Press release
LED Grow Light Market: Major Trends Reshaping the Future of the Industry
LED Grow Light
What Will the LED Grow Light Industry Market Size Be by 2025?
The market size for led grow light has seen a phenomenal increase lately. Its expansion is expected to rise from $3.86 billion in 2024 to $4.8 billion in 2025, with a compound annual growth rate (CAGR) of 24.4%. The surge in growth during the historic period is credited to factors such as cost reduction and availability, research and education enhancements, backed by regulatory support and incentives. Trends in urban agriculture and the optimization of crop yield also play a significant role in this growth.
What's the Long-Term Growth Forecast for the LED Grow Light Market Size Through 2029?
Anticipated to see substantial growth in the coming years, the led grow light market is projected to reach a volume of $12.42 billion by 2029, reflecting a compound annual growth rate (CAGR) of 26.8%. Factors contributing to this upward trend during the forecast period include rising consumer awareness and demand, globalization of the market, introduction of new crops, investments in research and development, the shift towards sustainable agriculture, and the expansion of indoor farming. Key trends observed during this forecast period encompass market diversification, modular and adaptable designs, improvements in efficiency, incorporation of intelligent lighting solutions, vertical farming, and the emergence of urban agriculture.
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What Are the Key Growth Drivers Fueling the LED Grow Light Market Expansion?
The LED grow lights market's expansion is anticipated to surge due to the rise of indoor farming. Indoor farming, which takes place inside buildings with minimal exposure to sunlight, utilizes LED grow lights to mimic the photosynthesis process, concentrating on particular objectives like the accumulation of anthocyanin, inhibition of flowering, and boosting the rooting of indoor plants. This increases the need for LED grow lights. For example, by June 2023, the indoor farming sector is forecasted to witness substantial escalation, hitting a global high of $9.7 billion by 2026. This escalation can be attributed to increased urbanization, the preference for locally sourced food, and enhancements in farming technology. Consequently, the rise in indoor farming propels the market for LED grow lights.
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Which Emerging Trends Are Transforming the LED Grow Light Market in 2025?
Leading businesses in the LED grow light industry are concentrating their efforts on introducing unique products, such as the next-gen LED lights, to boost energy conservation and maximize plant development. These next-gen LED lights are sophisticated mechanisms crafted to improve energy effectiveness, control light spectrum, and increase durability. They are ideal for uses like horticulture that require specific wavelengths for the best plant growth. For instance, Polymatech Electronics Private Limited, a company based in India, unveiled its next-gen horticulture LED grow light named Ravaye in January 2023. This light provides a full spectrum necessary for fostering healthier and quicker plant growth. It enhances plant development by increasing the rate of photosynthesis and improving their nutrient value. This ground-breaking lighting mechanism is designed specifically for professional horticulture uses such as vertical farming and greenhouses, and at the same time, it minimizes the lighting expenses for farmers.
How Is the LED Grow Light Market Segmented?
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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Which Companies Are Leading the Charge in LED Grow Light Market Innovation?
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
Which Regions Are Leading the Global LED Grow Light Market in Revenue?
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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