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LED Grow Light Market 2023 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company
LED Grow Light Market
LED Grow Light Market Size, Growth Rate, And Forecast
The global LED grow light market size is expected to grow from $2.47 billion in 2022 to $3.10 billion in 2023 at a compound annual growth rate (CAGR) of 25.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global LED grow light market size is expected to reach $7.77 billion in 2027 at a CAGR of 25.8%.
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LED Grow Light Market Drivers
The growth of indoor farming is expected to propel the growth of the LED grow lights market going forward. Indoor farming refers to farming that is done indoors such as in a building with very less or no sunlight. LED grow lights facilitate the photosynthesis process with a spectrum aimed at a specific goal such as anthocyanin accumulation, flowering inhibition and enhanced rooting of indoor plants, as a result, the growth of indoor farming increases the demand for LED grow lights.
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LED Grow Light Market Segments
1) By Spectrum: Narrow, Broad
2) By Wattage: Low Power (300 W)
3) By Installation Type: New Installation, Retrofit
4) By Application: Indoor Farming, Commercial Greenhouse, Vertical Farming, Turf And Landscaping, Research, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the LED Grow Light market.
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LED Grow Light Market Key Players
Major players in the LED grow light market are Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company, Samsung Electronics Co. Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., Valoya Ltd., Violet Gro Inc., Cidly Co.Ltd., Kessil Lighting, Kind LED Grow Lights and LED Hydroponic Ltd.
The Business Research Company's "Global LED Grow Light Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The LED Grow Light Market Include:
1. Executive Summary
2. LED Grow Light Market Characteristics
3. LED Grow Light Market Trends And Strategies
4. LED Grow Light Market - Macro Economic Scenario
5. LED Grow Light Market Size And Growth
……
27. LED Grow Light Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The LED Grow Light Market
29. LED Grow Light Market Future Outlook and Potential Analysis
30. Appendix
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