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LED Grow Light Market Analysis With Key Players, Applications, Trends And Forecast To 2033
LED Grow Light Market
LED Grow Light Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $10.12 billion In 2028 At A CAGR Of 26.8%.
The led grow light market size has grown exponentially in recent years. It will grow from $3.1 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 26.1%. The growth in the historic period can be attributed to cost reduction and availability, research and education, regulatory support and incentives, urban agriculture trends, crop yield optimization..
The led grow light market size is expected to see exponential growth in the next few years. It will grow to $10.12 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to consumer awareness and demand, market globalization, emergence of new crops, research and development investments, shift towards sustainable agriculture, expansion of indoor farming.. Major trends in the forecast period include market diversification, customized spectral contr, modular and flexible designs, advancements in efficiency, adoption of smart lighting solutions, vertical farming and urban agriculture..
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LED Grow Light Market Major Segments
The led grow light market covered in this report is segmented -
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
Key Driver - Led Grow Lights Market Thrives On The Surge In Indoor Farming
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. For instance, in June 2021, according to Artemis, a US-based enterprise cultivation management solutions provider, a survey was conducted on indoor farming among 205 enterprise horticulture facilities across the US. Among those enterprise horticulture facilities, 73% of the indoor farming enterprises were planning to significantly expand their business in the upcoming five years which was planned at 544 acres in total. Further, glass or polycarbonate greenhouses were planned to expand the most at 206 acres which were followed by container farms at 156 acres and indoor vertical farms at 84 acres. Therefore, the growth of indoor farming drives the LED grow lights market.
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Prominent Trend - Sustainable Led Grow Lights Transforms The Market
Product innovations are a key trend gaining popularity in the LED grow light market. Major companies in the market are introducing innovative products such as 'nurturGrow' sustainable LED grow lights to sustain their position in the market. For instance, in July 2021, Light Science Technologies, a UK-based developer of controlled environment agriculture products launched nurturGrow LED grow lights. The new product is innovative and sustainable with 85% of its components being reusable, which would help indoor growers to upgrade the components very easily and save costs on lighting. The nurturGrow light has a variable length of up to 2.78 m making it the longest luminaire in the market.
LED Grow Light Market Players
Major companies operating in the led grow light market report 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, LED Hydroponic Ltd., GSK Glaxosmithkline, Sollum Technologies, Urban Crop Solutions, Light Science Technologies Ltd., Light Extraction, Gavita International B.V., Vivosun, ams-OSRAM AG, California LightWorks, EYE Hortilux, Hortilux Schréder, Koninklijke Philips N.V., Crecer Lighting, Mars Hydro, Darkless .
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the LED grow light market in 2023. The regions covered in the led grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. LED Grow Light Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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