LED Grow Light Market Research Report - Global Forecast till 2030

LED Grow Light Market Research Report Information By Light Source (Fluorescent Lights, High-intensity Discharge (HID) Lights, Light Emitting Diodes), By Installation Type (Retrofit Installations, New Installations), By Application (Commercial Greenhouse, Indoor Farming, Vertical Farming), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/SEM/7030-HCR | 100 Pages | Author: Ankit Gupta | February 2024         

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LED Grow Light Market

LED Grow Light Market is expected to reach USD 27.30 Billion, at a CAGR of 23.11% in the forecast period of 2023-2030

Segmentation
By Installation Type Retrofit and New
By Application Indoor Farming Greenhouse Vertical Farming Turf and Landscaping Others
By Light Source Fluorescent Lights High-intensity Discharge (HID) Lights Light Emitting Diodes
Key Players
Companies Profiled   Epistar Corporation    Hydro Grow    Iwasaki Electric Co. Ltd    Everlight Electronics Co. Ltd    Illumitex Inc.    OSRAM Licht AG    LumiGrow Inc.    Heliospectra AB    Iwasaki Electric Co. Ltd
Drivers
Market Driving Forces   Growing Adoption of Indoor Farming    Government Initiatives To Promote Energy- Efficient LEDs    Increasing Need For Energy-Eficient grow Ight technology
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Global LED Grow Light Market Overview


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). LED grow lights are specialized lighting systems that use light-emitting diodes (LEDs) to provide light to plants in indoor gardening, horticulture, and hydroponic systems. These lights are designed to emit specific wavelengths of light that are beneficial for plant growth and photosynthesis, allowing plants to grow without the need for natural sunlight. LED grow lights come in a variety of colors, including red and blue, which are considered to be the most important for plant growth. The use of LED growth lights allows for greater control over the growing environment, such as adjusting the light spectrum and intensity and can result in faster and more efficient plant growth compared to traditional lighting systems.

Global LED Grow Light Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

LED Grow Light Market Trends



  • Technological advancements will boost the growth of the market


The development of new and improved LED grow light technologies has led to increased efficiency, longer lifespan, and improved spectral output, making LED grow lights an increasingly attractive option for indoor gardeners, commercial growers, and vertical farmers. Additionally, advancements in the manufacturing of LED grow lights have resulted in decreased costs, making them more accessible to a wider range of consumers.


The development of smart LED grow lights, which can be controlled and monitored through mobile devices or computers, is also expected to boost the growth of the market. These smart LEDs grow lights offer greater control and precision over the growing environment, allowing growers to optimize their lighting for maximum plant growth and yields.


Overall, the continued advancement of LED growth light technologies is expected to drive the growth of the LED to grow light market in the coming years, making it an exciting and rapidly developing field.


LED Grow Light Market Segment Insights


LED Grow Light Source Insights


The market segmentation, based on Source, includes Fluorescent Lights, High-intensity Discharge (HID) Lights, Light Emitting Diodes. The Light Emitting Diodes segment holds the majority share in 2022, contributing to the LED Grow Light revenue. This segment is driven by increasing demand for indoor gardening and vertical farming, as well as the growing awareness of the environmental benefits of using LED grow lights.


LED Grow Light Installation Type Insights


Based on Installation Type, the market segmentation includes Retrofit Installations and New Installations. The Retrofit Installations segment dominated the market. This is due to several factors, including the increasing popularity of indoor gardening, the growing demand for high-quality and efficient lighting systems, and the increasing availability of LED grow lights at affordable prices. Additionally, the retrofit installations segment offers an easy and cost-effective solution for upgrading existing lighting systems to LED grow lights, making it an attractive option for growers and indoor gardeners.


LED Grow Light Application Insights


Based on Application, the market segmentation includes Commercial greenhouses, Indoor Farming, and Vertical Farming. The Vertical Farming segment is projected to be the faster-growing segment during the forecast period, 2023-2030. The increasing demand for fresh, locally grown produce and the growing concerns over food security are driving the growth of the vertical farming segment, which in turn is driving the demand for LED to-grow lights.


Figure 2:  LED Grow Light Market, by Installation Type, 2022 & 2030 (USD Million)
LED Grow Light Market, by Installation Type, 2022 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


LED Grow Light Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is a major player. The indoor plantation industry has the most demand in the Asia Pacific region. Key producers of LED grow lights are the nations in the region. Due to indoor farming, the market for LED growth lights is constantly expanding.


