELS 139

14 GROW LIGHTS MARKET, BY APPLICATION 140
14.1 INTRODUCTION 141
FIGURE 46 GROW LIGHTS MARKET, BY APPLICATION 141
FIGURE 47 VERTICAL FARMING TO CAPTURE LARGEST SHARE OF GROW LIGHTS MARKET DURING FORECAST PERIOD 142
TABLE 70 GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 142
TABLE 71 GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 142
14.2 GREENHOUSES 143
14.2.1 ABILITY OF GROW LIGHTS TO ACHIEVE HIGHER YIELDS IN GREENHOUSES TO DRIVE MARKET GROWTH 143
FIGURE 48 EUROPE TO CAPTURE LARGEST SHARE OF GROW LIGHTS MARKET FOR GREENHOUSES IN 2028 144
TABLE 72 GROW LIGHTS MARKET FOR GREENHOUSES, BY REGION, 2019–2022 (USD MILLION) 144
TABLE 73 GROW LIGHTS MARKET FOR GREENHOUSES, BY REGION, 2023–2028 (USD MILLION) 145
TABLE 74 GROW LIGHTS MARKET FOR GREENHOUSES, BY WATTAGE, 2019–2022 (USD MILLION) 145
TABLE 75 GROW LIGHTS MARKET FOR GREENHOUSES, BY WATTAGE, 2023–2028 (USD MILLION) 145
14.3 VERTICAL FARMING 146
14.3.1 OPTIMUM USE OF VERTICAL SPACE AND BALANCED ENERGY UTILIZATION TO CREATE DEMAND FOR GROW LIGHTS IN VERTICAL FARMING 146
FIGURE 49 >300-WATT GROW LIGHTS TO REGISTER LARGEST SHARE IN GROW LIGHTS MARKET FOR VERTICAL FARMS IN 2028 147
TABLE 76 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY WATTAGE, 2019–2022 (USD MILLION) 147
TABLE 77 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY WATTAGE, 2023–2028 (USD MILLION) 147
TABLE 78 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY REGION, 2019–2022 (USD MILLION) 148
TABLE 79 GROW LIGHTS MARKET FOR VERTICAL FARMING, BY REGION, 2023–2028 (USD MILLION) 148
14.4 INDOOR FARMING 148
14.4.1 INCREASED REQUIREMENT FOR FOOD TO ACCELERATE DEMAND FOR GROW LIGHTS IN INDOOR FARMING 148
TABLE 80 GROW LIGHTS MARKET FOR INDOOR FARMING, BY WATTAGE, 2019–2022 (USD MILLION) 149
TABLE 81 GROW LIGHTS MARKET FOR INDOOR FARMING, BY WATTAGE, 2023–2028 (USD MILLION) 149
TABLE 82 GROW LIGHTS MARKET FOR INDOOR FARMING, BY REGION, 2019–2022 (USD MILLION) 149
TABLE 83 GROW LIGHTS MARKET FOR INDOOR FARMING, BY REGION, 2023–2028 (USD MILLION) 149
14.5 OTHER APPLICATIONS 150
TABLE 84 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY WATTAGE, 2019–2022 (USD MILLION) 150
TABLE 85 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY WATTAGE, 2023–2028 (USD MILLION) 151
TABLE 86 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY REGION, 2019–2022 (USD MILLION) 151
TABLE 87 GROW LIGHTS MARKET FOR OTHER APPLICATIONS, BY REGION, 2023–2028 (USD MILLION) 151

15 GROW LIGHTS MARKET, BY REGION 152
15.1 INTRODUCTION 153
FIGURE 50 EUROPE TO HOLD LARGEST SHARE OF GROW LIGHTS MARKET DURING FORECAST PERIOD 153
TABLE 88 GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION) 153
TABLE 89 GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION) 154
15.2 NORTH AMERICA 154
FIGURE 51 NORTH AMERICA: SNAPSHOT OF GROW LIGHTS MARKET 155
TABLE 90 NORTH AMERICA: GROW LIGHTS MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 155
TABLE 91 NORTH AMERICA: GROW LIGHTS MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 156
TABLE 92 NORTH AMERICA: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION) 156
TABLE 93 NORTH AMERICA: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION) 156
TABLE 94 NORTH AMERICA: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 156
TABLE 95 NORTH AMERICA: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 157
TABLE 96 NORTH AMERICA: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION) 157
