LED Grow Light Market:
The GMI Research’s latest analysis reveals that the LED Grow Light Market is slated to register a significant CAGR over the forecast period. This is mainly attributed to the increasing popularity of commercial greenhouse for plant cultivation and the rising trend of indoor farming methods.
LED Grow Light Market’s leading Manufacturers:
- OSRAM Opto Semiconductors GmbH
- Heliospectra AB
- Illumitex
- GNUK LTD.
- ALTA LED Corporation
- Koninklijke Philips N.V.
- Everlight Electronics Co., Ltd.
- Bridgelux, Inc.
- Cree, Inc.
- LumiGrow
LED Grow Light Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The increasing popularity of commercial greenhouse for plant cultivation and the rising trend of indoor farming methods are the key factors contributing to the growth of the LED grow light market size during the forecast period. With the significantly changing weather conditions, it has become mandatory for farmers to opt for indoor farming techniques to prevent severe temperatures and keep away plants from pests and insects. Furthermore, the growing awareness related to the advantages of LED grow lights will attract a large number of farmers to the market. The government of various emerging countries like India is planning to introduce various initiatives to promote the use of LED lights to converse energy. For instance, India’s PM Narender Modi started a National Program for the distribution of LED lights at a low cost in 2015.
Several multinational giants are focusing on cooperating with the end-user to enhance their share in the LED grow light market. For example, Royal Philips successfully joined with Green Sense Farms (GSF) to develop an indoor commercial farm utilizing LED grow lights according to the drastically changing demand for crops. The growing number of partnerships in the market will further bolster the demand of the market. On the other edge, the availability of substitute glow light and the high cost of Led grow light will hinder the growth of the market.
Application Segment Drivers
Based on Application, the global LED grow light market is segmented into Indoor Farming, Commercial Greenhouse, Landscaping and Turf, and Vertical Farming. The Commercial Greenhouse is anticipated to rise at a faster CAGR due to the increasing incidence of unpredictable environmental changes. With the significant change in environment, particularly in the winter season, the day-light hours decrease, thereby encouraging the farmers to adopt LED grow lights to increase the day or complement natural sunlight in the greenhouse. Additionally, the full functionality and power control of numerous colored LED grow light offers the farmers a certain amount of the plants’ growth behavior.
LED Grow Light Market Segmentation:
Segmentation by Installation Type:
- Retrofit
- New
Segmentation by Product:
- >100 W
- <100 W to >300 W
- <300 W to >1000W
- <1000W
Segmentation by Spectrum:
- Partial
- Full
Segmentation by Application:
- Indoor Farming
- Greenhouse
- Vertical Farming
- Turf and Landscaping
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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