The second greatest area in terms of investments in Europe. It was one of the first commercial greenhouses to employ LED grow lights. There is a large scope in this area as a result of the increasing population growth. Another strong regional participant with significant investments and output in North America. The market for LED lights will see strong demand and expansion thanks to all of these regional companies.


Figure 3:  LED GROW LIGHT MARKET SHARE BY REGION 2022 (%)
LED GROW LIGHT MARKET SHARE BY REGION 2022
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


LED Grow Light Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the LED Grow Light industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the  LED Grow Light industry to benefit customers and expand the market sector. Major market players, including Epistar Corporation, Signify, Iwasaki Electric Co. Ltd, Everlight Electronics Co. Ltd, and others, are attempting to increase market demand by funding R&D initiatives.


Epistar is a firm that specializes in LED lighting. Lighting, backlighting, and displays are among its products, as are LEDs for automotive applications, plant lighting, surveillance, sensors, and so on. The firm created LED products for phone displays, laptop screens, televisions, and other applications.


Signify, originally Philips Lighting is a supplier of lighting products, systems, and services to both professionals and consumers. The firm develops, produces, and distributes incandescent, halide, fluorescent, and high-intensity discharge lights for household and professional applications, as well as electronic components for luminaire makers such as electronic ballasts and drivers. It also offers LED lights for professional and consumer channels, as well as LED electrical components such as LED drivers and modules for retail, hotel, office, and outdoor applications.


Key Companies in the LED Grow Light market include



  • Epistar Corporation

  • Signify

  • Iwasaki Electric Co. Ltd

  • Everlight Electronics Co. Ltd

  • Illumitex Inc.

  • OSRAM Licht AG

  • LumiGrow Inc.

  • Heliospectra AB

  • Lemnis Oreon BV

  • Iwasaki Electric Co. Ltd.


LED Grow Light Industry Developments


November 2022: Signify announced the launch of two unique portable smart lamps, the Philips Smart LED Squire and Philips Smart LED Hero, to expand its Smart Wi-Fi lighting industry in India. The Philips Smart LED Squire and Philips Smart LED Hero are round-shaped and plug-and-play, making them convenient to use and transport anywhere in the home.


June 2022: OSRAM announced that Taiwanese company Ledtech has used OSLON UV 3636 UV-C LEDs for a sanitization feature in its new BioLED intelligent air purifier. At a dosage rate of 3.6mJ/cm2, the BioLED's OSLON UV 3636 LEDs can inactivate up to 99.99% of viruses, including SARS-CoV-2.


LED Grow Light Market Segmentation


LED Grow Light Source Outlook



  • Fluorescent Lights

  • High-intensity Discharge (HID) Lights

  • Light Emitting Diodes


LED Grow Light Installation Type Outlook



  • Retrofit Installations

  • New Installations


LED Grow Light Application Outlook



  • Commercial Greenhouse

  • Indoor Farming

  • Vertical Farming


LED Grow Light Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 5.17 Billion
Market Size 2023 USD 7.94 Billion
Market Size 2030 USD 27.30 Billion
Compound Annual Growth Rate (CAGR) 23.11% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Light Source, Installation Type, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Epistar Corporation, Signify, Iwasaki Electric Co. Ltd, Everlight Electronics Co. Ltd, Illumitex Inc, OSRAM Licht, LumiGrow Inc, Heliospectra, Iwasaki Electric Co. Ltd.
Key Market Opportunities The growing adoption of indoor farming
Key Market Dynamics Growing Adoption of Indoor Farming Government Initiatives To Promote Energy-Efficient LEDs Increasing Need For Energy-Efficient grow Ight technology




Frequently Asked Questions (FAQ) :

The  LED Grow Light market size was valued at USD 5.17 Billion in 2022.

The  market is projected to grow at a CAGR of 23.11% during the forecast period, 2023-2030.

Aisa Pacific had the largest share of the  LED Grow Light market.

The key players in the market are Epistar Corporation, Signify, Iwasaki Electric Co. Ltd, Everlight Electronics Co. Ltd, Illumitex Inc, OSRAM Licht, LumiGrow Inc, Heliospectra, Iwasaki Electric Co. Ltd.

The Light Emitting Diodes category dominated the market in 2022.

The Vertical Farming segment had the largest share in the market for LED Grow Lights.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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