LED Grow Light Market

LED Grow Light Market generated a revenue of USD 1,584 Million in 2019 and is forecast to witness a CAGR of 26.2% during forecast period, as they are cost-effective, cooler, and offer a greater light intensity as compared to fluorescent bulbs.

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Major LED Grow Light Market Drivers

The significant factors that are surging the growth of the global LED grow light market include the emerging trend of the indoor farming methods and the growing popularity of commercial greenhouse for plant cultivation in the coming years. With the fluctuating weather conditions, it has become compulsory for the farmers to opt for the indoor farming techniques to avoid extreme temperatures and to keep away plants from insects and pests. In addition to this, the awareness about the benefits of LED grow lights will attract new farmers to the market. The government of several developing economies, including India, are launching different initiatives to encourage the usage of LED lights in order to converse energy. For example, in 2015, India’s PM Narender Modi launched a National Program for the distribution of LED lights at a lower price. Emerging trend towards the indoor farming methods and growing prominence of commercial greenhouse to cultivate plant are boosting the market size. Further, strategic governmental initiatives and incentives have encouraged the adoption of LED grow lights, propelling the market growth. Easy availability of various alternative glow lights in the market is projected to expand the market growth. The growing application of LED grow lights in different applications such as hydroponics, indoor and greenhouse cultivation etc., because of its exceptional features such as financial savings, environmentally friendly aspects, faster harvest cycles and high yields, longer life time and energy-efficiency will offer enormous opportunities to the market. The growing adoption of LED grow lights from various AgTech firms to ensure cost efficiency and offer low energy consumption benefits, which helps in minimizing farming costs will expand the market growth. Various farming companies across the globe are leveraging LED-based lighting solutions to improve their farming. For example, Scottish vertical farming technology firm Intelligent Growth Solutions (IGS) is projected to w; the company develops vertical farming solutions to boost LED grow light efficiency, enhancing plant production.

Various multinational companies are emphasizing on collaborating with the end-user to improve their share in the LED Grow Light market. For instance, Royal Philips successfully partnered with Green Sense Farms (GSF) to develop indoor commercial farm using LED grow lights as per the changing demand of crops. The increasing number of collaboration in the market will support the growing demand of the market. However, on the other hand, the easy availability of alternative glow lights and the high cost of LED grow light will have a negative impact on the market’s growth.

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Spectrum Segment Analysis

Based on Spectrum, the Global LED Grow Light market is segmented into Full Spectrum and Partial Spectrum. The Full Spectrum LED grow lights is anticipated to lead the market during the forecast period owing to the increasing demand for spectrum light with an option to adjust the light intensity. The Full spectrum light not only provides the light intensity option but is also relatively smaller in size and produces low heat output. All these factors are encouraging the end-users to opt for Full Spectrum LED grow lights in the coming years.

Power Segment Analysis

Based on Power, the Global LED Grow Light market is segmented into Low Power LED Grow Lights (0-100 Watts), Medium Power (100 Watts-300 Watts), and High-Power LED Grow Lights (More than 300 Watts). The High-Power LED grow light market is expected to grow at a higher CAGR during the forecast period due to the growing awareness regarding the benefits offered by the High-Power LED grow lights among the farmers. The farmers have significantly shifted towards the usage of High-Power LED grow lights due to its high watt capability, which helps in improving the productivity of the plants.

Application Segment Analysis

Based on Application, the Global LED Grow Light market is segmented into Indoor Farming, Landscaping and Turf, Commercial Greenhouse, and Vertical Farming. The Commercial Greenhouse segment is expected to grow at a higher CAGR during the forecast period owing to the rising cases of unpredictable environmental changes. With the changing environment, especially in the winter season, the day-light hours eventually decline, thus promoting the farmers to opt for LED grow lights in order to extend the day or the complement natural sunlight in the greenhouse. Moreover, the full functionality and power control of various colored LEDs grow light provides the farmer with a certain amount of control of the plant’s growth behavior.

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Regional Analysis

Based on the region, Europe is expected to grow at the fastest rate during the forecast period owing to the strong demand of LED grow lights from the farming sectors, especially in the United Kingdom. The increasing number of advancements in farming technologies and the growing popularity of hydroponics among the agriculturalists will further drive the demand of the LED Grow Light market over the coming years. Moreover, the significant change in the weather conditions and the presence of less fertile land in this region, is encouraging the farmers towards the adoption of indoor farming, thereby enhancing the demand of the market.

