LED Grow Light Global Market Size, Share Report, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc.

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Overview and Scope
LED grow lights refer to specialized LED lights that facilitate photosynthesis in plants which helps plants to grow without sunlight or in very low sunlight. These lights are used for growing indoor crops.

Sizing and Forecast
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..

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the LED grow light market in 2023. 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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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the LED grow lights market are innovating new products, such as advanced horticulture LED grow light, to sustain their position in the market. An advanced horticulture LED grow light incorporating cutting-edge technology to optimize plant growth and enhance crop yield in controlled environments. For instance, in November 2023, Polymatech Electronics Private Limited, an India-based opto-semiconductor chip manufacturer, launched RavayeTM. RavayeTM is a next-generation horticulture LED grow light used for vertical farming, hydroponics, and horticulture applications. RavayeTM is designed to enhance nutritious plant growth and reduce lighting system costs. RavayeTM is a full-spectrum lighting solution that provides a range of wavelengths from yellow to green to blue to red, creating a blend of light that promotes healthier plant growth. It accelerates photosynthesis, strengthens plant immunity, and increases nutritional value.

The led grow light market report table of contents includes:
1. Executive Summary