Press release
LED Grow Light Market Research Report 2024-2033: Opportunities and Strategies
LED Grow Light Market Research
According to The Business Research Company's, 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 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
LED Grow Light Market 2024 Key Insights:
• The led grow light market will grow to $10.12 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%.
• Led Grow Lights Market Thrives On The Surge In Indoor Farming
• Sustainable Led Grow Lights Transforms The Market
• Asia-Pacific was the largest region in the LED grow light market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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