According to LED Grow Market 2019 Global Industry Analysis To 2025 research report published by Market Research Future, The Global LED Grow Market to grow at 26.45% CAGR and reach USD 2.01 Billion during 2019 to 2025. LED Grow Market is segmented by Installation Type (Retrofit and New), Product (>100 W, <100 W to >300 W, <300 W to >1000W and <1000W), Spectrum (Partial and Full), Application (Indoor Farming, Greenhouse, Vertical Farming, Turf and Landscaping and others), Region- Forecast till 2025.
LED Grow Market Key Players Analyzed In Report:
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), Illumitex Inc. (US), Iwasaki Electric Co., Ltd. (US), Giant (Shenzhen) Science&Technology Co.,Ltd (Relassy) (China), and Samsung Electronics (South Korean).
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LED Grow Market Synopsis:
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.
LED grow light is an electric lighting device that is designed to stimulate plant growth by emitting a light appropriate for photosynthesis. This device works as an artificial light source that is widely being adopted by agriculturalists to substitute the naturally occurring light. Higher energy efficiency, low heat emission, and no requirement of ballast are among the key benefits of LED grow lights. These lights are widely been adopted for vertical and indoor farming as well as in commercial greenhouses. However, the need for varying light spectrum for different crops and high cost of these lights may limit their adoption in the coming years.
Global LED Grow Market Segmentation:
The global LED grow light market has been segmented based on installation type, product, spectrum, application, and region.
By installation type, the market has been segmented into retrofit and new. The retrofit installation segment is expected to dominate the market during the forecast period. Retrofit process involves removing an existing grow light and installing a new one. However, the new installtion segment is expected to register the highest CAGR owing to the rapid growth in the number of indoor vertical farms.
By product, the market has been segmented into >100 W, <100 W to >300 W, <300 W to >1000W, and <1000W. The <100 W to >300 W segment is expected to dominate the market during the forecast period. However, the <300 W to >1000W segment is expected to register the highest CAGR.
By spectrum, the market has been segmented into partial and full segments. The spectral outputs from the grow light are used to mimic the outdoor conditions. The light spectrum requirement depends on the type of plant being cultivated and the stage of cultivation. Globally, the full spectrum LED segment is witnessing the highest adoption; it is expected to register the highest CAGR during the forecast period.
By application, the market has been segmented into indoor farming, greenhouse, vertical farming, turf and landscaping, and others. The vertical farming segment is projected to register the highest CAGR during the forecast period owing to the rise in the trend of controlled environment agriculture in urban areas and the changing outlook of food production. The greenhouse segment is expected to dominate the market during the forecast period.
Regional Analysis of LED Grow Market:
Globally, the LED Grow market has been categorized into five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Europe is expected to dominate the LED Grow market during the forecast period. Government initiatives in favor of LED Grow control systems and smart city initiatives are expected to dominate the LED Grow market in this region.
Asia-Pacific is expected to be in the second position and grow at a faster rate during the forecast period due to various infrastructure development projects such as smart cities across the region. Countries such as China, Japan, South Korea, and India are expected to dominate the LED Grow market during the forecast period.
North America is expected to occupy the third position in terms of market share due to the early adoption of the latest technologies and the presence of global players such as Hive Lighting Inc. The US is expected to dominate the LED Grow market during the forecast period. However, the market in Canada is expected to grow at a higher rate during the forecast period.
The global LED Grow market consists of various global, regional, and local service providers who are continuously evolving their product portfolio to enhance their market positions. The major players are likely to strengthen their presence worldwide through the mergers and acquisition of local and regional players for expanding the reach of their solutions during the review period. Improvements in the global economic scenario combined with technological advancements in the emerging economies in India, South Africa, China, Brazil, and Argentina, are likely to fuel the market growth, thereby making it an ideal time for the vendors to expand the LED Grow market to untapped geographies and increase the market share.
- Component Manufacturers
- Semiconductor Vendors
- System Integrators
- Distribution Centers
- Software Developers
- Manufacturing Companies
- Research Institutes and Organizations
- Technology Standards Organizations
Table of Contents:
1 Executive Summary
1.1 Market Attractiveness
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Bargaining Power of Suppliers
4.1.5 Intensity of Rivalry
4.2 Value Chain/Supply Chain of LED Grow
5 Market Dynamics
5.2 Growth Drivers
5.2.3 Driver Impact Analysis
5.3.2 Restraint Impact Analysis
6 Market Trends
8 LED Grow Market, by Application
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