The LED Grow Light Global Market Report 2023, provides comprehensive information on the led grow light market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global LED grow light market size is expected to grow from $2.47 billion in 2022 to $3.10 billion in 2023 at a compound annual growth rate (CAGR) of 25.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global LED grow light market size is expected to reach $7.77 billion in 2027 at a CAGR of 25.8%.
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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 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
Asia-Pacific was the largest region in the led grow light market in 2022.
The table of contents in TBRC’s led grow light market report includes:
- Executive Summary
- LED Grow Light Market Characteristics
- LED Grow Light Market Trends And Strategies
- LED Grow Light Market – Macro Economic Scenario
- LED Grow Light Market Size And Growth
- LED Grow Light Market Segmentation
- LED Grow Light Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The LED Grow Light Market
- LED Grow Light Market Future Outlook and Potential Analysis
- Appendix
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