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In-Depth Analysis of the LED Grow Light Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
LED Grow Light Market
The expansion of indoor farming is predicted to boost the LED grow lights market in the future. The term 'indoor farming' implies the practice of agriculture within a structure, typically devoid of substantial sunlight. LED grow lights enhance the process of photosynthesis and are designed to achieve specific objectives, including accumulation of anthocyanin, prevention of flowering, and improved plant rooting. Hence, the rise in indoor farming amplifies the need for LED grow lights. For example, the indoor farming sector is expected to witness significant growth in June 2023, aiming to touch a global value of $9.7 billion by 2026. This surge is attributable to growth in urban areas, the demand for locally grown food, and progress in farming technologies. Consequently, the progression of indoor farming propels the market for LED grow lights.
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What is the future CAGR of the led grow light market, and how will it impact industry expansion?
Over the past few years, the LED grow light market has experienced tremendous growth. It is projected to increase from $3.86 billion in 2024 to $4.84 billion in 2025 at a CAGR of 25.3%. This growth during the historic period can be tied back to a reduction in costs and increased availability, research, education, regulatory support, incentives, urban agriculture trends, and optimization of crop yield.
The market size of LED grow lights is projected to experience a significant surge in the coming years, expanding to $12.66 billion in 2029 with a compound annual growth rate (CAGR) of 27.2%. This projected growth can be credited to factors such as increased consumer knowledge and demand, global market expansion, the introduction of new crops, investments in research and development, and a shift towards sustainable farming. In the forecast period, the market is likely to see trends like diversification, modular and flexible designs, efficiency improvements, smart lighting solutions adoption, as well as vertical and urban farming.
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What are the most significant trends transforming the led grow light market today?
Leading corporations in the LED grow light market are concentrating on creating groundbreaking products like the upcoming generation of LED lights, geared towards improving energy efficiency and optimizing plant growth. These forthcoming LED lights are superior systems engineered for better energy conservation, control over light spectrum, and extended lifespan. These lights are tailored for uses such as horticulture, where exact wavelengths foster superior plant growth. As an illustration, Polymatech Electronics Private Limited, a manufacturing company based in India, rolled out a next-generation horticulture LED grow light called Ravaye in January 2023. This product offers a full light spectrum, a vital factor in encouraging healthier and quicker plant growth by speeding up photosynthesis and enhancing the nutritional value. This groundbreaking lighting apparatus is designed for professional horticulture uses, encompassing vertical farming and greenhouses, while concurrently reducing the lighting expenses of farmers.
Which key market segments comprise the led grow light market and drive its revenue growth?
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
Subsegments:
1) By Narrow: Red Spectrum, Blue Spectrum, Green Spectrum
2) By Broad: Full Spectrum, White Spectrum
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What regions are at the forefront of led grow light market expansion?
Asia-Pacific was the largest region in the LED grow light market in 2024. The regions covered in the LED grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the led grow light market?
Major companies operating in the LED grow light market include Illumitex Inc., LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company, Samsung Electronics Co Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, Valoya Ltd., Violet Gro Inc., Cidly Co Ltd., Kessil Lighting, Kind LED Grow Lights, LED Hydroponic Ltd., 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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What Is Covered In The LED Grow Light Global Market Report?
• Market Size Forecast: Examine the led grow light market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the led grow light market for a structured understanding.
• Key Players Overview: Analyze major players in the led grow light market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the led grow light market.
• Segment Contributions: Evaluate how different segments drive overall growth in the led grow light market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the led grow light market.
• Industry Challenges: Identify potential risks and obstacles affecting the led grow light market.
• Competitive Landscape: Review strategic developments in the led grow light market, including expansions, agreements, and new product launches.
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