TABLE 97 NORTH AMERICA: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION) 157
TABLE 98 NORTH AMERICA: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION) 157
TABLE 99 NORTH AMERICA: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION) 158
TABLE 100 NORTH AMERICA: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION) 158
TABLE 101 NORTH AMERICA: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION) 158
15.2.1 US 159
15.2.1.1 Significant presence of major manufacturers to drive market growth in US 159
15.2.2 CANADA 159
15.2.2.1 Legalization of cannabis to drive demand for grow lights in Canada 159
15.2.3 MEXICO 160
15.2.3.1 Extensive use of grow lights in tomato cultivation to accelerate market growth 160
15.3 EUROPE 161
FIGURE 52 EUROPE: SNAPSHOT OF GROW LIGHTS MARKET 161
TABLE 102 EUROPE: GROW LIGHTS MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 162
TABLE 103 EUROPE: GROW LIGHTS MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 162
TABLE 104 EUROPE: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION) 162
TABLE 105 EUROPE: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION) 162
FIGURE 53 GREENHOUSE APPLICATIONS IN EUROPE TO OCCUPY LARGEST MARKET SHARE IN 2028 163
TABLE 106 EUROPE: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 163
TABLE 107 EUROPE: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 163
TABLE 108 EUROPE: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION) 164
TABLE 109 EUROPE: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION) 164
TABLE 110 EUROPE: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION) 164
TABLE 111 EUROPE: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION) 164
TABLE 112 EUROPE: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION) 165
TABLE 113 EUROPE: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION) 165
15.3.1 UK 165
15.3.1.1 Large-scale indoor farming and vertical farming practices in UK to boost demand for grow lights 165
15.3.2 GERMANY 166
15.3.2.1 High adoption of grow lights in commercial greenhouses to fuel growth 166
15.3.3 NETHERLANDS 166
15.3.3.1 Robust agriculture industry and significant presence of key market players to augment growth 166
15.3.4 SCANDINAVIA 167
15.3.4.1 Rapid adoption of grow lights in indoor farming and greenhouse applications to stimulate market growth 167
15.3.5 REST OF EUROPE 168
15.4 ASIA PACIFIC 169
FIGURE 54 ASIA PACIFIC: SNAPSHOT OF GROW LIGHTS MARKET 169
FIGURE 55 SOUTHEAST ASIA TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028 170
TABLE 114 ASIA PACIFIC: GROW LIGHTS MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 170
TABLE 115 ASIA PACIFIC: GROW LIGHTS MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 170
TABLE 116 ASIA PACIFIC: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION) 171
TABLE 117 ASIA PACIFIC: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION) 171
TABLE 118 ASIA PACIFIC: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 171
TABLE 119 ASIA PACIFIC: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 171
TABLE 120 ASIA PACIFIC: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION) 172
TABLE 121 ASIA PACIFIC: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION) 172
TABLE 122 ASIA PACIFIC: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION) 172
TABLE 123 ASIA PACIFIC: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION) 172
