The LED Grow Light by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s LED Grow Light , The led grow light market size has grown exponentially in recent years. It will grow from $3.1 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 26.1%. The growth in the historic period can be attributed to cost reduction and availability, research and education, regulatory support and incentives, urban agriculture trends, crop yield optimization.
The led grow light market size is expected to see exponential growth in the next few years. It will grow to $10.12 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to consumer awareness and demand, market globalization, emergence of new crops, research and development investments, shift towards sustainable agriculture, expansion of indoor farming.. Major trends in the forecast period include market diversification, customized spectral contr, modular and flexible designs, advancements in efficiency, adoption of smart lighting solutions, vertical farming and urban agriculture.
The growth of indoor farming is expected to propel the growth of the LED grow lights market going forward. Indoor farming refers to farming that is done indoors such as in a building with very less or no sunlight. LED grow lights facilitate the photosynthesis process with a spectrum aimed at a specific goal such as anthocyanin accumulation, flowering inhibition and enhanced rooting of indoor plants, as a result, the growth of indoor farming increases the demand for LED grow lights. For instance, in June 2021, according to Artemis, a US-based enterprise cultivation management solutions provider, a survey was conducted on indoor farming among 205 enterprise horticulture facilities across the US. Among those enterprise horticulture facilities, 73% of the indoor farming enterprises were planning to significantly expand their business in the upcoming five years which was planned at 544 acres in total. Further, glass or polycarbonate greenhouses were planned to expand the most at 206 acres which were followed by container farms at 156 acres and indoor vertical farms at 84 acres. Therefore, the growth of indoor farming drives the LED grow lights market.
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The led grow light market covered in this report is segmented –
1) By Spectrum: Narrow, Broad
2) By Wattage: Low Power (<100 W), Medium Power (100–300 W), High 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
Product innovations are a key trend gaining popularity in the LED grow light market. Major companies in the market are introducing innovative products such as ‘nurturGrow’ sustainable LED grow lights to sustain their position in the market. For instance, in July 2021, Light Science Technologies, a UK-based developer of controlled environment agriculture products launched nurturGrow LED grow lights. The new product is innovative and sustainable with 85% of its components being reusable, which would help indoor growers to upgrade the components very easily and save costs on lighting. The nurturGrow light has a variable length of up to 2.78 m making it the longest luminaire in the market.
The led grow light market report table of contents includes:
1. Executive Summary
2. LED Grow Light Market Characteristics
3. LED Grow Light Market Trends And Strategies
4. LED Grow Light Market – Macro Economic Scenario
5. Global LED Grow Light Market Size and Growth
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26. South America LED Grow Light Market
27. Brazil LED Grow Light Market
28. Middle East LED Grow Light Market
29. Africa LED Grow Light Market
30. LED Grow Light Market Competitive Landscape And Company Profiles
Top Major Players:
- Illumitex Inc
- OSRAM Licht AG
- LumiGrow Inc
- Heliospectra AB
- Bridgelux Inc
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