1. Application prospects and market demand in cannabis cultivation

• Market background: Cannabis can be traced back to 5,000 years ago as a traditional Chinese medicine, textile fiber material and oil crop in my country. As more and more countries and regions legalize cannabis cultivation, the cannabis cultivation and consumption market is expanding rapidly, and the demand for indoor cultivation and related equipment is growing.

• Demand characteristics of plant growth lights: As a medicinal plant, cannabis has extremely high requirements for the light environment for its growth. During the flowering period, cannabis requires higher intensity light to promote flower bud development and the synthesis of THC compounds. The application ratio of plant growth lights in cannabis cultivation has dropped from 40% in 2020 to 25% in 2024, but it is still an important part of the field of high-value plant cultivation. Cannabis cultivation is mainly concentrated indoors. LED plant growth lights can provide customized light environments that meet the needs of cannabis growth due to their adjustable spectrum and energy saving. In addition, plant growth lights can also be integrated with intelligent control systems to achieve precise control of spectrum, light intensity, and light cycle, further improving the yield and quality of cannabis.

• Market demand and growth trend: With the increase in countries and regions where cannabis cultivation is legalized, the market demand for indoor cannabis cultivation continues to grow. It is estimated that by 2037, the global plant growth lamp market will reach US$34.85 billion, with a compound annual growth rate of 21.4% during 2025-2037. The demand for plant growth lamps in the field of cannabis cultivation will maintain steady growth. At the same time, with the advancement of technology and the increase in growers' demand for high-quality cannabis, the performance and functional requirements of plant growth lamps will continue to increase.

2. Application prospects and market demand in other emerging fields

• Cultivation of medicinal plants: In addition to cannabis, many medicinal plants such as Panax notoginseng and Cordyceps sinensis have strict requirements on the growth environment. Plant growth lamps can simulate natural light, provide specific spectrum required by plants, promote the growth of medicinal plants, increase the content of effective ingredients, meet the needs of medicinal plant cultivation, and have huge market potential.

• Agricultural research and biopharmaceuticals: In the field of agricultural research, plant growth lamps can provide precise light environment for research such as plant gene editing and tissue culture, accelerating the scientific research process. In biopharmaceuticals, it is used to cultivate medicinal plant cells or tissues, extract medicinal ingredients, ensure a stable supply of raw materials, and meet the development needs of the biopharmaceutical industry.

• Space agriculture and polar planting: With the advancement of space exploration and polar research, plant growth lamps have shown great potential in space agriculture and polar planting. In space or polar environments, plant growth lamps can provide light for plants, meet growth needs, and ensure the supply of fresh vegetables for astronauts and polar scientific expedition personnel. The scope of application will continue to expand in the future.

Plant growth lamps show broad application prospects and market demand in emerging fields such as cannabis cultivation. With the continuous advancement of technology and the continuous growth of market demand, plant growth lamps will continue to innovate and develop, providing more efficient and accurate lighting solutions for these emerging fields, and helping the vigorous development of related industries.