Meticulous Research® has published its latest report on the grow lights market, projecting it to reach $8.5 billion by 2030, growing at a CAGR of 20.6% during the forecast period. This growth is driven by increasing R&D initiatives to develop hybrid plants and crops, rising adoption of vertical farming, and increasing requirements for improving agricultural production efficiency, food safety, and fruits & vegetable quality. The rise in urban farming adoption further propels the market.

Despite the promising growth, high set-up costs may restrain market expansion. However, technological advancements in LED grow lights and the penetration of smart technologies in farming are expected to offer significant growth opportunities. Challenges such as varying lighting spectrum requirements for different plants and crops and a lack of standard testing practices for horticulture lights and fixtures may hinder market growth.

Meticulous Research® has segmented the market based on offering, type, application, farming type, sales channel, and geography for comprehensive analysis. The study also evaluates industry competitors and analyzes the market at regional and country levels.