LED Grow Light Global Market Report 2024

Description

“LED Grow Light Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on led grow light market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
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Where is the largest and fastest growing market for led grow light? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The led grow light market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Spectrum: Narrow; Broad
2) By Wattage: Low Power (<100 W); Medium Power (100-300 W); High Power (>300 W)
3) By Installation Type: New Installation; Retrofit
4) By Application: Indoor Farming; Commercial Greenhouse; Vertical Farming; Turf And Landscaping; Research; Other Applications
Companies Mentioned: Illumitex Inc.; OSRAM Licht AG; LumiGrow Inc.; Heliospectra AB; Bridgelux Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

LED grow lights are specialized light-emitting diode (LED) lights designed to facilitate photosynthesis in plants, enabling plant growth in the absence of sunlight or under low sunlight conditions. These lights are particularly utilized for cultivating indoor crops.

The LED grow light market covered in this report is segmented based on the spectrum, wattage, and installation types. In terms of spectrum, it is categorized into narrow and broad. Narrow spectrum lights emit light at specific wavelengths, particularly in the red and blue ranges. The wattage is classified into low power (<100 W), medium power (100-300 W), and high power (>300 W). The installation types include new installation and retrofit. These LED grow lights find applications in various sectors, including indoor farming, commercial greenhouses, vertical farming, turf and landscaping, research, and other related areas.

The LED grow lights market research report is one of a series of new reports from The Business Research Company that provides LED grow lights market statistics, including LED grow lights industry global market size, regional shares, competitors with a LED grow lights market share, detailed LED to grow lights market segments, market trends and opportunities and any further data you may need to thrive in the LED grow lights industry. This LED grow lights market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The led grow light market size has grown exponentially in recent years. It will grow from $3.1 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 26.1%. The growth observed in the historical period can be attributed to various factors, including cost reduction and increased availability of LED grow lights, investments in research and education, regulatory support and incentives, trends in urban agriculture, and a focus on optimizing crop yields through advanced lighting technologies.

The led grow light market size is expected to see exponential growth in the next few years. It will grow to $10.12 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The anticipated growth in the forecast period can be attributed to factors such as increasing consumer awareness and demand, market globalization, the emergence of new crops, ongoing investments in research and development, a shift towards sustainable agriculture practices, and the expansion of indoor farming initiatives. Key trends expected in the forecast period include market diversification, the implementation of customized spectral control in LED grow lights, the adoption of modular and flexible designs, advancements in efficiency, the uptake of smart lighting solutions, and a growing focus on vertical farming and urban agriculture.

The LED grow lights market is poised for growth, driven by the expanding trend of indoor farming. Indoor farming, conducted in enclosed spaces with limited sunlight, relies on LED grow lights to facilitate photosynthesis with specific spectra tailored for goals such as anthocyanin accumulation, flowering inhibition, and enhanced rooting. A survey by Artemis in June 2021 revealed that 73% of indoor farming enterprises in the US, comprising 205 horticulture facilities, planned significant expansion in the next five years. The projected expansion, totaling 544 acres, indicated a substantial demand for LED grow lights, highlighting the symbiotic growth of indoor farming and the LED grow lights market.

The LED grow lights market is expected to experience growth due to the increasing prevalence of gardening activities. Gardening encompasses various tasks involved in cultivating and caring for plants in outdoor spaces. LED grow lights play a vital role in gardening by providing the necessary light spectrum for seed germination and year-round cultivation. The National Gardening Association's 2023 Highlights reported that the average household spent $616 on lawn and gardening-related activities in 2022, indicating a widespread participation rate of 80%. This rise of garden activities is contributing to the increased demand for LED grow lights.

A prominent trend in the LED grow lights market is the focus on product innovations. Leading companies are introducing sustainable LED grow lights such as the 'nurturGrow,' with 85% reusable components, showcasing a commitment to innovation and sustainability. For example, Light Science Technologies launched nurturGrow in July 2021, offering a variable length of up to 2.78 m, making it the longest luminaire in the market. This innovation addresses the need for cost-effective and environmentally conscious solutions in the LED grow lights market.

Major players in the LED grow lights market are leveraging innovation to introduce advanced horticulture LED grow lights. These lights incorporate cutting-edge technology to optimize plant growth and increase crop yield in controlled environments. Polymatech Electronics Private Limited introduced RavayeTM in November 2023, a next-generation horticulture LED grow light designed for vertical farming, hydroponics, and horticulture applications. RavayeTM provides a full-spectrum lighting solution, promoting healthier plant growth, accelerating photosynthesis, enhancing plant immunity, and increasing nutritional value.