TABLE 124 ASIA PACIFIC: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION) 173
TABLE 125 ASIA PACIFIC: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION) 173
15.4.1 CHINA 173
15.4.1.1 Robust presence of leading LED manufacturers to promote market growth in China 173
15.4.2 JAPAN 174
15.4.2.1 Considerable shortage of arable land in Japan to boost demand for grow lights 174
15.4.3 SOUTHEAST ASIA 174
15.4.3.1 High demand for fresh horticulture produce to fuel market growth 174
15.4.4 AUSTRALIA 175
15.4.4.1 Limited rainfall to fuel adoption of grow lights for indoor farming in Australia 175
15.4.5 REST OF ASIA PACIFIC 176
15.5 REST OF THE WORLD 177
TABLE 126 REST OF THE WORLD: GROW LIGHTS MARKET, BY REGION, 2019–2022 (USD MILLION) 177
TABLE 127 REST OF THE WORLD: GROW LIGHTS MARKET, BY REGION, 2023–2028 (USD MILLION) 177
TABLE 128 REST OF THE WORLD: GROW LIGHTS MARKET, BY OFFERING, 2019–2022 (USD MILLION) 177
TABLE 129 REST OF THE WORLD: GROW LIGHTS MARKET, BY OFFERING, 2023–2028 (USD MILLION) 177
TABLE 130 REST OF THE WORLD: GROW LIGHTS MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 178
TABLE 131 REST OF THE WORLD: GROW LIGHTS MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 178
FIGURE 56 FRUITS & VEGETABLES SEGMENT TO OCCUPY LARGEST MARKET SHARE IN 2028 178
TABLE 132 REST OF THE WORLD: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2019–2022 (USD MILLION) 179
TABLE 133 REST OF THE WORLD: GROW LIGHTS MARKET, BY CULTIVATED PLANT, 2023–2028 (USD MILLION) 179
TABLE 134 REST OF THE WORLD: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2019–2022 (USD MILLION) 179
TABLE 135 REST OF THE WORLD: GROW LIGHTS MARKET, BY INSTALLATION TYPE, 2023–2028 (USD MILLION) 179
TABLE 136 REST OF THE WORLD: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2019–2022 (USD MILLION) 180
TABLE 137 REST OF THE WORLD: GROW LIGHTS MARKET, BY LIGHTING TYPE, 2023–2028 (USD MILLION) 180
15.5.1 MIDDLE EAST 180
15.5.1.1 Resource scarcity to propel adoption of grow lights in vertical farms in Middle East 180
15.5.2 AFRICA 181
15.5.2.1 Harsh weather conditions to promote implementation of grow lights 181
15.5.3 SOUTH AMERICA 181
15.5.3.1 Vertical coffee farming in Brazil to provide lucrative opportunities for grow lights market 181

16 COMPETITIVE LANDSCAPE 182
16.1 OVERVIEW 182
16.2 MARKET EVALUATION FRAMEWORK 182
TABLE 138 OVERVIEW OF STRATEGIES ADOPTED BY KEY SOLUTION PROVIDERS 182
16.2.1 PRODUCT PORTFOLIO 183
16.2.2 REGIONAL FOCUS 183
16.2.3 MANUFACTURING FOOTPRINT 183
16.2.4 ORGANIC/INORGANIC STRATEGIES 183
16.3 MARKET SHARE ANALYSIS, 2022 184
TABLE 139 GROW LIGHTS MARKET: MARKET SHARE ANALYSIS (2022) 184
16.4 FIVE-YEAR COMPANY REVENUE ANALYSIS 185
FIGURE 57 FIVE-YEAR REVENUE ANALYSIS OF TOP 2 PLAYERS IN GROW LIGHTS MARKET, 2018–2022 185
16.5 COMPANY EVALUATION QUADRANT 186
16.5.1 STARS 186
16.5.2 EMERGING LEADERS 186
16.5.3 PERVASIVE PLAYERS 186
16.5.4 PARTICIPANTS 186
FIGURE 58 GROW LIGHTS MARKET: COMPANY EVALUATION QUADRANT, 2022 187
16.6 STARTUP/SMALL AND MEDIUM-SIZED ENTERPRISES (SME) EVALUATION MATRIX 188
TABLE 140 GROW LIGHTS MARKET: DETAILED LIST OF KEY STARTUPS/SMES 188
TABLE 141 STARTUPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) IN GROW LIGHTS MARKET 189
TABLE 142 GROW LIGHTS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES (APPLICATION FOOTPRINT) 191
TABLE 143 GROW LIGHTS MARKET: COMPETITIVE BENC