LED Grow Light Market is expected to grow from USD 621.83 Million in 2018 to USD 2.01 Billion by 2025, at a CAGR of 26.45%, during the forecast period.
The prominent players in the Global LED Grow Light Industry are –
Alta LED Corporation (US), Bridgelux, Inc. (US), Cree, Inc. (US), Everlight Electronics Co. Ltd (Taiwan), General Electric Company (US), Heliospectra AB (Sweden), Illumitex, Inc. (US), Lumigrow, Inc. (US), Osram Licht AG (Germany), Royal Philips Electronics N.V. (Netherlands), Gavita Holland B.V. (Netherlands), Transcend Lighting Inc. (US), Iwasaki Electric Co., Ltd (US), and Giant (Shenzhen) Science&Technology Co.,Ltd (Relassy) (China), and Samsung Electronics (South Korea).
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According to Market Research Future, the market for the global LED grow lights has been segmented on the basis of installation type, product, spectrum, application, and region.
LED grow light is an electric lamp that emits electromagnetic waves and uses LED technology for illumination. These are widely used for accelerating plant growth in locations with adverse weather conditions. Growing adoption of indoor farming, government initiatives to promote energy-efficient LEDs, and increasing need for energy-efficient grow light technology are the key factors driving the LED grow light market. However, the high cost of LED grow lights, and lack of standard testing practices for assessing the product quality of grow lights are expected to restrain market growth during the forecast period.
Based on installation type, the market has been categorized as retrofit and new segments. The retrofit installation segment is projected to account for the largest share during the review period; however, the new installation segment is expected to register the highest CAGR during the forecast period. The ban on the use of incandescent bulbs by governments across the globe is expected to drive the market for retrofit installation.
Based on product, the market has been categorized as >100 W, <100 W to >300 W, <300 W to >1000W, and <1000W. The <100 W to >300 W segment dominated the market in 2018 owing to the wide power consumption and spectral intensity option offered by these products. However, the <300 W to >1000W segment is expected to register the highest CAGR during the forecast period from 2019 to 2025.
Based on spectrum, the market has been categorized as partial and full. The partial spectrum segment is expected to dominate the review period whereas the full spectrum segment is expected to register the highest CAGR during the forecast period
Based on application, the market has been segmented into indoor farming, greenhouse, vertical farming, turf and landscaping, and others. The greenhouse segment is expected to dominate the LED grow light market during the forecast period owing to the growing adoption of controlled environment agriculture to maintain optimum growing conditions and obtain a higher yield.
- LED light Manufacturers
- Technology Providers
- Original Equipment Manufacturers
- Equipment distributors and suppliers
- Technology standards organizations
- Technology investors
- Research institutes, organizations, and consulting companies
The global LED grow light market has been segmented by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Europe, followed by North America, is expected to be the largest market in the forecast period owing to the high concentration of market players and easy availability of proficient technical expertise. Also, the rise in government initiatives to promote indoor farming and the adoption of energy-efficient lighting technologies further drive the growth of the LED grow light market. However, the market in Asia-Pacific is expected to register a significant CAGR during the forecast period.
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Table of Contents
1. Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Led Grow Light Market, by Installation Type
1.1.2. Global Led Grow Light Market, by Product
1.1.3. Global Led Grow Light Market, by Spectrum
1.1.4. Global Led Grow Light Market, by Application
1.1.5. Global Led Grow Light Market, by Region
2. Market Introduction
2.2. Scope of the Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Macro Factor Indicator Analysis
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
4. Market Dynamics
List of Tables
Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Global Led Grow Light Market, by Product, 2016–2025 (Usd Million)
Table 4 Global Led Grow Light Market, by Installation Type, 2016–2025 (Usd Million)
Table 5 Global Led Grow Light Market, by Application, 2016–2025 (Usd Million)
Table 6 Global Led Grow Light Market, by Region, 2016–2025 (Usd Million)
Table 7 North America: Led Grow Light Market, by Country, 2016–2025 (Usd Million)
Table 8 North America: Led Grow Light Market, by Product, 2016–2025 (Usd Million)
List of Figures
Figure 1 Global Led Grow Light Market: Market Structure
Figure 2 Top-down & Bottom-up Approaches
Figure 3 Market Dynamics Analysis of the Global Led Grow Light Market
Figure 4 Value Chain Analysis of the Global Led Grow Light Market
Figure 5 Porter’s Five Forces Analysis of the Global Led Grow Light Market
Figure 6 Global Led Grow Light Market, by Installation Type, 2018 Vs 2025 (Usd Million)
Figure 7 Global Led Grow Light Market, by Application, 2018 Vs 2025 (Usd Million)
Figure 8 Global Led Grow Light Market, by Region, 2018 Vs 2025 (Usd Million)
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