Grow light supplementing equipment is an artificial light source, mainly through emitting electromagnetic spectrum suitable for photocooperation to stimulate plant growth, including HID plant light supplementing equipment, LED grow light supplementing equipment and other plant light supplementing equipment(called grow lighting also) such as fluorescent lamp. HID grow lighting equipment is suitable for large plant cultivation and planting lighting, mature and reliable technology, is one of the most widely used light source in the field of plant growth lighting. In addition, with the development of LED technology, more and more downstream industries began to use LED plant lighting equipment.

According to the "China Plant Lighting Equipment Market Development Trend Research and Future Investment Analysis Report (2022-2029)" released by Guanyan Report Network, in recent years, with the increase in global demand for fruits and vegetables and the gradually decreasing per capita arable land area, household The growing demand for horticultural planting and the rapid development of modern facility agriculture have accelerated the popularization of new forms of agriculture such as greenhouses and plant factories.

The data shows that in 2019, the global market size of plant supplementary lighting equipment increased from US$1.76 billion in 2015 to US$3.79 billion, with a compound annual growth rate of 21.1%. It is estimated that by 2024, the global grow lighting equipment market will reach USD 11.50 billion.

From the perspective of subdivisions, due to its high light efficiency, wide irradiation range, high stability, low unit price, and strong environmental adaptability, the market demand for HID plant supplementary lighting equipment has grown rapidly, and it is currently the most widely used in the field of plant growth. Equipment type. The data shows that in 2019, the global HID plant lighting equipment market scale was US$2.33 billion, accounting for 61.5% of the global plant lighting equipment market. It is estimated that by 2024, the global HID grow lighting equipment market size will reach 5.60 billion US dollars.

In terms of LED grow light, it plays a key role in modern agricultural construction. In recent years, with the mature development of LED technology, the penetration rate of global LED products has increased year by year. The data shows that in 2019, the global LED plant lighting equipment market scale increased from US$310 million in 2015 to US$1.22 billion, with a compound annual growth rate of 40.8%. It is expected that LED grow light fixture will be further applied to modern agricultural production in the future, and the market size will reach 5.70 billion US dollars by 2024.

From the application field, the current grow light equipment is mainly used in greenhouses, vertical agriculture, plant factories and home gardening and other fields.

Among them, plant supplementary light equipment is the most widely used in the field of commercial greenhouses. According to the data, the market size of the global grow lighting equipment used in the commercial greenhouse sector reached 2.51 billion US dollars in 2019, and is expected to grow to 6.06 billion US dollars in 2024, with a compound annual growth rate of 21.4%.

There is huge room for growth in plant factories. It is understood that LEDs can be combined to adjust the "light formula" suitable for plant growth due to the characteristics of the spectrum can be designed. It is expected that with the shortage of food demand and the shortage of new generation labor in the future, plant factories will be widely used, which will continue to drive the growth of the global plant lighting equipment market. According to the data, the market size of the global plant lighting equipment used in the plant factory sector in 2019 was US$240 million, and it is expected to grow to US$1.47 billion in 2024.

From a global perspective, benefiting from the growing demand for home gardening, the North American plant lighting equipment market has developed rapidly in recent years, and has now become the world's largest market segment. According to the data, the market size of North American plant supplementary lighting equipment in 2019 increased from 530 million US dollars in 2015 to about 1.16 billion US dollars. It is estimated that by 2024, the market size of plant supplementary lighting equipment in North America will reach about 3.97 billion US dollars.

The second is Europe. Since 2015, the market size of plant lighting equipment in Europe has been growing. According to the data, the market size of European plant lighting equipment in 2019 has grown from US$600 million in 2015 to about US$1.43 billion. It is estimated that the market size of European grow light equipment will reach USD 3.89 billion in 2024.

In Asia, thanks to the rapid development of commercial greenhouses and plant factories, the market size of plant supplementary lighting equipment has increased rapidly. According to the data, the market size of plant supplementary lighting equipment in Asia increased from US$410 million in 2015 to about US$780 million in 2019. It is estimated that the market size of plant supplementary lighting equipment in Asia will reach 2.5 billion US dollars in 2024.