North America Cannabis Grow Lights Market Trends Analysis Report 2024-2030 - Growing Adoption Of Grow Lights For Indoor And Greenhouse Cannabis Cultivation Fuels Growth

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, July 29, 2024 (GLOBE NEWSWIRE) -- The "North America Cannabis Grow Lights Market Size, Share & Trends Analysis Report by Product (Light-Emitting Diode, High-Intensity Discharge Lamps), Cultivation (Indoor, Greenhouse), Country, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The North America cannabis grow lights market size is expected to reach USD 2.17 billion by 2030, registering a CAGR of 7.8% from 2024 to 2030

Grow light helps extend the hours of natural daylight, increasing the plants' health, growth rate, and yield. Artificial lighting, such as LED lighting, high-pressure sodium, and fluorescent lighting, is used for indoor cannabis cultivation. Rising awareness regarding the importance of alternative farming, owing to the low availability of fertile agricultural land, is one of the key factors anticipated to boost market growth.

Moreover, increased legalization of cannabis in North America, specifically in the U.S. states, fuels the market growth. For instance, as of April 2023, 38 U.S. states, the District of Columbia, and three territories have legalized cannabis for medical purposes, and 24 states, the District of Columbia, and two territories have legalized cannabis for recreational use. In addition, in June 2021, Mexico's Supreme Court legalized cannabis for recreational purposes.
Modern LED grow lights are equipped with sophisticated functionalities, including monitoring and controlling settings remotely, allowing cultivators to adjust lighting parameters precisely in real-time. Through smartphone applications or cloud-based platforms, cultivators can adjust spectrum, light intensity, and photoperiods to optimize plant growth and respond to changing environmental conditions. This level of control and precision empowers cultivators to minimize input costs, optimize resource utilization, and maximize yields.
Moreover, the growing adoption of grow lights for indoor and greenhouse cannabis cultivation fuels the market growth. For instance, according to research conducted by Cannabis Business Times and Fluence, 76% of participants reported using "High Pressure Sodium Bulbs" for vegetation and 73% for flowering in 2023 for cannabis cultivation.
Some of the key players in the market are Valoya, Heliospectra, Kind LED Grow Lights, VIVOSUN, California LightWorks, Biological Innovation and Optimization Systems, LLC, ViparSpectra, Mars Hydro, and Hydrofarm. Players are adopting key strategic initiatives to expand their business footprint and grow their clientele. For instance, in January 2024, Active Grow, a provider of horticultural lighting solutions, launched the LoPro Max 3.0 LED Grow Lights, which are available in 650W and 800W models. It features the Sun White Pro + Spectrum, developed for vegetative to flowering stages for commercial cultivation.
North America Cannabis Grow Lights Market Report Highlights

• Based on product, the light-emitting diode (LED) segment dominated the market in 2023. LED grow lights for cannabis run significantly cool, reducing the risk of plant stress and the need for extra ventilation expenses. They are also lightweight and don't need bulky ballast
• Based on cultivation, the indoor cultivation segment dominated the market in 2023. The growth is driven by the growing legalization of cannabis for indoor cultivation
• The U.S. dominated the North American market with the highest revenue share in 2023. Cannabis is used in the pharmaceutical, cosmetic, and food & beverage industries in the U.S.

Companies Featured

• Koninklijke Philips N.V.
• Valoya
• Heliospectra
• Kind LED Grow Lights
• VIVOSUN
• California LightWorks
• Biological Innovation and Optimization Systems, LLC.
• ViparSpectra
• Mars Hydro
• Hydrofarm
• Active Grow
• Thrive Agritech

Key Attributes:

Report Attribute	Details
No. of Pages	150
Forecast Period	2023 - 2030
Estimated Market Value (USD) in 2023	$1.3 Billion
Forecasted Market Value (USD) by 2030	$2.17 Billion
Compound Annual Growth Rate	7.8%
Regions Covered	North America

Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. North America Cannabis Grow Lights Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.2. Market restraint analysis
3.3. Cannabis Grow Lights: Market Analysis Tools
3.3.1. Industry Analysis - Porter's
3.3.2. PESTLE Analysis
3.4. Case Study Analysis
Chapter 4. North America Cannabis Grow Lights Market Segment Analysis, By Product, 2018-2030 (USD Million)
4.1. Definition and Scope
4.2. Product Market Share Analysis, 2023 & 2030
4.3. Segment Dashboard
4.4. North America cannabis grow lights market, by product, 2018 to 2030
4.5. Light-emitting diode (LED) Lights
4.6. High-intensity discharge (HID) Lamps/Lights
4.6.1. High-intensity discharge (HID) Lamps/Lights market estimates and forecasts, 2018 to 2030 (USD Million)
4.6.2. High Pressure Sodium Bulbs
4.6.3. Metal-halide (MH) Lights
4.7. Fluorescent Lights/Lamps
4.7.1. Fluorescent Lights/Lamps market estimates and forecasts, 2018 to 2030 (USD Million)
4.7.2. T5 Fluorescent Grow Lights/Lamps
4.7.3. Compact Fluorescent Light/ Lamp (CFL)
4.8. Ceramic metal-halide (CMH) Lights
Chapter 5. Cannabis grow lights Market Segment Analysis, By Cultivation, 2018-2030 (USD Million)
5.1. Definition and Scope
5.2. Cultivation Market Share Analysis, 2023 & 2030
5.3. Segment Dashboard
5.4. North America cannabis grow lights market, by cultivation, 2018 to 2030
5.5. Indoor Cultivation
5.6. Greenhouse Cultivation
Chapter 6. Cannabis grow lights Market Segment Analysis, By Region, By Product, By Cultivation, 2018- 2030 (USD Million)
6.1. Regional Market Share Analysis, 2023 & 2030
6.2. Regional Market Dashboard
6.3. Regional Market Snapshot
6.4. Cannabis Grow Lights Market Share by Region, 2023 & 2030
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Profiles
7.3.1. Company overview
7.3.2. Financial performance
7.3.3. Product benchmarking
7.3.4. Strategic initiatives

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• North American Cannabis Grow Lights Market

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