Grow Lights Market Size

Grow Lights Market Future Prospects

The global grow lights market size was USD 2.2 billion in 2024, and this number is expected to increase to USD 15.0 billion by 2032, advancing at a CAGR of 27.1% during the forecast period (2025–2032). This can be attributed to the increasing need for food owing to the growing population, rising disposable income, growing preference for new and advanced farming practices, rapid urbanization, and technological advancements in the agriculture sector.

Furthermore, the various government measures to support LEDs, greenhouses, and vertical & indoor farming will propel the industry growth in the coming years.

The need for more-economical grow light technologies in cities is a key driving factor for the global grow lights market. The cost of producing food is high, which is why the demand for cheaper food production is increasing exponentially in urban areas. Furthermore, the availability of cultivable land around the cities is already limited. This leads to the increasing demand for new urban farming initiatives that are more economical and energy-efficient. The cost of grow lights plays a major role in the calculation of the overall cost of urban farming projects. Due to the recent price decline and easy availability of grow lights for local indoor farms, city inhabitants have started purchasing them for producing fresh, nutritious vegetables and fruits themselves, without bearing any charges for buying the crops. Furthermore, the smart city project and the trend of LED adoption for a variety of applications, including urban farming, are factors that boost market demand.