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Evolving Market Trends In The LED Grow Light Industry: Innovative Next-Generation LED Grow Lights Driving Enhanced Plant Growth and Energy Efficiency in Horticulture
LED Grow Light
What Is the Current LED Grow Light Market Size and Its Estimated Growth Rate?
In recent years, there has been a significant growth in the LED grow light market. The market, which stands at $3.86 billion in 2024, is expected to expand to $4.84 billion in 2025, which represents a compound annual growth rate (CAGR) of 25.3%. Factors contributing to the growth during the past period include decreased costs and increased availability, advances in research and education, supportive regulatory measures and incentives, emerging urban agriculture trends, and the pursuit of optimizing crop yields.
In the ensuing years, the LED grow light market is projected to experience astronomical expansion. The market value will escalate to $12.66 billion by 2029 with a compound annual growth rate (CAGR) of 27.2%. This anticipated growth during the forecast period can be linked to factors such as enhanced consumer awareness and demand, market globalization, emergence of new crops, investments in research and development, the shift towards sustainable agriculture, and the growth of indoor farming. The forecast period is also expected to see key trends such as market diversification, modular and flexible designs, improvements in efficiency, the incorporation of smart lighting methodologies, and the expansion of vertical farming and urban agriculture.
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What Are the High-Growth Segments in the LED Grow Light Market?
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 Key Drivers Are Expected to Influence Future LED Grow Light Market Growth?
The LED grow lights market is predicted to grow substantially due to the expanding indoor farming industry. Indoor farming involves agricultural practices within buildings where exposure to sunlight is minimal or non-existent. Indoor plants' photosynthesis is facilitated by LED grow lights, which use a spectrum designed for specific objectives such as the accumulation of anthocyanin, prevention of flowering, and aiding root growth. With the expansion of indoor farming, the demand for LED grow lights also intensifies. As an example, by June 2023, a significant rise in the indoor farming industry is anticipated, predicted to reach a global valuation of $9.7 billion by 2026. This is precipitated by the trends of growing urbanization, a requirement for locally grown food, and advancements in agricultural technology. Consequently, the LED grow lights market continues to grow in correlation with the surge in indoor farming.
Which Companies Hold the Largest Share Across Different LED Grow Light Market Segments?
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
What Trends Are Driving Growth in The LED Grow Light Market?
Leading businesses in the LED grow light market are concentrating on creating novel products, such as the next-gen LED lights, to promote energy conservation and optimize plant development. These new-age LED lights are technologically superior systems engineered to boost energy efficiency, control light spectrum, and extend lifespan. They're particularly beneficial for fields like horticulture, where exact wavelengths facilitate ideal plant growth. To illustrate, in January 2023, Indian manufacturing giant, Polymatech Electronics Private Limited, introduced a cutting-edge horticulture LED grow light named Ravaye, to emit a comprehensive light spectrum, critical for healthier and quicker plant growth, bolstering photosynthesis and enhancing nutritional content. This progressive lighting mechanism caters to professional horticulture needs such as vertical farming and greenhouse applications, simultaneously curbing lighting expenses for agriculturalists.
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What Are the Emerging Geographies for The LED Grow Light Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the LED Grow Light Market?
2. What is the CAGR expected in the LED Grow Light Market?
3. What Are the Key Innovations Transforming the LED Grow Light Industry?
4. Which Region Is Leading the LED Grow Light Market?
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