LED Grow Lighting Market Size, Share, Growth Opportunities & Forecast, 2020-2027

LED Grow Light Market:

The GMI Research expects the LED Grow Light Market to expand at a significant rate. From a regional perspective, Europe is projected to increase at a higher CAGR due to the rising demand for LED grow lights from the farming industry, particularly in UK. The increasing popularity of hydroponics among agriculturalists are enhancing market’s demand.

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LED Grow Light Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers

The increasing trend of indoor farming methods and the rising popularity of commercial greenhouse for plant cultivation are the significant factors surging the growth of the global LED grow light market size during the forecast period. With the rapid change in weather conditions, it has become mandated for the farmers to increase the adoption of indoor farming techniques to avoid extreme temperatures and protect plants from pests and insects. Additionally, the growing awareness related to the benefits of LED grows lights will attract a large number of farmers to the market. The government of various emerging countries such as India is introducing multiple initiatives to promote the use of LED lights to converse energy. For instance, in 2015, the National Program for the distribution of LED lights was introduced by India's PM Narender Modi at a low cost.

Several multinational organizations are focusing on working together with the end-user to enhance their share in the LED grow light market. For example, Royal Philips successfully collaborated with Green Sense Farms (GSF) to increase indoor commercial farms using LED grow lights according to the rapidly changing demand for crops. The rising number of partnerships in the market will fuel the market growth. On the other edge of the spectrum, the factor hindering the growth of the market include the availability of substitute glow lights and the increasing cost of LED grow light.

Spectrum Segment Drivers

Based on Spectrum, the LED grow light market is segmented into Full Spectrum and Partial Spectrum. The full spectrum segmented is expected to dominate the market during the forecast period. The strong demand for spectrum light with an option to adjust the light intensity is a major factor that is boosting market’s growth. The full spectrum light not only offers the light intensity option, but it is comparatively smaller in size and generates low heat output. These factors are promoting the end-users to opt for Full Spectrum LED grow lights during the forecast period.

LED Grow Light Market’s leading Manufacturers:

• OSRAM Opto Semiconductors GmbH
• Heliospectra AB
• Illumitex
• GNUK LTD.
• ALTA LED Corporation
• Koninklijke Philips N.V.
• Everlight Electronics Co., Ltd.
• Bridgelux, Inc.
• Cree, Inc.
• LumiGrow

LED Grow Light Market Segmentation: Segmentation by Installation Type:

• Retrofit
• New

Segmentation by Product:

• 100 W
• 300 W
• 1000W

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Business Development Executive at GMI Research