The Asia Pacific region projected to witness a higher CAGR over the upcoming years, owing to the increasing urban agriculture, which include greenhouses, vertical farming, and growth chambers. The region witnesses huge demand from leading nations such as Japan, Taiwan, and China. For example, in March 2021, as per the Ministry of Agriculture and Rural Affairs, China decided to develop more than 2 million hectares of greenhouse buildings with mechanized farming automation by 2025.

Top Market Players

Various notable players operating in the market include OSRAM Opto Semiconductors GmbH., Heliospectra AB, Illumitex, GNUK LTD., ALTA LED Corporation, Koninklijke Philips N.V., Everlight Electronics Co., Ltd., Bridgelux, Inc., Cree, Inc., and LumiGrow, among others.

Key Developments

• • In 2020, OSRAM Opto Semiconductors GmbH. launched a new generation of Oslon Square Hyper Red LEDs for horticulture lightings. The new Red LEDs will improve the energy efficiency value along with a long lifespan.

Segments covered in the Report:

The global LED Grow Light market has been segmented on the basis of Installation Type, Product, Spectrum, Application and key regions. Based on Installation Type, the market is segmented into Retrofit and New. Based on Product, the market is segmented into >100 W, <100 W to >300 W, <300 W to >1000W and <1000W. Based on Spectrum, the market is segmented into Partial and Full. Based on Application the market is segmented into Indoor Farming, Greenhouse, Vertical Farming, Turf and Landscaping and Others.

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Key questions answered in this research report:

• • At what pace is global LED Grow Light market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in LED Grow Light market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global LED Grow Light market?
  • Which Installation Type generated maximum revenues in 2019 and identify the most promising Installation Type during the forecast period?
  • What are the various Products of global LED Grow Light market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global LED Grow Light Market by Installation Type

• • Retrofit
  • New

Global LED Grow Light Market by Product

• • >100 W
  • <100 W to >300 W
  • <300 W to >1000W
  • <1000W

Global LED Grow Light Market by Spectrum

• • Partial
  • Full

Global LED Grow Light Market by Application

• • Indoor Farming
  • Greenhouse
  • Vertical Farming
  • Turf and Landscaping
  • Others

Global LED Grow Light Market by Region

• • North America LED Grow Light Market (Option 1: As a part of the free 25% customization)

    • North America LED Grow Light Market by Installation Type
    • North America LED Grow Light Market by Product
    • North America LED Grow Light Market by Spectrum
    • North America LED Grow Light Market by Application
    • US LED Grow Light Market All-Up
    • Canada LED Grow Light Market All-Up

  • Europe LED Grow Light Market (Option 2: As a part of the free 25% customization)

    • Europe LED Grow Light Market by Installation Type
    • Europe LED Grow Light Market by Product
    • Europe LED Grow Light Market by Spectrum
    • Europe LED Grow Light Market by Application
    • UK LED Grow Light Market All-Up
    • Germany All-Up LED Grow Light Market All-Up
    • France LED Grow Light Market All-Up
    • Spain LED Grow Light Market All-Up
    • Rest of Europe LED Grow Light Market All-Up

  • Asia-Pacific LED Grow Light Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific LED Grow Light Market by Installation Type
    • Asia-Pacific LED Grow Light Market by Product
    • Asia-Pacific LED Grow Light Market by Spectrum
    • Asia-Pacific LED Grow Light Market by Application
    • China LED Grow Light Market All-Up
    • India LED Grow Light Market All-Up
    • Japan LED Grow Light Market All-Up
    • Rest of APAC LED Grow Light Market All-Up

  • RoW LED Grow Light Market (Option 4: As a part of the free 25% customization)

    • RoW LED Grow Light Market by Installation Type
    • RoW LED Grow Light Market by Product
    • RoW LED Grow Light Market by Spectrum
    • RoW LED Grow Light Market by Application
    • Brazil LED Grow Light Market All-Up
    • South Africa LED Grow Light Market All-Up
    • Saudi Arabia LED Grow Light Market All-Up
    • UAE LED Grow Light Market All-Up
    • Rest of world (remaining countries of the LAMEA region) LED Grow Light Market All-Up

Major Players Operating the LED Grow Light (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • 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