LED Grow Light Market

Global LED Grow Light Market Size (2024 to 2029):

The Global LED grow light market was worth US$ 3.65 billion in 2023 and is anticipated to reach a valuation of US$ 7.67 billion by 2029 from US$ 4.13 billion in 2024, and it is predicted to register a CAGR of 13.14% during the forecast period 2024-2029.

MARKET SCENARIO

LED (Light Emitting Diode) grow light is a type of light that is energy efficient and an option for indoor growers. An LED will not burn a filament, unlike the other types of grow lights, instead passes the light through a semiconductor for creating their spectrum. There is a growth in the demand for urban agriculture owing to the unprecedented growth of the global population. And the rising urban cultivation & vertical farming and the growth in the adoption of production of fruits & vegetables, in an environmental-friendly way is one of the major influencing factors for the growth of the target market, globally. Moreover, rising awareness about the importance of alternative farming because of the less availability of fertile agricultural land coupled with the growing population are the other major factors that are the reason for the traction in the industry demand.

MARKET DRIVERS

Growing demand for the food, globally, and rising support or push from various economies for adopting the alternative agricultural practices & procedures are the major factors that are driving the growth of the global LED grow light market. Additionally, growing initiatives by various governments for banning the traditional grow lights is resulting in the shifting of them into LED grow lights, which is turning into one of the boosting factors for the growth of the target market, all around the world.

MARKET RESTRAINTS

However, growth in the investments that are for adopting technologically advanced LED grow lights and the profitability that is consequent are the major restraints that are hampering the growth of the Global LED Growth Light Market.

MARKET OPPORTUNITIES

Rising advancements in the technologies of LED grow light technologies that are cost-efficient, for indoor vertical farms are creating lucrative growth opportunities for the expansion of the target market's players.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global LED Grow Light Market Analysis By Application

• Vertical Farming
• Indoor Farming
• Commercial Greenhouse
• Turf and Landscaping
• Research

Global LED Grow Light Market Analysis By Technology

• High-Intensity Discharge
• Fluorescent Lighting
• LED

Global LED Grow Light Market Analysis By Installation

• Retrofit
• New Installation

Global LED Grow Light Market Analysis By Spectrum

• Partial Spectrum
• Full Spectrum

Global LED Grow Light Market Analysis By Range

• 60-200W
• 200-1000W
• 1000-2000W

Global LED Grow Light Market Analysis By Plant Type

• High Light Plants
• Low Light Plants

Global LED Grow Light Market Analysis By Device Type

• Top Lights
• Inter-Lights
• TLEDs
• Flowering Lamps

REGIONAL ANALYSIS

In the regional analysis of the global LED grow light market, European market held the major share of the global market and also expected to maintain its dominance over the forecast period. The major factors that are driving the growth of the target market in this region are the rising awareness about the importance of alternative farming because of the less availability of agricultural land that is fertile and growing population.

And the Asia Pacific LED grow light market accounted for the second-largest share of the global market's revenue. The rising expansion of genetically-modified crop technology in this region is the major factor that was driving the growth of the market in the Asia-Pacific area. Moreover, the growing replacement of LEDs in the place of traditional incandescent light bulbs for helping to reduce greenhouse gas emissions coupled with the shifting of various countries towards energy-efficient LED lights for reducing the energy consumption are boosting the growth of the market in this locale.

Whereas, rising urban population and indoor farming getting commercialization are driving the African LED grow light market. However, the major restraint that was hindering the growth of the target market in this region is the lack of financial resources for building modern vertical farms and limited access to water & land. But, stacking wooden crates, vertically, and the sack of gardens are compensating the contribution over the challenges of the target market in this area.

KEY PLAYERS IN THE GLOBAL LED GROW LIGHT MARKET

Companies playing a prominent role in the global LED grow light market include Royal Philips (Netherlands), General Electric Company (U.S.), Osram Licht AG (Germany), Gavita Holland B.V. (Netherlands), LumiGrow, Inc. (U.S.), Heliospectra AB (Sweden), Transcend Lighting Inc. (U.S.), Sunlight Supply Inc. (U.S.), Beacon Lighting India (India), Walters Garden, Inc. (U.S.), Green Sense Farms (U.S.), Borst Bloembollen B.V. (Netherlands) and Shenzhen Juson Technology Co., Ltd. (China).

RECENT HAPPENINGS IN THE GLOBAL LED GROW LIGHT MARKET

• LumiGrow, one of the major players of the LED Grow Light business, has partnered with Scanit Technologies, a Sensor Supplier for developing early disease detection technologies and also released a new line of products for early detection of disorders through sensors and services.

• Osram Licht AG, a German multinational lighting manufacturer, is going to get acquired by Bain Capital and Carlyle Group LP with their 3.4 billion euro ($3.8 billion) bid, concluding negotiations for months