North America Grow Light Market Size & Outlook, 2022-2030
North America grow light market, 2018-2030 (US$M)
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North America grow light market highlights
- The North America grow light market generated a revenue of USD 1,062.2 million in 2022.
- The market is expected to grow at a CAGR of 15.3% 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, Canada is expected to register the highest CAGR from 2023 to 2030.
North America data book summary
| Market revenue in 2022 | USD 1,062.2 million |
| Market revenue in 2030 | USD 3,313.4 million |
| Growth rate | 15.3% (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, North America region accounted for 22.7% 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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North America 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 43.71% in 2022. Horizon Databook has segmented the North America grow light market based on indoor farming, vertical forming, commercial greenhouse covering the revenue growth of each sub-segment from 2018 to 2030.
Indoor farming in the region became economically sustainable when LED lights became cheap, ample, and efficient. Before that, grow lights produced massive amounts of heat, and thus electricity bills and cooling costs were sky-high.
However, the U.S. Department of Energy’s proposed reversal of energy efficiency standards could hamper the indoor agricultural sector. Government funds to develop vertical farms is expected to drive the regional demand in the North American market.
For instance, New Jersey Economic Development Authority offered $9 million to AeroFarms to build the largest vertical farm in New Jersey that harvests around 2 million pounds of food yearly. Increasing consumer awareness regarding the advantages of consuming fresh and high-quality food is expected to drive the growth of the region's indoor farming market and eventually grow light market as well.
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Our clientele includes a mix of grow light market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America grow light market , including forecasts for subscribers. This continent databook contains high-level insights into North America grow light market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America grow light market size, by country, 2018-2030 (US$M)
North America Grow Light Market Outlook Share, 2022 & 2030 (US$M)
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