Light-Emitting Diode (LED) Grow Lights - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Light-Emitting Diode (LED) Grow Lights accounted for $546.08 million in 2019 and is expected to reach $2,896.41 million by 2027 growing at a CAGR of 23.2% during the forecast period. Need for energy-efficient and long-lasting lighting technology and rising trend of indoor farming would boost the adoption of light emitting diode (LED) grow lights. However, high cost of good quality LED grow light is hampering the market growth.
Light-Emitting Diode (LED) grow lights are an artificial source of light, basically an electric light which is designed to stimulate plant growth by emanating an electromagnetic spectrum applicable for photosynthesis. Areas where naturally occurring light are not required, light emitting diode (LED) grow lights are used there. Light emitting diode (LED) grow lights are applicable in the fields such as vertical farming, commercial greenhouse, and indoor farming where light sources play a major role in plant morphology and respond to the quantity, quality and direction of the light.
Based on application, vertical farming segment held significant market share during the forecast period due to light emitting diode (LEDs) become more and more accessible and affordable, the futuristic idea of vertical farming becomes more realistic for all cities over the globe. By geography, Europe is expected to grow at a faster rate as the region has been using grow light systems for the past few decades in controlled environment agriculture (CEA) such as greenhouses, vertical farming, and indoor farming. The use of grow lights in this region is gradually increasing from being a supplemental lighting source, grow lights are becoming the primary source of light in indoor farming operations.
Some of the key players in Light-Emitting Diode (LED) Grow Lights market include Advanced LED Grow Lights, Alta LED Corporation, Bridgelux, Inc, Cirrus Systems, Inc, Cree Inc, Everlight Electronics Co. Ltd, General Electric Co, GNUK Ltd, Heliospectra AB, Illumitex Inc, LumiGrow Inc, OSRAM Licht AG, Royal Philips Electronics N.V, Senmatic AS, Signify NV.
• Fluorescent Lighting
• High Intensity Discharge (HID)
• Light Emitting Diode (LED)
• Lighting Emitting Plasma (LEP)
Device Types Covered:
• Flowering Lamps
• Top Lights
• Tubular Light Emitting Diodes (TLEDs)
• Low Power Product (<300watt)
• High Power Product (>=300watt)
Installation Types Covered:
• New Installation
• Partial Spectrum
• Full Photosynthetically Active Radiation (PAR) Spectrum
• Treatment Spectrum
• High Light Plants
• Low Light Plants
• Commercial Greenhouses
• Food Production
• Indoor Farming
• Livestock Farming and Aquaculture
• Vertical Farming
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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