Market Analysis
The Grow Light Market Size was valued at USD 2.25 billion in 2022. The grow light market industry is projected to grow from USD 2.988 Billion in 2023 to USD 16.3896 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 32.80% 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.
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.
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 2020 to 2030, 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.
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.
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).
1.1INTRODUCTION
1.2SCOPE OF STUDY
1.2.1RESEARCH OBJECTIVE
1.2.2ASSUMPTIONS
1.2.3LIMITATIONS
1.3MARKET STRUCTURE
2RESEARCH METHODOLOGY
2.1RESEARCH NETWORK SOLUTION
2.2PRIMARY RESEARCH
2.3SECONDARY RESEARCH
2.4FORECAST MODEL
2.4.1MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2MARKET SIZE ESTIMATION
3MARKET DYNAMICS
3.1INTRODUCTION
3.2MARKET DRIVERS
3.3MARKET CHALLENGES
3.4MARKET OPPORTUNITIES
3.5 MARKET RESTRAINTS
4EXECUTIVE SUMMARY
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