LED Grow Light Market Research Report - Global Forecast till 2027

LED Grow Light Market Research Report: By Installation Type (Retrofit and New), by Product (>100 W, <100 W to >300 W, <300 W to >1000W and <1000W), by Spectrum (Partial and Full), by Application (Indoor Farming, Greenhouse, Vertical Farming, Turf and Landscaping and others), by Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/SEM/7030-HCR | February 2021 | Region: Global | 100 pages

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.


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.


Global LED Grow Light Market  LED Grow Light Market


Source: MRFR Analysis


Segmentation


The Global LED Grow Light Market has been segmented based on installation type, product, spectrum, application, and region.


Based on the installation type, the market has been segmented into retrofit and new.


Based on product, the market has been segmented into >100 W, <100 W to >300 W, <300 W to >1000W, and <1000W.


Based on spectrum, the market has been segmented into partial and full.


Based on application, the market has been segmented into indoor farming, greenhouse, vertical farming, turf and landscaping, and others.


By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.


Regional Analysis


The global market for LED grow lights is estimated to grow at a significant rate during the forecast period from 2019 to 2025. The geographical analysis of the LED grow light market has been done for North America, Europe, Asia-Pacific, and the rest of the world. 


Europe is expected to hold the largest share in the LED grow light market from 2019 to 2025. Europe is a leading exporter of horticultural produce grown within automated commercial greenhouses. Furthermore, the intense cold weather conditions have led to a wide adoption of indoor horticulture in this region.


North America is the second-largest market for LED grow lights owing to high concentration of market players, easy availability of proficient technical expertise, and growing market for cannabis cultivation in the region. Moreover, stringent regulations by the US government on the use of efficient and eco-friendly lighting technologies is promoting the widespread adoption of LED grow lights in North America.


Competitive Analysis


The key players have adopted new product development, partnership, and collaboration as a part of their growth strategy to further increase their share in the global LED grow light market. For instance, in 2018, Hydrofarm Holdings Group, Inc. partnered with SANANBIO to launch a horticultural LED product line—PHOTOBIO—specifically designed for high-power greenhouses and indoor farms. In 2019, Hyperponic, a cannabis growing technology company, selected Violet Gro, a LED grow lights manufacturer as the primary light source provider for its fully integrated, patent-pending CropTower.


Key Players


The Prominent Players in the Global LED Grow Light Market 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), Illumitex Inc. (US), Iwasaki Electric Co., Ltd. (US), Giant (Shenzhen) Science&Technology Co.,Ltd (Relassy) (China), and Samsung Electronics (South Korean).


Intended Audience



  • LED light Manufacturers

  • Technology Providers

  • Original Equipment Manufacturers

  • Equipment distributors and suppliers

  • Technology standards organizations

  • Technology investors

  • Research institutes, organizations, and consulting companies



Frequently Asked Questions (FAQ) :


At 26.45% CAGR, the LED grow light market can value at USD 2.01 USD Bn by 2025.

Alta LED Corporation (US), Cree, Inc. (US), Bridgelux, Inc. (US), and Everlight Electronics Co. Ltd (Taiwan) are some key players of the LED grow light market.

In 2018, the global market of LED grow light products was valued at USD 621.83 Mn.

<100 W to >300 W, >100 W, <1000W, and <300 W to >1000W are different LED grow light products.

greenhouse, indoor farming, turf and landscaping, and vertical farming are consumers of LED grow light.