In January 2022, Scotts Miracle-Gro Company made a strategic move by acquiring Luxx Lighting, a developer of high-performance grow lights. This acquisition aligns with the company's strategy to enhance offerings for commercial cannabis cultivators, demonstrating the growing importance of advanced lighting solutions in the LED grow lights market.

Major companies operating in the led grow light market report are Illumitex Inc., OSRAM Licht AG, LumiGrow Inc., Heliospectra AB, Bridgelux Inc., General Electric Company, Samsung Electronics Co Ltd., Senmatic A/S, Shenzhen Grow LED Technology Co. Ltd., Signify NV, SMART Global Holdings Inc., Valoya Ltd., Violet Gro Inc., Cidly Co Ltd., Kessil Lighting, Kind LED Grow Lights, LED Hydroponic Ltd., GSK Glaxosmithkline, Sollum Technologies, Urban Crop Solutions, Light Science Technologies Ltd., Light Extraction, Gavita International B.V., Vivosun, ams-OSRAM AG, California LightWorks, EYE Hortilux, Hortilux Schreder, Koninklijke Philips N.V., Crecer Lighting, Mars Hydro, Darkless .

Asia-Pacific was the largest region in the LED grow light market in 2023. The regions covered in the led grow light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the led grow light market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The LED grow light market consists of sales of single-ended and double-ended grow lights. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11103

1. Executive Summary

2. LED Grow Light Market Characteristics

3. LED Grow Light Market Trends And Strategies

4. LED Grow Light Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global LED Grow Light Market Size and Growth

5.1. Global LED Grow Light Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global LED Grow Light Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global LED Grow Light Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. LED Grow Light Market Segmentation

6.1. Global LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Narrow
Broad
6.2. Global LED Grow Light Market, Segmentation By Wattage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Low Power (<100 W)
Medium Power (100-300 W)
High Power (>300 W)
6.3. Global LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
New Installation
Retrofit
6.4. Global LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Indoor Farming
Commercial Greenhouse
Vertical Farming
Turf And Landscaping
Research
Other Applications

7. LED Grow Light Market Regional And Country Analysis

7.1. Global LED Grow Light Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global LED Grow Light Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific LED Grow Light Market

8.1. Asia-Pacific LED Grow Light Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China LED Grow Light Market

9.1. China LED Grow Light Market Overview
9.2. China LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India LED Grow Light Market

10.1. India LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan LED Grow Light Market

11.1. Japan LED Grow Light Market Overview
11.2. Japan LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia LED Grow Light Market

12.1. Australia LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia LED Grow Light Market

13.1. Indonesia LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea LED Grow Light Market

14.1. South Korea LED Grow Light Market Overview
14.2. South Korea LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe LED Grow Light Market

15.1. Western Europe LED Grow Light Market Overview
15.2. Western Europe LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK LED Grow Light Market

16.1. UK LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany LED Grow Light Market

17.1. Germany LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France LED Grow Light Market

18.1. France LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy LED Grow Light Market

19.1. Italy LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain LED Grow Light Market

20.1. Spain LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe LED Grow Light Market

21.1. Eastern Europe LED Grow Light Market Overview
21.2. Eastern Europe LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia LED Grow Light Market

22.1. Russia LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America LED Grow Light Market

23.1. North America LED Grow Light Market Overview
23.2. North America LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA LED Grow Light Market

24.1. USA LED Grow Light Market Overview
24.2. USA LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada LED Grow Light Market

25.1. Canada LED Grow Light Market Overview
25.2. Canada LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America LED Grow Light Market

26.1. South America LED Grow Light Market Overview
26.2. South America LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil LED Grow Light Market

27.1. Brazil LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East LED Grow Light Market

28.1. Middle East LED Grow Light Market Overview
28.2. Middle East LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa LED Grow Light Market

29.1. Africa LED Grow Light Market Overview
29.2. Africa LED Grow Light Market, Segmentation By Spectrum, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa LED Grow Light Market, Segmentation By Installation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa LED Grow Light Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. LED Grow Light Market Competitive Landscape And Company Profiles

30.1. LED Grow Light Market Competitive Landscape
30.2. LED Grow Light Market Company Profiles
- 30.2.1. Illumitex Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. OSRAM Licht AG
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. LumiGrow Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Heliospectra AB
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Bridgelux Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global LED Grow Light Market Competitive Benchmarking

32. Global LED Grow Light Market Competitive Dashboard

33. Key Mergers And Acquisitions In The LED Grow Light Market

34. LED Grow Light Market Future Outlook and Potential Analysis

34.1 LED Grow Light Market In 2028 - Countries Offering Most New Opportunities
34.2 LED Grow Light Market In 2028 - Segments Offering Most New Opportunities
34.3 LED Grow Light Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer