Press release
LED Grow Light Market Poised to Hit $12.65 Billion by 2029 with Accelerating Growth Trends
LED Grow Light Market Size
LED Grow Light Market Size Growth Forecast: What to Expect by 2025?
In recent times, the size of the LED grow light market has seen rapid expansion. It's forecasted to expand from $3.86 billion in 2024 to $4.84 billion in 2025, marking a compound annual growth rate (CAGR) of 25.3%. Factors such as cost reduction and improved availability, progress in research and education, supportive regulations and incentives, increasing urban agriculture trends, and optimization of crop yield have contributed to the growth during the historic period.
How Will the LED Grow Light Market Size Evolve and Grow by 2029?
In the ensuing years, the market size of LED grow lights is projected to undergo substantial growth, escalating to a value of $12.66 billion by 2029 with a compound annual growth rate (CAGR) of 27.2%. This acceleration during the forecast time frame can be attributed to rising awareness and demand among consumers, the globalization of the market, introduction of new crops, financial investment in research and development, the shift towards ecologically friendly farming methods, and the broadening of indoor farming. During the projection period, a diversifying market, adaptable and modular designs, advancements in effectiveness, the adoption of intelligent lighting solutions, and the growing popularity of vertical farming and urban agriculture will be the key trends.
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What Drivers Are Propelling the Growth of LED Grow Light Market Forward?
The escalation of indoor farming is anticipated to spur the development of the LED grow lights market. Indoor farming involves cultivation inside a built environment, which has little to no exposure to sunlight. LED grow lights enable the photosynthesis process by providing a spectrum targeting specific needs such as the increased rooting of indoor plants, flowering inhibition, and anthocyanin accumulation. This consequently enhances indoor farming, thereby raising the need for LED grow lights. For example, in June 2023, it is forecasted that there will be significant growth in the indoor farming sector, expecting it to reach a worldwide value of $9.7 billion by 2026. This surge is owed to the increase in urbanization, the preference for local food sources, and progressive agricultural technology. Consequently, the expansion of indoor farming promotes the LED grow lights market.
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Which Emerging Trends Are Transforming the LED Grow Light Market in 2025?
Leading corporations in the LED grow light market are prioritizing the creation of innovative products, such as advanced LED lights, to improve energy utilization and promote optimal plant growth. These next-generation LED lights are state-of-the-art systems aimed at boosting energy effectiveness, regulating light spectrum, and extending lifespan. They are specifically engineered for uses in sectors like horticulture, where exact wavelengths are key for optimal plant growth. For example, Polymatech Electronics Private Limited, a company based in India, in January 2023 debuted its next-generation horticulture LED grow light, named Ravaye, which provides a wide light spectrum crucial for healthier and quicker plant growth. This forward-thinking lighting system boosts plant growth via speeding up photosynthesis and enhancing nutritional value and is developed for professional horticultural uses including vertical farming and greenhouses, simultaneously cutting down on farmers' lighting expenses.
What Are the Key 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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Who Are the Key Players Shaping the LED Grow Light Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the LED Grow Light Market?
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
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