LED Grow Light Market Analysis by Global Market Revenue and Share Forecasts To 2030
LED Grow Light Market Analysis
The LED Grow Light Market Size was valued at USD 5.17 Billion in 2022. The LED Grow Light industry
is projected to grow from USD 7.94 Billion in 2023 to USD 27.30 Billion by 2030, exhibiting a compound
annual growth rate (CAGR) of 23.11% during the forecast period (2023 - 2030). An LED grow light is a
type of electric lighting that is used to stimulate plant growth by generating light that is suitable for
photosynthesis. This device functions as an artificial light source, which is extensively used by
agriculturalists to replace naturally occurring light. LED grow lights provide several advantages,
including higher energy efficiency, minimal heat emission, and no need for a ballast. These lights are
commonly used in vertical and indoor farming, as well as commercial greenhouses. However, the
necessity for varied light spectrums for different crops, as well as the high cost of these lights, may
limit their use in the coming years.
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LED Grow Light Market Key Players
Notable players in the Global LED Grow Light Market are Alta LED Corporation (US), General Electric
Company (US), Bridgelux, Inc. (US), Cree, Inc. (US), Everlight Electronics Co. Ltd (Taiwan), Heliospectra
AB (Sweden), Illumitex, Inc. (US), Osram Licht AG (Germany), Royal Philips Electronics N.V.
(Netherlands), Lumigrow, Inc. (US), Gavita Holland B.V. (Netherlands), Iwasaki Electric Co., Ltd. (US),
Transcend Lighting Inc. (US), Giant (Shenzhen), Illumitex Inc. (US), Science&Technology Co., Ltd
(Relassy) (China), and Samsung Electronics (South Korean).
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COVID-19 Impact on the Global LED Grow Light Market
COVID-19 is an unparalleled public health emergency that has affected practically every industry, and
the long-term repercussions are expected to impact industrial growth during the forecast period.
LED Grow Light Market Segmentation
The global LED grow light industry has been segmented based on installation type, product, spectrum,
and application.
By installation type, the global LED grow light market has been segmented into retrofit and new. The
retrofit installation segment is expected to lead the market during the forecast period. The retrofit
process includes removing an existing grow light and installing a new one. However, the new
installation segment is projected to register the highest CAGR due to the rapid growth in the indoor
vertical farms.
By product, the global LED grow light market has been divided into >100 W, <100 W to >300 W, <300
W to >1000W, and <1000W. The <100 W to >300 W segment is projected to dominate the market
during the review period. Nevertheless, the <300 W to >1000W segment is anticipated to register the
highest CAGR.
By spectrum, the global LED grow light market has been divided into partial and full segments. The
spectral outputs from the grow light are used to simulate outdoor circumstances. The light spectrum
necessity depends on the type of plant being cultivated and the stage of cultivation. Worldwide, the
full spectrum LED segment is seeing the highest adoption; it is expected to register the highest CAGR
during the forecast period.
By application, the global LED grow light market has been segmented into indoor farming, greenhouse,
vertical farming, turf and landscaping, and others. The vertical farming segment is anticipated to
register the highest CAGR during the review period owing to the increase in the trend of controlled
environment agriculture in urban regions and the changing outlook of food production. The
greenhouse segment is projected to dominate the market during the forecast period.
LED Grow Light Market Regional Analysis
The geographical analysis of the global LED grow light market has been done for North America,
Europe, Asia Pacific, and the rest of the world.
From 2019 to 2025, Europe is predicted to hold the greatest share of the LED grow light market.
Europe is a major supplier of horticultural produce grown within automated commercial greenhouses.
Furthermore, the harsh winter weather has resulted in the widespread adoption of indoor horticulture
in this region.
Because of the region's high concentration of market players, easy availability of sophisticated
technical experience, and rising cannabis cultivation market, North America is the second-largest
market for LED grow lights. Furthermore, the US government's rigorous requirements on the usage of
efficient and eco-friendly lighting technologies are pushing the widespread adoption of LED grow
lights in North America.
Summary
The global LED grow light market is set to reach USD 2.01 billion at a CAGR of 26.45% from 2019 to
2025 (forecast period). A grow light is a sort of electronic lamp that emits an electromagnetic spectrum
that is perfect for photosynthesis, hence accelerating plant development. For illumination, LED grow
lights make use of LED technology.
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