LED Grow Light Market Analysis
Market Research Future (MRFR) estimates the global LED
Grow Light Market is expected to grow from USD 621.83 Million in 2022 to
USD 15.2 Billion by 2030, at a CAGR of 27.30%, during the forecast period.
An LED grow light is a type of electric lighting that is used to
stimulate plant growth by generating light that is suitable for photosynthesis.
This device functions as an artificial light source, which is extensively used
by agriculturalists to replace naturally occurring light. LED grow lights
provide several advantages, including higher energy efficiency, minimal heat
emission, and no need for a ballast. These lights are commonly used in vertical
and indoor farming, as well as commercial greenhouses. However, the necessity
for varied light spectrums for different crops, as well as the high cost of
these lights, may limit their use in the coming years.
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Key Players
Notable players in the Global LED Grow Light Market are Alta LED
Corporation (US), General Electric Company (US), Bridgelux, Inc. (US), Cree,
Inc. (US), Everlight Electronics Co. Ltd (Taiwan), Heliospectra AB (Sweden),
Illumitex, Inc. (US), Osram Licht AG (Germany), Royal Philips Electronics N.V.
(Netherlands), Lumigrow, Inc. (US), Gavita Holland B.V. (Netherlands), Iwasaki
Electric Co., Ltd. (US), Transcend Lighting Inc. (US), Giant (Shenzhen),
Illumitex Inc. (US), Science&Technology Co., Ltd (Relassy) (China), and
Samsung Electronics (South Korean).
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COVID-19 Impact on the Global LED Grow Light Market
COVID-19 is an unparalleled public health emergency that has affected
practically every industry, and the long-term repercussions are expected to
impact industrial growth during the forecast period.
Market Segmentation
The global LED grow light industry has been segmented based on
installation type, product, spectrum, and application.
By installation type, the global LED grow light market has been
segmented into retrofit and new. The retrofit installation segment is expected
to lead the market during the forecast period. The retrofit process includes
removing an existing grow light and installing a new one. However, the new
installation segment is projected to register the highest CAGR due to the rapid
growth in the indoor vertical farms.
By product, the global LED grow light market has been divided into
>100 W, <100 W to >300 W, <300 W to >1000W, and <1000W. The
<100 W to >300 W segment is projected to dominate the market during the
review period. Nevertheless, the <300 W to >1000W segment is anticipated
to register the highest CAGR.
By spectrum, the global LED grow light market has been divided into
partial and full segments. The spectral outputs from the grow light are
used to simulate outdoor circumstances. The light spectrum necessity depends on
the type of plant being cultivated and the stage of cultivation. Worldwide, the
full spectrum LED segment is seeing the highest adoption; it is expected to
register the highest CAGR during the forecast period.
By application, the global LED grow light market has been segmented into
indoor farming, greenhouse, vertical farming, turf and landscaping, and others.
The vertical farming segment is anticipated to register the highest CAGR during
the review period owing to the increase in the trend of controlled environment
agriculture in urban regions and the changing outlook of food production. The
greenhouse segment is projected to dominate the market during the forecast
period.
Regional Analysis
The geographical analysis of the global LED grow light market has been
done for North America, Europe, Asia Pacific, and the rest of the world.
From 2019 to 2025, Europe is predicted to hold the greatest share of the
LED grow light market. Europe is a major supplier of horticultural produce
grown within automated commercial greenhouses. Furthermore, the harsh winter
weather has resulted in the widespread adoption of indoor horticulture in this
region.
Because of the region's high concentration of market players, easy
availability of sophisticated technical experience, and rising cannabis
cultivation market, North America is the second-largest market for LED grow
lights. Furthermore, the US government's rigorous requirements on the usage of
efficient and eco-friendly lighting technologies are pushing the widespread
adoption of LED grow lights in North America.
Summary
The global LED grow light market is set to reach USD 2.01 billion at a CAGR of 26.45% from 2019 to 2025 (forecast period). A grow light is a sort of electronic lamp that emits an electromagnetic spectrum that is perfect for photosynthesis, hence accelerating plant development. For illumination, LED grow lights make use of LED technology.
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