Asia Pacific Grow Light Market Size & Outlook, 2022-2030
Asia Pacific grow light market, 2018-2030 (US$M)
Related Markets
Asia Pacific grow light market highlights
- The Asia Pacific grow light market generated a revenue of USD 1,324.0 million in 2022.
- The market is expected to grow at a CAGR of 16.5% from 2023 to 2030.
- In terms of segment, commercial greenhouse was the largest revenue generating application in 2022.
- Vertical Forming is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, China is expected to register the highest CAGR from 2023 to 2030.
Asia Pacific data book summary
| Market revenue in 2022 | USD 1,324.0 million |
| Market revenue in 2030 | USD 4,485.6 million |
| Growth rate | 16.5% (CAGR from 2022 to 2030) |
| Largest segment | Commercial greenhouse |
| Fastest growing segment | Vertical Forming |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Indoor Farming, Vertical Forming, Commercial Greenhouse |
| Key market players worldwide | AeroFarms, Everlight Electronics, Illumitex, LumiGrow, OSRAM Licht AG, Heliospectra, Gavita, Hortilux Schréder |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 28.2% of the global grow light market in 2022.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 4,485.6 million by 2030.
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Grow Light Market Scope
Grow Light Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific grow light market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to grow light market will help companies and investors design strategic landscapes.
Commercial greenhouse was the largest segment with a revenue share of 43.22% in 2022. Horizon Databook has segmented the Asia Pacific grow light market based on indoor farming, vertical forming, commercial greenhouse covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific region consumes around 75% of all vegetables globally, including a large variety of Chinese cabbage, Korean staple kimchi, and medicinal Japanese leafy ice green plants. Consumers are changing their food preferences, and the supply chain is adopting to match their demands. As a result of this, agriculture methods and techniques are shifting towards technology-based indoor farming.
The rising population worldwide, especially in emerging economies such as China, India, has led to an increase in food demand, which is spurring market growth. However, the changing climatic conditions contribute to existing environmental problems, such as soil degradation and groundwater depletion, affecting the food and agriculture production systems.
Food security is also an important factor for the countries facing a declining food self-sufficiency rate. For example, Japan has seen a decline in its food self-sufficiency ratio in the last few decades – the ratio of consumption of food grown within the country – fell from around 80% in the 1960s to around 40% in the 2010s.
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Target buyers of Asia Pacific grow light market databook
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Our clientele includes a mix of grow light market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific grow light market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific grow light market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific grow light market size, by country, 2018-2030 (US$M)
Asia Pacific Grow Light Market Outlook Share, 2022 & 2030 (US$M)
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